Building Lasting Connections: The Art of Brand Equity Unpacked by Experts

Wed, 15/05/2024 - 09:57

In the competitive digital marketing world, a strong brand is key. Brand equity is the value your brand holds, influencing customer choices. Here's how to build it, according to industry leaders interviewed on The Lead Creative podcast hosted by our Senior Brand Strategist, Mongezi Mtati.

Difference Makes The Difference

Experts agree brand equity boils down to three things: how easily your brand is remembered (salience), how well it meets customer needs (meaningfulness), and what sets you apart (difference).

In a crowded marketplace, difference is crucial. “South African brands excel in salience and meaningfulness but struggle with standing out. Look at Woolworths, FNB, or Nando's - they all offer something unique”, said the CEO of Kantar South Africa, Ivan Moroke. It’s all about offering your customers something they cannot get anywhere else. 

Communicating Value

Great value isn't enough; it needs to be communicated effectively. Refilwe Maluleke, CSO of TBWA South Africa, highlights the importance of a clear message that resonates with your audience.

Maluleke cites insurance brand PPS as one that gets this right. “They have a small audience, and they don’t communicate as much as other, larger insurers. But they published an interactive documentary called Finding the Forgotten Graduate. It’s beautiful and profound. That’s how you stand out: not just by spending the most money, but by having something to say that people care about.”

Finding Cultural Relevance

Maluleke emphasises aligning with relevant social issues. Nike's campaign with Colin Kaepernick is a prime example. While initially controversial, it resonated with consumers and boosted sales.

Cultural relevance is key, too. Sechaba Khoaele, ECD of Six Fingaz Media, uses Bathu shoes as an example. Their success lies in deep audience understanding and cultural connection. Their name and aesthetic resonate with their target market.

The Bottom Line: Invest in People

Building brand equity fosters lasting customer relationships. To achieve true success, create emotional connections with your audience and watch your brand loyalty soar. Gain more insights like this by following us on LinkedIn and signing up for our newsletter. Also, check out The Lead Creative on LinkedIn for regular conversations with industry thought leaders, marketers and creative minds.

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