Businesses can positively impact people’s lives by creating value which could improve brand equity.
The author highlights different “levers” that brands can use to reinvest in value creation. This leads to improvement in brand equity to ultimately drives sales and profit. Brands can create functional value, a factor allowing most companies to stay in business, by giving customers a good deal for their money.
To create educational value, businesses can share their expertise through different types of content and establish themselves as experts. The emotions evoked by a brand become a part of its identity. Businesses can create emotional value through their advertising, products, and customer service.
Companies can provide economic value by leveraging the positive economic effects of its success and also generate goodwill and strengthen brand equity. Businesses can build social value through philanthropy which can be beneficial to the brand.
[8 minute read]