What is a brand and why is it valuable?

Having a product or a service is all well and good but that alone does not resonate with potential customers. On the other hand though, if you were to develop a brand around the product or service, that would be an important step in the right direction. The difference here is that your brand is the promise you make to your customer and your branding tells your backstory and explains why you are in business. It also defines what you stand for and tells customers what they can expect when they do business with you. So, there are many benefits to being a brand and what you can get from being one ranges from easier brand recognition and customer loyalty to enhanced credibility and the ability to easily introduce new products into your brand’s portfolio. Let’s quickly explain those points in a little more detail: 

Brand recognition is a measure of how well potential customers can remember your company’s brand and identify its products. If you take McDonald’s or Starbuck as an example, even if you’re not a customer, you probably recognise them. What’s more, they constantly use the same logo, colours, typography and messaging to provide consistency in helping people to recognise the brand. This principle is also taken into account with the décor and if you were to walk into either establishment, you’re unlikely to confuse the with another fast food outlet or coffeeshop. 

Customer loyalty can be built by providing a good customer experience. And, customer’s who have good experiences buy from you more often and are also more willing to try other products within your brand’s range. Loyal customers will sign up to your website, follow your brand on your social media channels and provide you with that most elusive of marketing tactics, positive word of mouth. Loyal customers are also not overly sensitive to price and if they want your brand over somebody else’s they will be willing to pay a premium.

Enhancing your brand’s credibility takes a little bit of time and requires you to use a variety of channels. This is because people act and react in different ways. Some people will be willing to accept your advertising as proof of your credibility, others will be satisfied with social proof and for some, nothing short of a full product demonstration will convince them. 

Customer service can also have an impact on your credibility. With review sites and social media, buyers can form an opinion of you based on how you handle complaints.

In terms of easily introducing new products to your brand’s portfolio, anything new from you will generate excitement from your existing customers and curiosity from potential customers. The reason it’s so easy is because the new product can ride on the coattails of your already successful brand. If you think of the Virgin brand, it started as a record label, introduced an airline, became a broadband and tv supplier and is now in the business of space tourism. Quite an achievement for one brand. I know I left a lot out but I didn’t want to labour the point.

How to Create a Brand?

The first thing that needs to be done is research. We need to understand the business sector thoroughly and find out what’s going on in the market. It also necessary to see what the competition are doing and perhaps most importantly, we need to research the prospective customer. We need to know what motivates them, what influences them and how they make their purchasing decisions. Once we have these vital insights, we can begin to craft a brand personality and messaging that will engage them and ultimately drive them to do business with your company. 

Now that you have a brand, it has to be launched and this will require a fully integrated campaign. You can’t just do one thing and think it will build your brand, especially not in today’s media landscape. It’s best to use a combination of traditional media, digital media and other methods to give your brand the best possible chance of gaining a foothold in the market.

Ready to Go

At Aexus, we are ready to work with you to build your brand and bring it to life. So, if you’d like to see how this investment into your business will pay off in visibility, awareness and sales, get in touch. We’re always happy to jump on a call.

Topics: Marketing