The V Formation marketing and PR team has successfully worked with many clients to help build their brands and raise their profile within their markets. Director Sue Carr explains why this is important for brand equity and shares one of our recent client success stories.
When developing and building a brand it is important to think about all stakeholders, both current and future. These will include your employees and potential employees, as well as your clients and potential clients.
However, taking it one step further and thinking about the wider audience, this could also include potential investors, partners or even future acquirers of your business if an exit is part of the strategy.
So, what is brand equity?
Brand equity is the value that a company generates from its name recognition when compared to an equivalent. It comprises of client perception, negative or positive effects, and the resulting value.
Often, without realising it, the brand equity and reputation will have a direct impact on a company’s revenue and profitability. Clients and consumers often attach a level of quality or prestige to a brand and will have the perception that these products or services are worth more than those of competitors, and as a result they will be willing to pay more.
Do as you say – managing brand equity
There are a number of things that will help manage and maintain brand equity:
- Client and employee experience – understand their experience, what makes it great to work for your company, or what could you do better for your clients. Monitor and gather feedback, and ensure you are delivering on your promises.
- Building and adding value – great brands deliver more than is on the tin. Clients are impressed with added value and will hold your brand in higher regard.
- Differentiation – think about what truly makes your brand unique and ensure you deliver on this consistently.
- Brand profile and awareness – you can have the best products, offer the best services or employ the best people, but if the market doesn’t know that then do not expect great results. In crowded markets, with many channels of communication to navigate, maintaining a continuous and consistent profile with key stakeholders and audiences is essential for building a long-lasting, successful brand.
- Maintaining focus – understand what you are good at and known for and stick to it. Remember the importance of adding value if diversification is an option for consideration, but be careful not to dilute the reasons that people came to you in the first place.
Keep your eye on the ball
Brands need continuous attention and maintenance to ensure they evolve in their marketplace, adapt to internal and external changes and respond to competition and other external forces. Losing sight of your environment or failing to adapt could have a detrimental effect on brand equity as people become disengaged with your business.
V Formation worked with XenoGesis from the very early days with a clear focus on building a strong, reputable brand that delivered on its promise. As their outsourced marketing director, Sue Carr worked closely with the senior team to develop the business and marketing strategy for XenoGesis, as well as carrying out the implementation of the strategic marketing plan that accurately positioned the business within its market.
Clients are attracted to XenoGesis for its expertise and capabilities as a leading provider of DMPK and drug discovery services, but also for its brand promise which has been a key differentiator from day one. Sue worked with the employees to shape the values and articulate a shared common vision which underpinned the business and marketing strategy. And externally, V Formation helped XenoGesis to create consistent interest and awareness through its profile and name in the market, which led to the company experiencing year on year growth and attracting some of the best scientists in their field.
This brand equity that had been developed over the years will have undoubtedly played a part in the company’s appeal to Sygnature Discovery, who acquired XenoGesis in September 2020.
“The impact that Sue and the team at V Formation has had on the XenoGesis brand over the last several years has been huge. As the XenoGesis team has grown, Sue has ensured that our brand, image and reach has also grown, synonymous with high quality and impactful data to the client, delivered in a collaborative and friendly way. There’s no question that the XenoGesis brand is very well known for all the right and correct reasons and V Formation has played a very large part in this. Sue’s work with us has been strategic, tactical and multi-functional, including redesigning the visuals for the brand, website redesign, optimising SEO continuously, delivering regular news/blog articles, focussed webinars, thought leadership pieces, hard marketing material we can share and regular social media posts and sound-bites. Sue also drove the XenoGesis branding exercise and her proactive approach with keeping things constantly fresh and focused has really stood out. I can’t recommend Sue and V Formation highly enough.” Dr Richard Weaver, Founder of XenoGesis Ltd
Maintaining or transferring brand equity after an acquisition is a different challenge in itself, and a topic for a future blog!