When you're evaluating your brand, this is one of the very important questions you should ask.
Even if you're not changing your brand, you should be concerned with establishing and building brand equity.
Brand Equity is, basically, how well-known your brand is in the marketplace. That translates to visibility, memorability and recognizability. And those translate into people buying your services! Yay!
So now that we've established what brand equity is, how do you go about getting some for your small business?
Who do you ask? You shouldn't ask yourself – you are biased! Of course you think your brand is very memorable – you see it all the time. Instead, interview your clients. Ask them how memorable your materials are. Ask them what your brand colors are – and tell them they can't cheat by looking at your website!
Who else? People you've only met a few times. Preferably, people you met a while ago – dig through that business card pile and find someone from a couple of years ago.
How else do you measure? You can measure equity to a certain extent by seeing how widely your brand is distributed. Is your logo on a bunch of websites, in ads or in publication in some other way, then there's a chance that you have more equity than you think.
Listen to new contacts. When you go out networking, and hand out your business card, do people you've never met say, "I've seen your company before!" If that's the case, then you might have some equity laying about!