I’ve had the chance to monitor ad campaigns for world-known brands like Visa and Mastercard. One thing that caught my attention is that they were all -or the majority- brand campaigns.
Why would a top brand be more interested in awareness than in sales? Because awareness leads to sales.
If you have huge brand equity, your awareness costs go down: people are more willing to receive an ad from you and share it with friends.
Facebook has an ad campaign metric called “Estimated Ad Recall Lift.” It tells you the estimated number of users that might remember your ad. How does it work? Simple: Facebook runs surveys and asks users if they remember your ad.
This is a clever way to measure your brand’s equity: the closer is the number of people who would remember your ad to the number of people reached, the most valuable if your ad.
If your brand’s perceived value is higher than your competitors, you have two benefits:
- Your Ad Spend goes down: spending the same amount of money, you will get more results, the cost per reach will be lower, and your “Estimated Ad Recall Lift” will be closer to your reach.
- Your Revenue goes up: your customers will be willing to pay a premium price for your product.
There are many ways to build brand equity. I’d like to summarize it as “developing a brand story that resonates with your customers.”
It is more in the realm of marketing and psychology, but from the technology point of view, communication and building relationships are the best way to build and sustain a brand’s equity (or destroy it, for that matter.)
Run Facebook Ads Campaign with customer-only special deals. Use Chatbots to interact with your site’s visitors.
If you look at the most valuable brands in the world, the top 5 are in industry technology. They’ve leveraged tech communication tools available to all of us to interact and engage with their customers.