When it comes to running a company in a tight-knit community, there’s one aspect of branding that trumps the rest – brand equity. Whether you are selling to friends and neighbors, or customers new to your business, it’s not always about “what you sell”, but sometimes rather “who you are”.
Another way to understand brand equity is to think of it as a business’s goodwill. It’s about the weight of your word and the way the community recognizes your company. Equity isn’t just a buzzword; it’s a strategic asset built on awareness, perceived quality, and deep-rooted loyalty. Protecting your business’s brand equity is essential to building trust and rapport with clientele. This community connection is backed by data; 92% of consumers trust recommendations from people they know over any other form of advertising.
EARNING YOUR REPUTATION
Trust and reputation are among the driving factors of many successful businesses and can be built through brand equity. Every time your business delivers on a promise or makes things right after a mix-up, you build trust and credibility, which, in turn, adds to your company’s brand equity. In today’s world of an ever-changing business landscape, consumers decide on who they trust through predictability.
WHY BRAND EQUITY ISN’T A SOLO MISSION
While business owners are responsible for creating the company framework that protects brand equity, building brand equity is not a solo mission. Leadership sets the values of a company, but it is the employees of the company that project them with their work and attitude. This is how internal advocacy becomes one of the greatest marketing assets of a business, amplifying the effects of brand equity.
THE HUMAN FACE OF MARKETING
Internal advocacy is simply empowering and encouraging employees to share their work experience with customers, friends, and members of the community. With a small to medium-sized business in a close community, a human voice means more than a corporate voice. Recommendations from employees or friends of employees carry a lot of weight in word-of-mouth advertising. In fact, research found that 63% of people trust information from employees over company advertising or official statements.
An employee speaking authentically about the business they work at provides customers with third-party validation. While the company itself or the owner of a business may say they have the best service in town, it shows that an employee has pride in their work if they spread the word as well. When your team shares your story, the impact is massive. Content shared by employees can see up to 8 times more engagement than content shared through official brand channels.
PROTECTING YOUR REPUTATION THROUGH TOUGH TIMES
Internal advocacy can also work as a sort of shield for brand equity when a business runs into hard times or challenges. Every company is going to run into some speed bumps at some point, as mistakes are inevitable in business. Having employees who practice internal advocacy can help to defend their business in times like these.
If problems with the community are arising during tough times, employees who feel empowered to talk about their work can advocate for the business and help further explain the situation at hand. Hearing some positive news or reassurance from people within the company can help to protect the credibility and brand equity of the business during challenging times.
HOW TO FOSTER A CULTURE OF ADVOCACY
Building a culture of internal advocacy in small to medium-sized businesses doesn’t require a marketing budget; it requires a commitment to your team. Internal advocacy needs to be encouraged and fostered by a business’s management. One way that this can be done is by equipping employees with facts about the company, such as recent milestones that have been hit or any other small successes that can be shared with the public. Employees who are given this information will feel more inclined to share it with friends and family.
Another way to increase internal advocacy is to encourage employees to share “pro-tips” related to their work. Showing that they are knowledgeable about their trade and willing to help others even outside of the workplace builds trust and protects brand equity. Finally, to make internal advocacy the most effective, make sure that it is authentic. Encourage employees to speak about their work within their circle, but avoid forcing them to, or giving them a “script”.
THE FOUNDATION OF YOUR COMPANY
Brand equity is one of the most important aspects of running a small-to-medium-sized business in your community. By inviting and encouraging employees to advocate for your company, you are protecting your business’s equity and credibility. Your company’s goodwill is everything, and when your employees stand behind that goodwill, it creates the trust and reputation that customers desire most.
Looking for more ways to build your brand within the community? We have some ideas – let’s chat!
