5 Benefits of Building a Brand for Your Online Business
By Eric Lian · 7th January, 2019
What is the first thing that comes to mind when you heard of the word "Brand"? Is it McDonald, Nike, Apple, Adidas, Coca-Cola, and so on?
But all those names that are mentioned above, they do not start off as just brands, they are actually companies. Meaning to say that, they put a lot of effort and money into building their brands so that you remember them by the image they have portrayed to the world.
The logos listed above, they are the biggest brands in the world. But are they merely just a logo?No, they are more than that. These are the bond and the emotions of their business, they are the identity of how customer perceive themselves. Therefore, they are the most valuable assets to the companies.
So, here comes the big question, how can building a brand really help in your everyday business? There are 5 in the list below you will expect to see when you build a strong brand.
1. A Strong Brand Makes You Memorable
This is, by far, the most important aspect of branding, it is to make your customers remember about you. While some people take time to research and compare options during their purchase, most of them will choose whatever they happened to recognize. That is why big players like KFC, Huawei, Starbucks, and Coca-Cola spend billions on advertising their product/brand.
They are actually building their customer's recognition.
Customers will most likely to choose a brand that they know of over brands that they are unfamiliar with, even when you have the best quality products or service in the market.
2. Build Loyalty and Trust From Your Customers
A strong brand should convey your company values. What you want is to have your customers to share the same values with you, to build an emotional connection with them and, in turns, building a long-term relationship with them.
The relationship they have with you is called loyalty. When your customers are loyal to you, they are putting their trust on you. That is why brand loyalty will usually last for a very long time. And if you are lucky enough, it might even pass down to the next generation as an effect from their parents.
3. Competitive Edge
One of the benefits of having a strong brand identity is that it differentiates you from your competitions. The more recognition you get from your customers, chances are they are more likely to back your brand, and it will contribute to lending a competitive edge to your own company.
Once you receive more recognition in the process of building the brand, you will find your brand elevate to be on par or even, in extreme cases, surpass well-known brands in your industry.
4. Easy to Introduce New Products to The Market
As soon as you get your own competitive edge and a group of loyal customers, introducing a new product will be much easier.
Why? Because you do not have to remarket who you are anymore, because you have already established a strong presence in the market.
Therefore, it is easier and less expensive to introduce a new product. Besides, your loyal brand followers will be interested in your new products and even looking forward to them being released to the market.
5. Customers will Purchase from You More Easily
And last but not least, which concludes the whole blog, is to get your customers to buy from you. Having a strong brand increases the credibility with your customers, industry, and the market as a whole. With that being said, you build recognition, loyalty, and competitiveness - which are everything mentioned above.
Credibility has a direct connection with customers ease of purchase. Customers want to buy from companies they know, like, and trust. Therefore, a credible brand is far more likely to get sales.
As you can see, the benefits of having a strong brand are actually linked with each other, they go hand-in-hand together. However, there are still aspects where you should take into consideration when building a brand that increases sales.
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