How do you calculate the value of a brand? This is the question that keeps CEOs up at night, or, at least, it should. No one argues the importance of measuring the effectiveness of your digital marketing activities, but brand value is so often overlooked in favor of email marketing, content development and other core marketing activities. CEOs may forget that brand equity is a critical part of growing any healthtech business and, therefore, neglect to improve their brand image
It can be a challenge for business owners and marketers to understand the value a brand brings to a company. A brand can be seen as intangible and nearly impossible to define, let alone measure its effectiveness. Before you can even begin to measure a brand’s value, you need to gain a clear understanding of the term “brand” and its meaning.
First things first, what exactly is a brand? While many people refer to a brand as a logo or slogan, it is so much more.
In the simplest of terms, a brand is what your prospects and customers think of when they hear your brand name, see your logo or view your commercial. It’s the emotions your brand name elicits and the overall public perception of your healthtech, company, products and services.
When uncovering your personal brand, you want to ask yourself these questions:
Answering these questions will move you one step closer towards identifying your personal brand and discovering creative ways to increase brand value. If you’re at a loss for how to monitor your brand’s effectiveness, here are some surefire ways to measure your brand’s value.
Your first impulse may be to track social media followers, email open rates and media buzz. But, believe it or not, your brand value depends on more than Facebook shares and total blog subscribers. Instead, you will want to rely on proven effective brand valuation techniques:
Companies frequently refer to their “brand” without realizing what it stands for or its impact on every business transaction. To ensure your healthtech company’s ongoing success, you need to gain a thorough understanding of your personal brand and make every effort to measure its value.