No matter what type of business you run, it is one of the most important factors in your growth; the stronger your brand the more successful your business.
Brand enhancement is not as simple as choosing a bolder colour palette and designing a stronger logo. It encompasses everything that impacts the user’s perception of your business, from the products on sale to the experience customers have interacting with you. It is the way you are perceived by the people that matter – your customers and prospective customers.
That’s all nice and fluffy – but what’s the reality of building a brand? What true benefits come from investing in enhancing it?
- Creates differentiation in tough marketing conditions
We talked about the importance of differentiation in a previous post. With so many businesses trying to catch the attention of the same audiences, to sell them similar products, brand is essential for standing out from the crowd. A product launch, a promotion, your best selling product – these fluctuate and come and go, but your brand (ideally) remains consistent. It continues to bring customers into the business even when the product changes.
Having strong brand differentiation lets companies be more direct in their marketing output, they can speak straight to the audiences most relevant to them. What’s more, because there is that clear differentiation, their offering is more attractive to prospects.
- Customer loyalty
Once a prospect has made the leap and become a customer, it won’t just be the product they purchase that brings them back for more. The brand – and more specifically, the experience – will cement or break their loyalty. In fact, that experience is so important, that it can form a bond of loyalty whether or not a product is purchased during those initial interactions. A great brand can persuade a prospect to return and become a customer in the future, even if they aren’t one yet.
Customer loyalty is understood by all businesses. A loyal customer doesn’t need to be pushed through the sales funnel again, money doesn’t need to be spent attracting their attention because it’s already been won. What’s more, a loyal customer will tell others about their experience and bring your brand to their attention.
- Strengthens price point
L’Oreal’s brand slogan is: Because You’re Worth It. The phrase doesn’t promise that its products will be the cheapest on the market, in fact it suggests the exact opposite. At the same time it communicates that the quality of L’Oreal makes its price point equal to the high standard of goods on sale.
Consumers will be willing to pay higher prices for non-generic, branded products – and if the brand is strong enough, they will spend a great deal more. That’s why building a brand that reflects the high grade, look, feel, taste of your produce can strengthen and validate a premium price.
Theravada’s brand enhancement solutions grant valuable insights into your business, keeping services running smoothly leading to true revenue growth. To find out more about our solutions in this space, and how we can help your business, visit our Brand Enhancing page.