ATYPICAL

The Value of Brand Equity

By Amanda Bowen
A well-known brand name is priceless. So how do you get your name to be synonymous to your market as with a name like “Visa” and credit cards? It boils down to brand equity, an understanding of your clients’ emotions and feelings about your brand positioning. At its best, a good brand name leaves consumers referring to your product for the entire category, like “Jet-Ski” for personal watercraft or “Coke” for any soda beverage. But even if your real estate brand doesn't become the name for the market, the strong brand equity still helps customers feel confident about working with your company. How do you get there?

A well-known brand name is priceless. So how do you get your name to be synonymous to your market as with a name like “Visa” and credit cards? It boils down to brand equity, an understanding of your clients’ emotions and feelings about your brand positioning. At its best, a good brand name leaves consumers referring to your product for the entire category, like “Jet-Ski” for personal watercraft or “Coke” for any soda beverage. But even if your real estate brand doesn't become the name for the market, the strong brand equity still helps customers feel confident about working with your company. How do you get there?

#1. Have a strong sense of “brand self”

Know who your company is, what it's about, and what meaning it brings to others. If you're not sure who you are, neither will your consumers.

#2. Branding materials clearly communicate your identity

You want your customers to have certain thoughts and feelings associated with your brand. Not everything you create should be about selling a service or selling a product. Some of your content just needs to be getting to the heart of your company mission. The materials you publish need to reflect those thoughts and feelings. 

#3. Make clear brand associations

Your clients will have multiple and varied touchpoints wish your company. Each time they engage with you, build some kind of association between your brand and how they feel about it. Something like “Joe Doe’s Property Management Service is always good about calling me back.” They feel valued and appreciated as a customer. Joe Doe includes the word “value” in his tagline and across company social media. Every time someone sees their van or logs onto their website for a work order, this word pops up. There’s a constant cohesion in message and delivery.

Through your company employee training and brand assets, align your brand values. Be consistent in how you apply your brand's identity markers, like your tagline, logo, and colors.  Additionally, give your current clients reasons to stay with you and to refer you to their network. Create systems that what you want for your reputation.

#4. Think long-term

No company dominates their market overnight. It takes years of growth strategizing to build a significant market share. But you can do it.

From day one, your brand values must be consistent. Remember, brand assets like your website and social media accounts promote your company 24/7. You’re sleeping, but the brand’s still working.

Accept that building brand equity will be a years-long journey. Measure growth in small steps. Over time, you should see more people searching for your website, you will gain more referrals, and see more people mentioning you on social media.

#5. Get a marketing boost

Sometimes all your brand needs to gain equity is a little boost. Get people to turn heads and notice you in your marketing. We’re all about starting conversations by thinking outside the box. See Coffeeshirt and Rob Sparke. An innovative marketing campaign can do wonders to make your slice of the commercial real estate market bigger.

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