The Chaak perspective — What is the difference between personal branding and building brand equity?
Personal branding and brand equity are two concepts that are often used interchangeably in the business world, but they are actually distinct in nature. Personal branding is the process of creating a unique identity for oneself, whereas brand equity refers to the value that a brand holds in the market. While both are important in building a successful career or business, they differ in terms of their focus and scope.
In our experience — simply focusing on “Personal Brand” without it resulting in building “Brand Equity” is a futile effort.
So what a Personal Brand should be?
A personal brand usually has its roots in the ethos of a person(s) or idea. What they are passionate about, causes, motivations and inspirations. It can be what they envision not only for their initiative but also for their own life goals. It is often marked by milestones and turning points that shape the narrative in retrospect. We find ourselves wondering how closely it should resemble the person, the very individual themselves.
A personal brand is created through a series of intentional actions that one takes to build a strong and consistent image. This includes developing a unique style, cultivating a distinctive voice, and creating a professional online presence. Personal branding is about creating a story around oneself, highlighting their values, beliefs, and aspirations, and presenting it in a way that resonates with the target audience.
Today, a Personal Brand can start anywhere, anyhow and can outshine even the most funded of strategic marketing and branding plans. It can be as light-hearted as Pokemon, as revolutionary as Malala or Greta or completely devoid of a face or individual as Banksy.
So then maybe, it isn’t necessarily about the individual per se anymore? Is it then more about the story they tell or the value they add? We feel a Personal Band should be authentic and aspirational.
To us, an individual is a beautiful complicated being. They don’t really have a brand, but they do have a voice. And to us, Personal Branding is not about creating a brand but is about amplifying that humane voice.
It is for this reason, we strongly believe that a customized and meaningful personal branding strategy can help build one’s Brand Equity, especially that of an entrepreneur.
What is Brand Equity and how is it different from Personal Branding?
While Personal Branding is the tool, Brand Equity is the desired outcome. Effective personal branding helps you create and grow your brand equity much like various financial streams help you build your net worth.
Brand equity is not just limited to an individual’s financial worth but also includes intangible factors such as reputation, community loyalty, and brand recognition. People that have strong brand equity enjoy a competitive advantage in the market, as they are perceived as more trustworthy, reliable, and desirable by their followers.
Brand Equity allows an individual to be more agile, experimental and realistic in their approach. It allows evolution, growth, and forays more avenues for long-lasting success. Yes, it may entail a more patient outlook on building a brand, but the rewards are well worth it.
As an entrepreneur, Brand Equity can lend itself well to the journey that is entrepreneurship — opening up a wide array of opportunities for themselves.
What are the benefits of focusing on building Brand Equity?
If we zoom out a bit and look at an entrepreneur as a holistic human, the scope to add value with the strategic use of personal branding is manifold.
- Enhanced brand recognition: A marker of successfully building equity would be more visibility with the relevant audience as opposed to a large number of followers. This visibility could prove to be useful in being discovered more easily leading to better chances of maybe getting funded or listed or getting the right press coverage.
- Expansion opportunities: A strong brand can provide opportunities to expand into new markets, launch new products, and partner with other businesses.
- Building a community: Similarly, opting to be more thoughtful and curated in one’s branding efforts, for personal or for business could lead to a niche following or a community of early adopters who are willing to bet on you. Especially with the digital scape of various platforms available, if the true voice shines through, there is a better chance of finding one’s tribe.
As you can see, building brand equity is literally that: building! A much slower yet intentional process that reaps benefits that are more long-lasting.
So how does one build brand equity?
There are many ways to do this, each with pros and cons. We recommend researching and customizing a plan that works best for you.
From the array of choices in Personal Branding and taking a few cues from Investing while building a financial portfolio, there are a few ideologies you can follow. These are:
- Ethos x Strategy:
Put your true voice at the heart of all your strategy. This does not mean you only highlight who you are, but more so your perspective on things. You must slowly, mindfully co-create with the right people and deliver the story you want to tell about your journey.
2. A Healthy Mix Of Risk & Tried-And-Tested Content:
Content is an ever-evolving journey. What’s most important is to keep on experimenting with content topics & formats and see which one creates the most value for your audience — also ensuring your message is rightfully delivered.
An important thing to keep in mind: While these sound quite lovely in theory, it is often an emotional journey. For entrepreneurs especially, there are a lot of moments of digging deep for motivation and facing all odds. Sure, these make for authentic and moving storytelling, but we suggest being comfortable while you share your view with the world.
This brings us to our philosophy at The Chaak.
The word chaak literally means potter’s wheel.
A potter’s wheel is where an abstract idea of a pot comes to life. The final form, strength & aesthetics depends on multiple factors. The quality of the clay, the pressure applied, the potter’s skill & diligence, patience, love and passion.
We believe in the slow and organic process where brand development & communication is a result of co-creation. We facilitate a conducive wheel with the optimum environment where the individual’s vision may come to life.
How do we do this? By keeping things simple! Or at least trying :)
We take things slow and let the clients share with us at a pace they are comfortable with. Yes, we have a few cues that help start dialogues about likes, dislikes, aspirations, goals, and the usual get-to-know questions, however, we focus on the nuances. And of course — the journey is different for everyone.
If you’d like to know more about how we could help you build your brand equity, we would love to invite you over for coffee (virtual or in person!)
