Branding a good thing!
Your brand culture has to come through in everything your organization does. All of your employees should be brand ambassadors who believe and participate in the company.
In the upcoming issues we will discuss "Why you need a strong brand".
It can be a lot of hard work to establish a strong brand, but there are substantial benefits that make it worth the cost.
Command A Premium Price
To charge a premium for your product or services, you need either a monopoly or a strong brand. The strongest brands produce real economic value by commanding a premium price -something generally considered "brand equity." The emotional attachment or perceived value becomes so strong it convinces customers to pay more. Take for example Swiss-made watches, The Swatch may keep good time and only costs $20 US, it's never going to pass for a trusted dive watch or deliver the prestige of a Rolex. "In the world of the consumer, there is no such thing as an objective measure of quality," says Brad VanAuken, one of the world's leading experts on brand management and marketing. "everything they they experience is evaluated through a lens of subjectivity, which can be distorted significantly by the presence of brand quality."
Establish Credibility and Trust
A strong Brand creates trust.
This is important if a person or company is at a learning level. When people are out of their element they look for familiar things that make them feel more secure.
Build Loyalty
It is easier to fight off the competition when you have a loyal customer base. The strongest brand creates an emotional attachment, which can influence buying decisions. Ketchup maybe ketchup, but when you see the logo for Heinz at your favorite sporting event, guess what ketchup you will buy. If it's a decision people are normally indifference about, a little something can make a difference. "Oh that beer is brewed in my home state, I don't drink anything else.
Brands can grow an entire industry
The strength of major brands can grow an industry in itself such as Nike, Reebok etc. into side industries, apparel as an example. This awareness grew the brand pool and increased sales for other brands in the industry.