Brand expert David Aaker described brand equity as "A set of assets and liabilities linked to a brand, its name, and symbol that adds to or subtracts from the value provided by a product or service to a firm and to that firm's customers." In layman's terms, brand equity is what potential customers feel about your brand, and building brand equity is all about shaping those opinions.
A brand's social media presence would be one of its greatest assets to build brand equity today, considering the enormous impact of social media on the internet-savvy public. Customers could be influenced by direct interactions with the brand's staff and what other people say about the products on social media. Direct interactions with the brand matter too, and studies show that 80% of customers use social media to interact with brands. They expect a reply within 24 hours when they message a brand through social media. The brand's response or lack of it could make or break the customer's loyalty towards the brand. The ease of checking out or shopping from a brand's social media page is also a factor, and confusing navigation and dead links could make them drop the attempt immediately. On the other hand, positive brand equity could translate to customers' spending money on the product or services and loyalty in the long run.
Consistency in branding: The swoosh logo accompanied by the catchphrase 'Just Do It' screams Nike without mentioning the brand worldwide. The more consistent your brand is about the signature color, logo, and font, the more it will resonate with customers. Make sure that they are the same across all social media platforms, and the logo is your profile image everywhere.
Build a connection with your audience: Social media offers endless opportunities to build a brand, provided you think creatively. Give your audience a glimpse of what goes on behind the scenes in your company. This could be in the form of an Instagram reel or a TikTok video, which the young would immediately connect with. An informal video of a day in the lives of workers or sharing a light moment during work would give a human touch to your business and help brand equity immensely. At the same time, ensure that the video reflects reality and is not an act for the camera.
Interact with your audience: While it's mandatory to respond to complaints and queries on direct messages on social media, you can also interact with customers informally by throwing open a few fun questions and by giving non-automated and fun replies to public comments. As a brand, make sure to be respectful and polite always and be open-minded and receptive towards suggestions and complaints on social media.
Describe your values and vision: A short video on how you and your partner(s) began the company can do wonders for your brand, and make customers notice you. Be open and honest about what your brand stands for, your values, and what you wish to offer customers