Why building a strong brand is integral to business success?
Businesses can achieve high growth & profitability with a strong brand
Imagine your brand as a living being, a being that needs nurturing, energy, care to blossom and grow. It is an ongoing process to keep it alive, kicking and growing.
All brands we are attracted towards, trust and can't wait to possess be it a car, mobile, real estate or a luxury bag - spend a lot of time nurturing and growing the brand.
The "stickiness" factor of the swoosh, happiness campaign, bitten glowing apple, golden arch, iconic three-pointed star are all brands you recollect, reconnect and revisit. Everyone aspires to possess or associate with these iconic brands.
According to a Nielson survey, 59% of consumers prefer to buy new products from brands familiar to them.
Brand building and brand management is a ticket to creating brand equity and loyalty. It is a process of giving life to your business in regular doses. Every business is susceptible to external factors like economic developments, news, events and social influences. In a competitive context where your brand perceptions are influenced by customers, influencers and social media, branding is your armour to control your business story.
Businesses are built on a set of core values, branding helps to infuse these values across all layers of the business - sales, marketing, customer experience, employees, operations and customers. When brand values seep through each of these layers, they are visible in actions, interactions and reactions of customers with the company. Customers are open to associate with brands with a strong purpose and values. They are able to build trust when each touchpoint reinforces the ethos of the brand.
To make this brand value go deeper into the organisation, companies have to strategically build their brand. Brand management is a mix of actions integrated to achieve business objectives of growth and sustainability.
Creating a brand is a process, ask these questions before you start the process.
What is the company's current position in the competitive landscape?
Where does it aim to be?
Who is your current target audience and who else do you want to reach?
What are the company/ brand core values?
What is your customer's perception of the business, brand and leadership?
What change do you aspire for growth?
So, how can you get these answers? An in-depth study with assistance from a brand and marketing consultant or in-house research will help you calibrate how to strategically, tactically and successfully build the brand elements together.
Brands connect with people at an emotional level if customers have bad experiences repeatedly it has an impact on business growth. This is why it is essential to have a well-crafted framework to weave build a strong brand.
Framework for creating a strong brand
Brand Strategy is about a deep understanding of your vision and how you want to serve your audience. It helps you articulate clear objectives and an action plan to achieve your business goals. A successful brand strategy comes together when we have the right combination of the brand promise, clear brand vision, brand identity & USP, and brand consistency.
Consistent presentation of a brand has seen to increase revenue by 33% (Lucidpress, 2019)
The very first step after creating a recognizable brand, it has to be seen to be known. Brand awareness is a series of activities companies undertake to familiarise audiences with a new or refreshed brand. A good brand recall leads to the desire to explore and experience it.
Every brand aims to create a greater trust with their customers, and in turn except higher commercial value. Companies focus on creating unique brand experiences, and associations to create strong perceptions to build trust and value over a period of time.
81% consumers say they need to be able to trust the brand to buy from them. (Edelman, 2019)
A brand gains loyal customers not because of its product or service, but because of a combination of experiences - the quality of the product, the consistency of its quality, the experience during a purchase, the support during customer service - it is a relationship-building activity that gets you customers who become your brand voice - brand loyalists.
73% of consumers cite customer experience as an important factor in their purchasing decisions.
Social media has given us a great insight into how customers are closely watching each move a brand makes. Customer feedback on service and quality are strong indicators to keep your reputation in check. Reputation is a fragile asset and should be handled with great care. Brand interactions should be monitored, if you are not authentic and true to your brand values, customers will distance from you slowly, or even sometimes abruptly.
86% of consumers say that authenticity is a key factor when deciding what brands they like and support. (Stackia 2019)
A well-managed brand will help customers move closer to you. They will connect, conversations will begin and relationships will build. Build a strong brand to influence your customers, investors, staff, suppliers and all other stakeholders.