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How can you use brand equity to gain a competitive advantage?

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Brand equity is the value and reputation that your brand has in the minds of your customers, compared to your competitors. It can influence their loyalty, satisfaction, and willingness to pay for your products or services. But how can you use brand equity to gain a competitive advantage in your market? Here are some tips to help you leverage your brand equity and stand out from the crowd.

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1 Assess your brand equity

The first step is to measure and evaluate your brand equity. You can use various methods and metrics, such as surveys, focus groups, online reviews, social media mentions, net promoter score, and brand awareness. These will help you understand how your customers perceive your brand, what they value about it, and how it compares to others in your industry. You can also identify your brand strengths, weaknesses, opportunities, and threats.

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Sarthak Gautam
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Customer perception is necessary when it comes to brand equity. Sometimes Brand Communications cannot resonate with the intentions behind them. Hence, it becomes essential to understand what the audience feels about a company. For example, by analyzing customer feedback and tracking social media sentiment, you can pinpoint areas for improvement and capitalize on your brand's strengths.

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2 Define your brand value proposition

The next step is to define your brand value proposition, which is the unique benefit that your brand offers to your customers, and why they should choose you over your competitors. Your brand value proposition should be clear, compelling, and consistent across all your touchpoints. It should also align with your brand vision, mission, and values, and reflect your brand personality and tone of voice.

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3 Communicate your brand value

The third step is to communicate your brand value to your target audience, using effective and engaging marketing strategies and channels. You can use storytelling, content marketing, social media, email marketing, influencer marketing, and other tactics to showcase your brand value proposition, build trust and credibility, and create emotional connections with your customers. You can also use testimonials, case studies, and referrals to demonstrate your brand value and social proof.

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4 Innovate and improve your brand

The fourth step is to innovate and improve your brand, by offering new or better products or services, enhancing your customer experience, and adapting to changing customer needs and expectations. You can use customer feedback, market research, and data analysis to identify gaps and opportunities in your market, and develop solutions that add value to your customers and differentiate your brand from your competitors.

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5 Monitor and manage your brand equity

The fifth step is to monitor and manage your brand equity, by tracking and measuring your brand performance, reputation, and loyalty over time. You can use the same methods and metrics that you used to assess your brand equity, and compare them with your goals and benchmarks. You can also use tools and platforms to monitor your online reputation, respond to customer reviews, and handle any issues or crises that may affect your brand image.

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6 Grow and expand your brand

The final step is to grow and expand your brand, by leveraging your brand equity to enter new markets, create new partnerships, or launch new products or services. You can use your brand equity as a competitive advantage to attract new customers, retain existing ones, and increase your market share and profitability. You can also use your brand equity as a strategic asset to enhance your business value and sustainability.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Sarthak Gautam
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When it comes to Brand Strategy, one Indian company that has managed to overwhelm me with it's rise is Blinkit. Blinkit understood that trust and convenience were vital factors for success in the quick commerce niche, particularly in the online grocery delivery industry. They focused on building a strong brand reputation by consistently delivering quality products and offering hassle-free services. Their relatable packaging communications and engaging OOH ads have garnered quite a few eyeballs, and they did know how to play their way through it. Their brand equity enabled them to attract and retain customers, leading to their steady growth. In my opinion,today they can thus be safely called a pioneer of Quick Commerce in India.

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How can you use brand equity to gain a competitive advantage?

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1 Assess your brand equity

2 Define your brand value proposition

3 Communicate your brand value

4 Innovate and improve your brand

5 Monitor and manage your brand equity

6 Grow and expand your brand

7 Here’s what else to consider

Brand Strategy

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How can you use brand equity to gain a competitive advantage?

1

2

3

4

5

6

7

1 Assess your brand equity

2 Define your brand value proposition

3 Communicate your brand value

4 Innovate and improve your brand

5 Monitor and manage your brand equity

6 Grow and expand your brand

7 Here’s what else to consider

Brand Strategy

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