Daddyspocket Marketing Blog Posts

WHAT’S IN A NAME?NOW YOU KNOW!

 

building-brand-equity

“Brand equity is a phrase used in the marketing industry which describes the value of having a well-known brand name…”

[Source: wikipedia.com]

Boy, was Shakespeare wrong when he said: “What’s in a name?” ! In this ever-growing and fast paced world of start-ups, everything from the logo colors to the product you sell determines the reach of your brand.  To stand out in the clutter of companies in the market, you need to carefully assess the image of your brand that you’d like to put across to your customers.

Brand equity, in the most basic sense, is a brand asset. Wikipedia says,

Brand equity is a phrase used in the marketing industry which describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that brand name than from products with a less well known name, as consumers believe that a product with a well-known name is better than products with less well-known names.

Woah! What? Yes, okay that is a lot of words in a single sentence. Let’s make it easier.

Whenever you have a query or need an answer to a question that nobody around you knows, what is the first thing you do? You, as the term goes, “Google It!”. This in itself explains how important a brand name is. What is originally the name of the search engine has now spanned of as a term on its own.

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The brand reach or brand awareness of Google makes this possible. In fact, Google has been named “World’s Most Valuable Brand”, for the second time in three years. [Source: http://fortune.com/2016/06/08/worlds-most-valuable-brands/]

It’d be pretty hard to find someone using the internet, with no knowledge of Google.

Brand equity metrics helps measure the value of a brand. When we say ‘brand’, we mean the name, logo, image, and the general idea that the customer has in mind of said brand. Starting from scratch, any brand can up their brand equity by remaining true to their words. Keep in mind, consumers value the smallest things like packaging and delivery of your product, along with the solution your product provides them. If a customer finds a brand worthy of their trust, chances are they will remain constantly loyal to them and select their product over that of a competitor. (With careful thinking of course!)

As a brand owner, if you can stick to your word and deliver what you mean, chances are you will have your brand name increased with the most trust-worthy way of marketing:word of mouth!

Now you know what Brand Equity is.  Here’re some foolproof ways to increase it.

1.Make your product/service amazing

This one’s a no-brainer. When your product gives a perfect solution to a common issue, people tend to hold on and remember your brand. Amazon does this very same thing. With an endless category of items available on their platform, they have recently added household items to their departments. Everything from the common toilet cleaner to exotic tea flavors is now just a click away! Might explain why Amazon is #12 on the Forbes list of Most Valuable Brands.

2.Know where you stand

In today’s market of innovation and competition, many brands provide the same solution but how they differ is what matters. Know your position in the global market and study how you differ from your competitors. Keep track of the changes in your market and strategize to adapt to it.

3. Create brand identifiers

Sounds confusing. But really simple. Add something to your brand, that will act as an identifier across the globe.
mcdonalds90sarabic

Chances are, even if you don’t know Arabic, you recognize this as the McDonald’s logo. The iconic yellow M has become a trademark and an asset for the billion-dollar multi-chain. This logo on a counter makes people want to get their hands on the yummy Big Mac, even if they essentially cannot read the name. Helps that their burgers are yummy too!

4. Making customers your friends

When you serve an individual and you serve them well, chances are you will receive praise by them on their online reviews or when they brag of your products to friends. In the same way, when they face an error or issue they don’t like, customers can spread ill-word about your brand. The best thing to comfort your customer is to show concern. Apologize and hear out their issues and if possible, provide an incentive for the inconvenience caused.

Many restaurants have now been following this trend. Customers rave and rage about everything from the service, ambiance to the food served in a square bowl. Zomato is the trending platform for customer reviews in India currently. And what makes it even better is the restaurant owner’s listening in and personally receiving every review posted. If an unhappy customer whines about the service on the platform, many vendors now politely ask them what was the issue faced and how they would like their service to be improved.

In short?Happy customers=Happy business!

 

How to reach the finish line-Campaign Completion

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Aaah community events! The excitement of planning, the planning, division of work, all of it looks easy when compared to the task of procuring funding for the event. There is only so much you can ask in the form of donation from your peers and superiors. The sponsorship team is then left with the daunting task of finding the funding which will form the basis of the event. And there is no easier and smarter way to procure sponsorship than signing up on DaddysPocket.
But what happens once you’ve signed up? One day you are informed a sponsor is willing and interested in your event and will provide you the funding you need. Excited, you log into the platform and begin completing the tasks. With the same enthusiasm, you convince your friends to do the same. This energy lasts for maybe a few days and then confusion sets in. Will it be possible to complete the tasks on time? Is it possible to complete the campaign on time?

As they say with great funding comes great responsibility(to complete the campaign that is!)

Assign a campaign manager 1

Once the campaign has begun, select an individual to take up the responsibility of ensuring the campaign is completed on time AKA Campaign Manager(CM). The CM will be in charge of spreading the word about the tasks to be completed and ensuring each of the tasks are completed on time.

Divide the tasks to be completed 2

Set up groups for each of the tasks to be completed. You could assign each task to maybe a department or else a batch of individuals with similar work. These individuals can be responsible for spreading the word about the tasks assigned to them.

Use your social media super power 3

Convince your followers on Instagram or friends on Facebook, even your fellow Snapchatters to do the tasks and spread the word for you. All you need to do is post the tasks to be done on your wall and request your friends to do them for you. Use your social skills and get it done!

4Set up a booth at the venue 

If the tasks involve a survey or anything that requires data collection, the best route to go is to utilize the crowd at your event venue. Hand out the survey forms at the registration desk and have the task completed in no time!

As in all scenarios, set your mind and get the task done. In the same way, set your targets and get the campaign completed!

Happy Sponsorship!