Your brand defines the heart of your company.
Ah, branding. The thought of being able to help a company create both their philosophical and visual identities makes our hearts flutter—kind of like getting Valentines as a young child. We love to develop brands not only because we think it’s fun but because we know we can elevate our clients’ images and help them become a leader in their respective industries.
The Role of a Brand
Whether people acknowledge it or not, brands play a significant role in their perception of companies. Even if companies like Samsung and Lenovo offer equivalent or better smartphones as the ones Apple offers, consumers will more often choose Apple because of their promises of device accessibility for all customers and the perception that Apple is an innovator in the field, offering the latest and greatest in smartphone technology.
Apple is referenced so often by so many marketers and branding professionals because it is one of the Holy Grail brands that exist in the marketplace today. And the brand has been so successful in gaining customer trust (and therefore business) that its current market capitalization of $850 billion USD (at the time of this writing) is not all that surprising. It’s admirable and a level most companies cannot even fathom reaching.
Brands help make companies into industry leaders. While there are other factors at play (product quality and offering, upper management, competition, etcetera), your brand is the reason people choose your company again and again and why they recommend it to others. Because if you think of shopping in terms of dating, consumers will “swipe right” on an outstanding, trustworthy and reliable brand every time.
A Company and a Brand: A Love Story
Each brand is unique to its company, making for a perfect match. Would Apple be Apple without its iconic bitten apple logo? Would you feel comfortable ordering from around the world on Amazon without its customer support or reliability? Without strong brand knowledge of a company, customers may be more hesitant to give their business. By nurturing your brand and letting it develop, customers will feel comfortable shopping with you. You can also reap other long-term benefits.
If You Mess Up, Customers Are More Likely to Forgive You
Forgiveness is an essential component of a relationship. No one is perfect, and people—especially companies, which are run by people—are likely to mess up from time to time. If your customers have a good relationship with your brand, they are more willing to forgive and forget. So even if you tweet something not so tactful—like Cheerios’ faux pas in the wake of Prince’s death—or embarrass yourself by mistake one celebrity for another (as Total Beauty did) or your company causes an industrial disaster, a strong brand can help you weather the storm of criticism.
You Have a More Competitive Edge
Brands known for their product or service quality and reliability have the luxury of being able to charge a “brand premium,” which many refer to as a “brand tax.” Charging a brand premium means you can charge a bit more for your products because they are by you. Think of Excedrin and generic acetaminophen. Even if the generic acetaminophen is $2 or $3 cheaper—for the same number of caplets, same milligrams per dose, and same ingredients—many will still choose to purchase Excedrin because it is a trusted brand name.
Customers Are More Likely to Try Your New Products
“Oh, it’s a product from Johnson & Johnson? Sure, let’s try it out.”
Even if a customer doesn’t say these words out loud, it’s in their mind, even if only subconsciously. It’s akin to taking restaurant recommendations from a trusted friend: You value their opinions and you believe they have your best interest at heart.
If someone trusts your brand to provide quality, reliable products or services and has a history of great experiences with your company, they are more inclined to try a new or unfamiliar product that has your company’s name on it. Because with your name and logo on the product, it immediately has enhanced credibility.
Gain a Stronger Negotiating Power
Successful brands have more leverage during negotiations with vendors and manufacturers. Materials and tech suppliers would love to work with companies like Apple, Amazon and Microsoft because consumers view their products as must-haves. That means these three companies can have their choice of a variety of vendors. They have an advantage over competitors in that they can get much-needed materials at a lower price, reducing their overall production costs and increasing net profit.
Develop a Brand You Love
Crafting a brand from scratch is difficult, and re-branding presents its own unique challenges. That’s why it’s one of our core service offerings: We’ve been building brands that build businesses for the past 30 years. And we’re ready to help you and develop a brand that you love. Just give us a call.
312.828.0200 | [email protected]