If I say “soda”, there are brands that immediately come to mind – the Cokes and Pepsis of the world. Those brands are huge, established ones with a ton of brand equity.
What’s brand equity? It’s basically the worth of your brand, rather than the goods or services that you sell. When you have a ton of brand recognition and loyalty, you can sell stuff using your brand name alone. (Think Apple, Nike or even Kleenex.)
Like the equity in your house or in your 401k, brand equity takes time to build. Brand awareness is kind of like compound interest: it grows over time. When you start, you have nada. But keep chipping away at it, and eventually you’ll be able to coast pretty solidly on the dividends your brand puts out. (But promise me you’re not going to coast. Always be closing, friends!)
There are four components to brand equity:
Just a quick glance at this list will tell you that some of these factors are easier to achieve than others. Brand loyalty and brand associations are tough to build for a new brand that’s just getting started. Your focus will probably be on awareness and quality instead – the things that encourage people to buy in the first place. More established brands will probably focus on loyalty and associations, although awareness and quality still matter, especially as the market landscape changes and competitors start to make inroads!
So what does this mean for your social media presence? Basically, the less brand equity you have, the more time, energy and resources you’re going to have to spend on social media to make things happen. If you’re a brand-new soda company making your very first TikTok, you’re not going to get the same results as Pepsi, Coke, or even a soda start-up that’s been around a few years. Manage those expectations, friends!
Sure, maybe you’ll go viral and sales will skyrocket (although going viral isn’t all it’s cracked up to be). But mostly, social media is about the long game. Think about those four factors of brand equity, and make sure that your social media strategy is working to build them. Ask yourself:
-How will my posting strategy get eyeballs on my brand?
-Am I communicating the value and quality of my brand?
-What am I doing to encourage and reward loyalty among my followers?
-What kind of associations am I fostering for my brand? (Think attributes and brand identity, but also collabs and partnerships!)
You’re not going to be come CocaCola overnight. But with solid, consistent messaging that delivers value to your audience, you’ll start building that brand equity – and eventually you’ll become top of mind with a small group of followers, then a larger one…and so on. Keep on truckin’ friends!
Are you a new brand that needs help creating a social media strategy that delivers maximum ROI without taking up all your spare time? Let’s talk!