Your Brand Determines Your Future
No one factor plays a greater role in the future of your company than your brand. It determines what you can charge for your product, how long you can sell it, and how successful you might be in other markets. A solid branding effort leads to numerous benefits. Here are a few of the more important ones.
Premium pricing. Stronger brands are able to sell at higher prices than their competitors, even if the product is no better. Take Morton Salt. Salt is the ultimate commodity. All salt is made the same. All salt tastes the same. Yet Morton’s charges a nickel or more a package and gets it. We’ve fallen in love with the little girl on the box.
Customer loyalty. Technologies change. Products evolve. Competition increases. Nothing weathers these storms like customer loyalty. Develop a relationship with customers based on trust, and they’ll continue to choose you in good times and bad.
Marketing flexibility. If customers trust your brand strongly enough, you can actually shift your core business with minimal risk. IBM is a great example. The company originally made calculators and other business machines. As new technologies emerged, IBM employed them to venture into new markets like personal computers and integrated defense systems. Because the IBM brand was highly trusted, customers chose these new products with little fear. In fact, the IBM reputation for dependability was so well instilled that not choosing it was deemed risky.
Higher status. Maybe your customers are other companies. Branding is just as important in business-to-business relationships as it is in business-to-consumer ones. Without a strong brand, you’re nothing more than a vendor. However, by consistently conveying your distinctive core benefit to these customers – higher quality, better performance, etc. – your relationship eventually changes. You’re no longer seen as just a run-of-the-mill vendor, but as a preferred supplier – an integral partner.
Slow and Steady Wins the Race
As you can see, branding is a long-term strategy that will lead your company to growth, profitability and stability.
However, it isn’t a quick fix. It takes time. You first must instill your message into the customer’s consciousness, then constantly reinforce it. So be patient. It’s worth it. Just ask any successful company.
©2016 PureImpact Marketing Communications, Inc.
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