I recall being a consultant for a young entrepreneur around 10 years ago. Like many young aspiring business owners, he was confident that having a general idea was enough to succeed. He thought that having created a good product meant that fame and fortune was just around the corner. He had to learn the hard way that being an entrepreneur with a vague brand wasn’t going to work.
The problem was that his business model was poorly defined, even though his ideas were valuable. Since he could not easily articulate the benefit of his company, he was not able to build a strong brand.
Of all of the companies that I consulted with, I found that the strength of their brand image was usually what would make her break their success. Why is building a brand so important?
I received an infographic from an agency that helps put things into perspective. As you can see, a strong brand:
- Makes your company more memorable
- Allows you to charge premium prices
- Makes it easy to quickly convey the benefits of your company
- Generates customer loyalty
- Improves company security and stability
In today’s world creating a brand for a company or a product is significant this market research company specialize is just this. Now there are a lot of benefits of a brand but we will talk about 5 benefits of a strong brand. The most crucial thing in today’s world is Loyalty. Loyalty is something everyone is looking for, because if you have loyal customer, they will only buy your product even if it is expensive and that is what basically everyone wants but making customer loyal is not easy thing to do, you have to build your trust by providing them quality so they can buy your product again without thinking much. Second most important thing is Repurchase intention.
When your customer is satisfied with your products, they will buy your product again and this is biggest advantage a brand can get in market. Repurchase intention comes after loyalty because if you are loyal you will again buy some product of that brand. After Repurchase intention we have Word of mouth, after customer is loyal to your product and customer contain repurchase intention, they will eventually tell their family, relatives and friends about brand which will produce brand awareness.
This is basically marketing because when product is spread between people, they will get aware of that and will try that product at least once. Now the big benefit of strong brand is it can be differentiated in crowd market place with other products because of its uniqueness and that makes the brand because if a brand is selling things that other 10 brands are selling so there is nothing new and no one might try it but uniqueness attract customers and strong brands are unique.
Last strong benefit of strong brand is they can easily introduce the new product and their image and customers are so loyal that they will try it and this is the reason to Have a strong brand that can be benefit financially and even when you introduce any new product. Creating a strong brand image is not easy thing to do and you have to see market which thing is lacking and what you should introduce that will fulfill market need.