5 Ways in which Social Media is increasing the Brand Value
Are you a brand owner who has a social media account? Is your social media helping you to grow more than just increasing the followers or views? Are you being counted as one of the best businesses in your niche? Is your social media increasing your brand value? Do you know what a brand value is?
Have you ever wondered as to what magical powers social media has when it comes to Business, Brand Value and Marketing?
Confused? Let's make this simple.
Brand value or brand equity is the value or the net worth of the brand compared with the other brands. A higher brand value means a better brand image. It means more customer retention and hence more customers who are willing to pay for your business every time.
Although, just social media can not build your brand value, but it can surely increase it in different ways.
It is because more than 50% of the world’s population is on social media. They interact with everyone these days on social platforms. If a movie is released, people would hurry to social media and check out the trailer. If it’s a sale season, they will first scrutinize the brand's page to see what's exclusive this time. It proves the ultimate power of social media it has on brands.
Coming to the 5 ways in which Social Media helps increase your brand Value:
1. Use social media as a 'Thought Leadership' platform
Please know that the same content and strategy will not serve all social media platforms. Different platforms have different audiences, that consume a variety of content. Social media like Linkedin can help business owners showcase their thought leadership that would profit their business.
As a business owner, you have an exceptionally terrific opportunity to connect with your peers/industry experts and build a connection with them. You can share your professional knowledge with other business executives too. This will help you to exhibit yourself as a thought leader of your industry which will directly enhance your company's reputation.
Sharing your expertise on Linkedin can also grab the attention of the investors who are always looking out for distinguished company owners. The interaction with the investors, business executives, etc., can help your business get a higher valuation.
The above image is one of the best examples of creating a distinguished profile on LinkedIn in your niche. More about it here on this site.
2. Make customer satisfaction and customer interaction the key
As customers are the only driving force behind every possible business, it has become even more essential for a business to be on social media and have ‘customer interaction’.
Do you remember offline businesses showing off their 'after-sale service' as one of their prime business USPs? That was to build intense customer satisfaction. Companies still do it because it does increase their customer satisfaction that in turn increases their brand value.
Hence, having top-notch customer satisfaction/reviews can help your business grow with a better trust factor. Through social media, it becomes even easier. The customers know that it is the easiest way to reach out to a business.
Through casual, serious, and informative interactions on social media, you can increase your brand equity amongst your customers.
3. Share your brand's stories along with the products
With the evolution of social media platforms day by day, now it is so easy to create a whole catalogue and directly sell it through social media. So, it would be best if you take advantage of that as well.
However, to increase your brand equity, you must show your brand stories as well. It becomes a connecting factor between your business and your audience. They get to know your brand more than just knowing the products.
The stories stay in the minds of the customers. They also might create word of mouth publicity for you.
If you want to know how to tell your brand stories through social media, you can check this article. It talks about six brands that are doing it great, implying this strategy.
4. Of course, get ready for the extra 'Sales.'
Sales directly affect your brand value and Brand value is ultimately your brand's net worth. Social media can act as a new medium for you to sell your products alongside other ways.
All you need to do is position your product right on social media. You can leverage your social media to directly sell your products with correct marketing and correct content creation.
Do you want to know how to increase sales on social media in 2021? Check out the steps here.
5. Better brand awareness
Social media enhances brand awareness but, how does brand awareness build up the brand value in the market? Impactful brand awareness strategies bring more eyes to your business. It means lot of people get to know about your brand.
With better and positive brand awareness, your goodwill increases. When your goodwill increases, trust in people's minds entices them to buy from you. When they buy from you, the brand equity increases, and when they keep buying from you, they become your regular customers. This cycle keeps on going!! And now, since you have already retained your existing customers, your brand value increases.
So, all in all, Social media is not just a portfolio platform for a business. With so many updates coming every month on every other social media platform, there is a lot that a brand can do. As a business owner, your thoughts about being on social media should be crisp and clear. You have to believe that you are catching eyeballs from across the globe of a teenager going to school to an established CEO of any company. Hence, increasing the brand value through social media should always be the prime goal for any business.
Now that you have understood, make sure to implement these strategies! These five ways in which social media can help increase brand value will definitely show you the way to significant success.