A brand is connected to an interesting phenomenon. It turns out that any brand is advertised at least twice. At first, the advertiser launches the campaign, and then the initiative passes into the hands of faithful customers. The user praises the choice in front of friends and acquaintances – the choice essentially imposed on him by marketers.
Currently, not every company has a brand, and not every company seeks to build it.
Competition, or rather its absence in many markets where small and medium businesses operate, allows companies to sell to the consumer (whether they are natural or legal persons) ordinary goods with ordinary properties, with no formed image and additional advantages.
That also cannot but surprise: the consumer in such markets is very often not satisfied with the product or service, but does not have the opportunity to refuse to use it due to the lack of alternatives.
The management of companies is very often not motivated to look for new sources of profit growth, does not always know how to think strategically, does not pay enough attention to the branding of their goods and services. This function is considered the prerogative of large multinational companies. Although the brand of any product or service can bring small businesses even more than the big giants.
Consider in detail the advantages of having a brand for the company:
1. The ease of attracting new customers
A well-known brand is more likely to attract a new consumer than an unknown standard product. Many studies have shown that consumers trust more and willingly buy known, than unknown goods or services. Knowledge of the brand creates a initially positive attitude towards the brand, unconscious trust and perception of quality.
2. Reducing the risk of switching consumers to competitors’ products
If the company has a quality brand, the consumer will show a fairly high level of loyalty and commitment to him, which means he will not look for a replacement for him or consider more favorable conditions of competitors. With real brand satisfaction, the risk of switching to competitors’ products will be high for the consumer.
Speaking about the influence of the brand on the consumer, it should be remembered that in the current economic situation, branding plays a huge role, as it is a long-term investment. Notice that even the most famous brands cannot rest on their laurels. They have to constantly test new products, improve the quality and strengthen the audience loyalty in various other ways.
A brand allows you to solve the following issues:
• identification or recognition of the product at its mention;
• selection of offers from the array of offers of competitors;
• creating an attractive, positive image of customers, building confidence;
• the concentration of all positive emotions caused by the product line on one object (brand);
• the formation of the backbone of loyal users who associate themselves with the legend of the brand, share its values and steadily acquire products.
It is important to remember that a brand is not a complex of logos, colors, and icons. This is a kind of promise, a message to consumers. Therefore, the influence of the brand on a person is so big. The very fact of the purchase of your product should speak about the buyer something concrete, to be an element of self-identification for a person.
Remember that advertising in the modern world determines not only the level of sales but also the lifestyle, outlook, values and even the culture of nations. From this we conclude that the influence of a brand on a person, with a competent approach and taking into account various metrics, is simply enormous – it can be compared with the influence of literature, music, education – even the native culture, because world brands already make up in some sense the cultural code of our planet of the era globalization.
The sequence of the formation of the brand strategy
Professional brand managers believe that when creating an image of a company, it is worthwhile to think as globally as possible but to act locally. The impact of brands on a person and all aspects of a business is so great that the sequence of actions in developing a strategy cannot be ignored either. So, try to act as follows:
1. Analyze the mission of your business;
2. Determine the desired characteristics of the brand (the numerical value of key indicators, a list of advantages over competitors);
3. The influence of the brand on sales is also determined by marketing research – an analysis of the current situation on the market, the requests of the target audience. All this is necessary for a deeper understanding of the situation on the markets;
4. The influence of the brand on-demand depends a lot on competent positioning. Formulate the brand’s mission, the main points of its values, customer benefits, competitive advantage, the chain of associations that a brand name should evoke;
5. Work out the necessary marketing materials in detail;
6. Identify communication channels and post-marketing messages;
7. Work out a clear sequence of actions to promote;
8. The impact of brands on the value of goods is not least determined by calculating the KPI (key performance indicators);
Track the process and adjust your strategy from time to time.
Get personal insider information that will allow to develop your business to new heights!