7 Benefits of a Strong Brand
Branding isn't easy. If it was, everyone would be doing it, right? But the benefits of a strong brand are undeniable.
When your business is strongly associated with something, be it a certain quality, service, or even an emotion, you jump to the head of the pack for sales and referrals. New customers are attracted to buy from you (particularly if you are using a custom or vanity phone number), while existing ones are eager to recommend you to others.
It's a win-win situation any way you slice it, but some business owners remain unconvinced - or perhaps unaware - that building a strong, well-defined brand is always worth the investment.
7 Benefits of a Strong Brand
Today we'll look at the details of what a memorable brand means for your business. These seven benefits are often the difference between winning a new client or losing out to your competition. They decide whether you make the sale or fail to connect with potential customers.Here are seven benefits of a strong brand that underpins your business.
- Generate leads with less effort
- Convert sales more quickly and efficiently
- Advertising is more effective
- Increase referrals
- Command higher prices
- Add products and services more easily
- Recruit more effectively
Let's take a look at each of them to see how you can position your brand to achieve these benefits.
The first advantage of a reputable brand is generating improved leads, both in terms of quality and quality.
Strong brands tend to generate excellent word-of-mouth, which brings in more qualified leads from existing customers. If someone already does business with you, the chances are that those they spread the word to will also be a good fit for your business. Greater recognition also translates to more leads, as a memorable brand improves advertising response rates.
Across the board, having a recognizable name and trusted reputation is going to bring in more prospects who are better engaged. That means less work for you to drum up new leads for your sales reps, which brings us to benefit number two...
Convert Sales Quickly
When customers already know who you are and what you do, it cuts out a lot of the usual explanation for your sales team. If you've established a positive reputation based on specific qualities that they want in a product or service, that process is going to go even more smoothly.
Put simple, strong brands make sales more efficient.
If an existing customer already loves your business, your sales reps won't have to work hard to convince them to buy again. Even a new customer will be easier to sell to if they've heard great things about your brand. You still have something to prove, but a lot of the concerns and questions have already been addressed. That saves time and money, as it allows your sales staff to get through more sales calls in any given day and often means fewer after-sales complaints for customer service reps to handle.
People pay more attention when they recognize a brand they like in an advertisement. It's like hearing a familiar name or a song that they associate with a good time; subconscious recognition kicks in and alerts us to find out more. It's an effective promotional loop: memorable marketing tools help you build the brand, which in turn helps your business ads stand out and reinforces your reputation.
In a world where ads are increasingly drowned out, a strong brand helps you to reconnect with customers and improve response rates to your advertising.
Ramp Up Referrals
One of the first things a customer wants to do when they find a brand they love is to tell their friends and family about it. Word-of-mouth is a powerful influence on any referral, as personal recommendations usually mean a lot more to consumers than reviews from strangers. That same effect occurs online, where it is amplified significantly in the form of positive reviews on influential sites like Google, Yelp, Facebook, and others.
Word-of-mouth is a powerful influence on any referral, as personal recommendations usually mean a lot more to consumers than reviews from strangers. That same effect occurs online, where it is amplified significantly in the form of positive reviews on influential sites like Google, Yelp, Facebook, and others. With e-commerce now a vital part of most business models, online referrals are a crucial area that established brands tap into every day.
Strong brands generate positive referrals at a significantly higher rate than less recognizable competitors. They are easy to find and enjoy the powerful formula of recognition + recommendation = referrals.
Set Higher Prices
Brand value can often feel intangible, but when it lets you raise prices the return becomes a lot clearer. Reputable brands are able to set higher prices because fans trust them. Whether it's a reputation for quality, expertise, or simply excellent service, these are traits that customers value and for which they will pay more.
Some brands can even command premium pricing. When your quality and marketing is so successful that customers see the product as superior to others in the field, it's possible to achieve almost luxury status. Companies like Apple and Tesla demonstrate this advantage in everything they do and have fans lining up to purchase their next product, often many months before they launch.
There are probably examples in your local area that would fall into the same category. Take a close look at how they achieve this status to decide whether or not your company is in a position to achieve a similar status.
Easily Add New Products/Services
A strong brand usually means that you have dedicated fans; these are loyal customers who follow what you do and are willing to bend with your brand as it grows. This makes it easier to add new service offerings or products to your range without having to worry about early adoption. With a handful of top tier customers who trust your business, you have some space to experiment with ideas before investing in a major launch. The most effective brands will even have customers lining up to get an early look at new items, perhaps even "beta test" them.
The most effective brands will even have customers lining up to get an early look at new items, perhaps even "beta test" them. To see how far along this road you've come, create a short list of your top 10-25 customers and reach out to them when you have an idea for a new product or service. If you get an enthusiastic response, your business is at a point where it can lean on brand trust to experiment in new areas.
Just as customers who are fans of your brand are more likely to buy from you again, so those who work for that brand are less likely to leave. Furthermore, you will probably see more applicants of a high caliber when you recruit for new roles at a well-known brand.
Of all the benefits of a strong brand, this is not one that can be taken for granted. Effective recruitment and a happy workforce require much more than having a recognizable name in the marketplace. That reputation counts for something when potential employees consider your business, however, and that advantage can be completed by ensuring the external values of your brand are also applied internally.
How does the brand value of your business compare to that of your competitors?
Consider the many benefits of a strong brand covered in this article and make sure you have the right marketing tools at your disposal to make them a reality.
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