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Why invest in developing a strong brand?

Why invest in developing a strong brand?

Branding is an important element of any product and, in particular it says what you do, what you believe in and what promises you make to your customers – it is critical in consumer markets in building their values and perceptions of your products and company image. Evidence shows that a strong brand will build market and customer awareness of your products, achieve a 5% higher customer retention (Bain & Co, 2015) and can command desirable advertising space.

Brand Infographic
Your brand is the creation and communication of a three-dimensional character that consists of any name, design, style, words or symbols, singly or in any combination that distinguishes your product from another in the eyes of your customer. Your brand needs to be memorable, meaningful and a concise statement that distinctly captures the essence of your brand and offer. This helps your customers to form attitudes and feelings about your product, starts the effect of brand loyalty and of creating something special in your customers mind that the competition would find difficult to touch. This is imperative in today’s crowded and complex markets in helping your customers to locate and identify required products.

There are four main rules to follow in creating your brand strategy;
1. Distinctive- standing out from the competition while being appealing to your target customer and appropriate to the character of your product.
2. Supportive – of your product positioning whilst remaining consistent with your company’s overall branding strategy and policy.
3. Acceptable – recognisable, pronounceable and memorable, in other words ‘user friendly’ to your customers.
4. Available – registrable, protectable so it is yours and only yours.

If you look at some of the world’s leading brands they all have the four rules in common:
• Coca-Cola
• Amazon
• Apple
• McDonalds
• IBM
• Persil laundry products

Any company is faced with the decision to brand or not to brand. Make sure your brand decisions are made when looking at your market segments, customer target and positioning of your product and if you do adopt a brand that it is well established and consistent across all your marketing material and company values.
Call Wide Eye Marketing today and we can help you to achieve the right brand for your company and product.

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