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Brands have been transforming and evolving digitally, an evolution that will not pause any time soon. It is making its way into each aspect of business and if you have an online business, or a retail business, or both, you must be aware of the real-life applications of artificial intelligence, and how it is sure to improve the value of your business, if utilised correctly.

Let us take a look at the four major elements of brand equity to better understand how AI fits into all of this.

Brand recognition – This refers to the visibility of your brand, how people recognise you. For example, your logo may associate what you do and hence, make a connection with your product or service.

Brand awareness – This is a step further recognition. This is where brands can increase familiarity with customers by bringing a certain transparency about their product or service. It gives people not just a face value or your brand, but an in-depth knowledge.

Perceived quality – The overall experience of your customer will mark their perception of the brand and increase sales. The reputation of your brand, quality of products or reliability of services, all of this will impact how your customer feels about you.

Brand loyalty – Building loyalty is a process. It is done over time. And you can approach and convince new customers with past and recent experiences, customer comments, reviews, etc. It enhances customer preference.  

In What Ways Can AI Improve Brand Equity?

This is your chance to create superior and unique experiences for your customers using the power of artificial intelligence. 

• Personalization – AI algorithms have the capability to analyse vast amounts of data and gather information on individual preferences. Further, consumer behaviour can be analysed based on these preferences using AI-powered tools.
• Enhanced Customer Experience – Virtual assistants and chatbots are a very fun and engaging way to interact with customers and find out about their specific interests. And it also creates a pleasant experience for users, overall creating a relevancy for your brand.
• Data-driven Decision Making – AI Algorithms can analyse vast amounts of data that pinpoints to every detail you need about the market, about competitors, and accordingly analyse data in order to create various marketing strategies. Strengthen your brand’s position in the market using this strategy.
• Sentiment Analysis – AI powered tools can also analyse the response of a customer, whether positive or negative which helps to understand customer preferences. For example, a text based AI tool like a chatbot can capture whether a customer is dissatisfied with a product and further create a negative sentiment analogy. Based on that, you can make changes and improvements.
• Data Analytics – Again, it all comes down to customer behaviour. If the correct analysis of market trends and how it affects customer behaviour, you can use AI powered tools to perform analytics and predict future trends, adjust your strategies accordingly and stay ahead of the competition.
• Content Marketing – AI being integrated into digital marketing services has proved to be useful, especially when it comes to content marketing. AI tools are working wonders in creating unique and curated content that is engaging as well as informative. And well-structured, accurate content creates a good brand impression, gives you a chance to showcase your expertise.

Conclusion

With Artificial Intelligence taking over, you can utilise various tools and algorithms to your advantage, especially to improve the value of your brand. Knowing how to utilise these tools is also necessary because the misuse of AI is also a common problem. But with AI bringing advancement in digital marketing services, you can also stand out from the crowd.