Leveraging Brand Equity in Tough Times

  When the tough times arrive (some would say they’re already here), your brand equity is your greatest asset. But how do you leverage it when your entire industry might be feeling the pinch of slower economic times?

Here are 3 keys to making the most of the credibility that you’ve built for your business:

Communicate! – Talk to your clients when times get tough.

I know that marketing budgets get squeezed when times are tight, and it can be tougher to get your message out to the market. But at the very least, you should be communicating with your existing clients – frequently.

Don’t disappear when the going gets tough. Reinforce your brand message and offer ideas and strategies for clients to prosper in slower times.

Your competitors are more prone than ever to doing irrational things as they face pressures of their own. For example, they may sell their product or service at a deep discount that you dare not match. At times like this, your brand message needs to come through loud and clear so that you have a leg to stand on when others get desperate.

Inform – This is critical in “high trust” businesses (think real estate agents, financial or insurance advisors, lawyers, marketing consultants, and so on).

Change creates an insatiable appetite for information among clients, and the brand that provides it will be afforded expert status in the market, potentially gaining a huge advantage in the short term, and establishing a solid foundation for long term success.

For example, homeowners are carefully watching the value of their property right now, and are looking for guidance and information more than ever. As a real estate agent, be the one to give it to them, good or bad. Ditch the “friendly service” message in your ads and be the local expert who’s on top of the situation, the one who really knows what’s going on. Get in the local media, and talk to community leaders. You’ll only add to your brand equity, and if you’re a mid-pack player right now this shakeup could be the opening you need to become a top-tier agent. This applies in a variety of industries.

Deliver – It’s tempting to cut corners or trim costs when business slows, but you absolutely must preserve your brand experience.

When looking for a 10% cost reduction, businesses often cut the one thing out of their business model that makes them standout, and that their existing clients consider a key element of the brand experience. The logic for the cut is that none of the competition are doing it, so why not cut it. Of course, the fact that none of your competitors are doing it is the reason you shouldn't cut it when "it" is a unique part of your brand experience!

When the market around you slows down, your strength is in your brand. Leverage it, and whatever you do, don't damage your brand by seeking short term cost reductions in the worst possible place - your brand experience.