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How to increase your brand equity

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Your company most likely has a brand image either as a symbol or name that is used to identify your company. The branding of a product is very important and can add significant value when it is well recognized or has positive thoughts in the minds of consumers. This concept of brand recognition is also referred to as brand equity. Since you are reading this it is probably safe to assume that you are looking for ways to increase your brand equity.

How to increase your brand equity will have you looking at your brand image a little harder and maybe creating a whole new brand. You will need to look at different and perhaps unused ways to get your brand out in the open to the consumers. You will also need to see if your brand has a positive or negative brand equity associated with it.

First you should start with evaluating your current brand. Is the current brand something that is or can be recognizable? Is the image or name you use up to date or does the brand look or sound like something from years ago? Is the message of your current brand consistent? Your current brand image or name or both should have some type of emotional impact to the consumers that you are targeting. Making an honest assessment of your brand will go a long way towards increasing your brand equity.

After your brand evaluation you may need to change your brand to something that your consumers can identify with emotionally. Changing your brand will help increase your brand equity as you had hoped. When your consumers recognize your brand, relate to your brand, and understand your brand they become more apt to buy your brand instead of others and your brand equity will be increased.

Once you have a good brand in place the next thing you should be doing is to look at ways to get your brand out to consumers. In order to increase your brand equity you will want to look at new and different ways to market your brand and get it out to the consumers. The more your brand is out there and visible to consumers the more likely you are to increase your brand equity.

Some of the newer places that you can find to advertise and help promote your brand are:
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  • Social networks have ad space to put your brand, your brands ad or to discuss your brand in.
  • - Have potential consumers help make your brand. Contests are great to get a new brand out in the public eye and perhaps increase your brand equity.
  • - Check out blogs. They are one of the fastest growing ways to get your brand out there and increase your brand equity.
  • - Sponsor games to get your brands name out in the open so that more people will become familiar with your brand and perhaps increase your brand equity by buying your brand.
  • - Use texting to get your brand name out there. This can be used by contests such as winning a prize to the people who text.

How to increase your brand equity will require some new marketing strategies for you and your brand. Think of new ways to get your brand out to the younger consumers so that your brand equity will go up even as they age. You will also want to keep an eye on your brand equity to see if it is falling out of favor with your consumers. This makes negative brand equity but can be fixed by redoing all the previous steps to build and increase your brand equity.

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