Brand equity is both assets and liabilities linked to the brand, such as intellectual property, physical assets, personnel, as well as how consumers and audiences react and respond to the brand (which makes them more likely to buy that brand, which increases its value).
When put together, both tangible and intangible aspects of value can impact your business, its services. To get the most out of your brand equity and keep on growing it, here are a few things you need to keep in mind:
1. Remember the key elements of a successful brand.
There are two kinds of elements you need to keep in mind to make your brand succeed: external elements (identity, image, personality, communication, positioning) and internal elements (differentiation, gap, extension).
2. Know where your brand stands.
Your brand’s position is the key to telling a story that your audience can relate to, which is why you need to know what it is as soon as possible. Ideally, you would want to do this early as your brand is gaining traction, and while signing up to register trademark for your brand.
As a business owner yourself, growing your brand should include setting standards for what the brand is and how it should be used and communicated, both from within and without. This allows you to prevent misuse of your logo and register trademark for your brand much easily.
3. Always be consistent with your image.
Re-branding is perhaps the most difficult thing to do, and many companies have trouble getting the brand right on the first try. However, when you do it right, you don’t have to go through the hassle of having to register TM for your brand all over again.
With a consistent image, your consumers and audiences are more likely to recognize it, and in turn makes them more likely to buy your products and services. This will be important especially when you decide to expand your product line.
4. Sign up for trademark registration.
Trademark registration in Singapore is now easier than ever, which is all the more incentive for you to register TM for your brand.
Aside from legal protection for your intellectual property and allowing you to protect your brand and use it to its maximum potential, successful trademark registration is one of the best ways to gain equity and value for your brand.
A well- recognized and respected brand is an asset every company in Singapore wants to have in the long run, which starts with a registered mark.
At the end of the day, building equity for your brand doesn’t stop here. Even though you were successful in having to register trademark for your brand, trademark registration still needs the brand to be used to be effective, and you constantly need to keep your brand alive.