Ideas to Build Brand Equity in Times of Crisis
Before we dig into the nuts and bolts, let’s define what it means to build brand equity. By definition brand equity is the commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Companies use advertising and other methods to build brand equity and make their products more memorable, recognizable, and desirable, over other similar products and brands. Good examples of brands with great brand equity are Kleenex or Pampers, whose brand names are more recognizable than the name of the product they are (facial tissues and diapers, respectively).
But how can companies build brand equity in times of crisis when a pandemic such as COVID-19 is causing panic and uncertainty in the marketplace? That’s where companies need to rely on social media. They need to continue to reach out to their consumers on Facebook, Twitter, Instagram, TikTok, Youtube, Pinterest and other channels to keep the engagement between the brand and consumer.
To build brand equity in time of crisis, here are some ideas, with the current COVID-19 crisis in mind.
Give customers a value add with a sweepstakes where the prize is a unique brand experience.
- An example for a restaurant business would be to offer an online cooking class on Instagram Stories or Facebook Live. The cooking class would feature how to make comfort food. In order to gain an entry your followers must post a photo of the comfort food they made tagging your restaurant and using the hashtag #comfortfooddish #sweepstakes. Have a random drawing and the winner will receive a free delivery of the comfort food the restaurant offered during the online class.
- For a service business, maybe you could run a sweepstakes to offer free online classes or tip videos on YouTube or TikTok for now, and for everyone that watches or shares those on social, they get a chance to get free services when you can open again.
Help out the communities where your customers live with contests.
- Motivate students to keep on learning and teachers to keep on teaching; let them nominate and vote for their favorite teachers in the community with a contest on Facebook. You can provide the prizes.
- Run a social contest asking customers what they can create with our brand’s product (an empty can, bottle, used foil paper, plastic ware, receipt, etc.) on Instagram or Pinterest. The most creative ideas could win a prize.
Lean In to the Crisis by Providing Support to Essential Workers or First Responders with a Surprise and Delight.
- Ask your customers on social what first responders, healthcare professionals or essential workers they want to thank on your social channels. Then create inspirational videos on social showing how your brand thanks all of these people with some sort of surprise and delight item – food, gift cards, masks, etc.
- Create a special loyalty program just for essential workers. Reward them with a special discount or extra menu item in every order or something similar.
Marden-Kane can help with any sweepstakes, contests, or surprise and delight ideas your brand has to build brand equity. Contact us and we can help you customize your program and help you set realistic goals.
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