Connecting with our audiences is everything. Too often though, marketing strategies are crafted with messages that marketers believe their target audience wants to hear. Customers see through this performative approach. Marketing messaging is a chance to connect with your audience authentically if approached in the right way. You must ground your messaging in not just your audience, but in the identity of your company. How do you communicate who your company actually is while remaining focused on your marketing and growth objectives?
Building a Connection to Your Brand
Some brands have such strong associations that their actual products may be afterthoughts. These brands consider their core values as the anchor to all of their messaging.
For example, Dove has established a brand rooted in far more than soap. Dove has focused their marketing on redefining the beauty industry. Recent campaigns have focused on Self-Esteem and ran forward with their new mission: “Beauty should be a source of confidence and not anxiety”. With this simple concept, Dove turned themselves from soap vendor to thought leaders with a vision for a better tomorrow. How? Their messaging is:
- Rooted in their own core values
- Inspired by their audience
They serve as an excellent example of how to take who you are and who your market is and combine the two to build an authentic connection to your market.
Earn your Vote
The marketplace is where all consumers make voting decisions (whether intentionally or not) for different players. Consumers vote with their dollar if your business should continue to grow or if a competitor is more worthy of their dollar. Consumers care where their hard earned dollars go. Building trust may not be essential to getting a “vote”, but it is essential in receiving long-term loyalty from a customer.
Trust plays an important role in building a brand that is truly noteworthy. It has been proven that trust highly impacts buying decisions, 81% of consumers globally consider trust to be a primary driver in a purchasing decision. Additionally, it highly impacts loyalty. 75% of consumers globally will continue to buy from a brand they trust despite new substitutions becoming available.
Trust is incredibly valuable in the marketplace. To earn that trust you must ask, are you giving your audience reasons to trust your business?
Brand Equity Directly Impacts Sales
Knowing that consumers want to make an authentic connection with brands and that consumers vote with their dollar; acting on this can increase the value of your brand, otherwise known as your brand equity.
Brand equity specifically refers to the value that stems from the brand that your company has built. “Brand Equity” actually consists of 3 elements. The first is relevance. This measures how relevant your marketing is in relation to your target audience. The second is consideration and is about how compelling your marketing is to actually inspire consideration from your target market. The final is differentiation. Differentiation revolves around how much your marketing efforts allow you to stand out from the competition. This value translates directly into recognition, perception, and ultimately sales.
Brand equity drives profit. When your brand is able to deliver on relevance, consideration, and differentiation, there is a direct correlation with revenue. The value of an investment in brand equity has been observed to make significant impacts on increasing revenue. In a Forbes CMO Practice Study, it was discovered that an investment in brand equity resulted in an increase in enterprise value. More specifically, they saw a 19.5%-50% increase in value for companies that increased their investment into their own brand equity. Therefore, it is clear that there is a direct correlation between revenue growth and strong brand equity.
Marketing’s true unlock happens when you are able to align your purpose to your customers desires. Consumers expect more than just a product from businesses. Authentic brands soar compared to their competitors because they drive the connections with the consumer, truly earn their votes, and as a result they get to enjoy the bottom line benefits.