The Power of a Good Brand
It's easy to confuse the differences between products and brands. A key differentiator is that brands sell products; products don't sell brands.
For example: Apple is a brand, iPhone is the product. Mac is a brand, eyeliner is the product.
A brand with a good reputation elicits more purchases, advocacy, donations, and investors. This is why brand awareness and reputation management are essential to long-term operational growth and expansion.
Companies need to have a strong brand before trying to expand their current operations. Keep reading to learn how building a solid brand can boost your business.
4 Ways to Tap into The Power of a Good Brand
1. Reach More Customers
When customers enjoy a product or service, they tend to recommend it to their friends and family; this is what makes word-of-mouth marketing so effective. But to spread word-of-mouth marketing about a product or service, the customer must be able to remember the brand.
With a solid brand, customer recognition and awareness of the brand increases, making it easier to reach more people in a target audience.
2. Work with Influencers and KOLs
Influencers and key opinion leaders (KOLs) are valuable resources for growing a brand, but they usually only want to work with companies that have solid brands. This is because by working with strong brands, they in turn increase the credibility of their own brands.
Once a company has a solid brand, it should seek to work with a variety of influencers and KOLs; this is particularly true of those wanting to expand their operations internationally.
3. Improve Marketing ROIs
When a company has strong brand equity, it will likely see an increase in customer lifetime value (CLV). And along with higher CLVs comes the ability to achieve higher marketing return on investment (ROI).
Being able to earn higher marketing ROIs can lead to a company's ability to open new departments, expand into new locations, and hire more employees.
4. Avoid Negative Messaging
The internet and network word of mouth has made it much more difficult for brands to maintain flawless reputations. A single Facebook post from a disgruntled customer or a word of mouth complaint from a business partner to a professional network can completely shatter a brand.
This is why a lot of brands devote a significant portion of their budgets to building connections with customers and avoiding negative messaging. But unless a brand is solid, it will battle negative messaging and struggle to build customer connections.
The Power of a Good Brand: Final Thoughts
A lot goes into building a solid brand. A good brand is not something that's built overnight. It requires ongoing effort and commitment from a company to establish a solid brand that can maintain a competitive advantage and stick out from similar brands. Many companies benefit from working with brand consultants.
For more information on how to tap into the power of your brand, contact us today.
