A company must be something more than a set of products, services, employees, and words. Brand strategy is essential in a company since it is strongly linked to values, company philosophy, and long-term success.
We featured five reasons to explain the importance of brand strategies from a marketing perspective:
It differentiates you from the competition
Competition, fierce thanks to globalization. The technology allows customers to easily know all their options. Companies must work hard to reach the minds of their consumers and be able to compete with other companies.
Makes products have a life of their own
The proliferation of products and services is amazing. Many companies that were successful in the past realize that they now have simple products with few features to compete with. Brand strategy can make a basic consumer product with many competitors different from the rest.
Maximize the relevance of brands in the minds of customers
A good strategy manages to attract the attention of consumers, and today this is not an easy task. You can not “buy” the consumer’s attention, it is a job that has to be earned. To win, your brand has to be worthy of being loved. People do not fall in love with names, they fall in love with the experience of the brand.
If you get the brand strategy to create an emotional connection with consumers, it is more likely to stay by your side, you just have to think of the example of how easily we can say “no” through the phone or email and how complicated it is to do it face to face. By creating a brand, we create a human connection that makes it harder to forget. It is easier to keep current customers than to acquire new ones, so you always have to treat the target audience well. When we have customer loyalty, marketing tactics become more powerful.
People buy from companies they know and trust.
Here are five other reasons to explain the importance of brand strategies, but now from a financial perspective.
Wide market share
There are many examples of brands that have tripled their market share and increased their annual sales with more than 200 million dollars with a brand strategy.
Provides a platform for growth through brand extensions
Brands outperform products, if your company is just a product, it will die when the product does. The brand strategy allows the company to have the necessary flexibility to expand the product line.
Demand new products
Why do you think people are willing to pay high prices? Definitely for the brands.
Increase the value of the shareholders
A study concluded that the average brands represent more than a third of the value of the shareholder.
It generates solid financial results
Some professionals say that – purchase decisions are made in tenths of a second and are based on memories, images, and feelings they’ve experience brands.
Brands must be strategic, innovative & engaging. Whether you need to develop impactful strategy, build a meaningful internal brand culture or develop effective brand communication get in touch with The Brand Theatre, the top branding agency in Singapore today. Email us at email@example.com or Call us at (65) 6288 7812.