Having a strong brand is about consistent and recognizable company expressions; offering not only products and services but also meaning. In many ways, a strong brand is at the core of a company’s success and is the result of an effective brand strategy.
It takes time and ongoing effort to build a strong brand, but a strong brand greatly increases a company’s value says the well known juan luis bosch gutierrez. It provides employees with orientation, motivation and ownership. It allows you to raise prices and acquire new customers, without having to lift a finger.
Increases brand recognition
Brand recognition is how well your target audience and potential customers can remember your company’s brand and identify your products. It’s an indicator of how well your audience differentiates your product from those of your competitors.
Take Starbucks, for example. Even if you don’t drink their coffee, you probably recognize their brand. Their cafe has a display case for sandwiches and cake pops, with an open back for expensive bottled water and apple juice boxes for kids.
The interior of the cafe is a bit dark and dramatic. The logo on your coffee cup is a sort of white and green woman in a circle. In short, you wouldn’t walk into a Starbucks and mistake it for any other coffee shop.
You may also notice that we don’t describe a particular Starbucks. That description fits each and every Starbucks coffee shop.
Improve customer loyalty to your brand.
Loyal customers generally spend more money on your product. Research shows that 57% of customers spend more money on brands they are loyal to. Loyal customers also tend to be repeat customers. They look forward to your next product launch and follow you for product and company updates.
Customer loyalty is the natural effect of a continuously positive emotional experience, satisfaction with your products and the perceived value of a strong brand. It is based on an individual’s personal experience with a company. Loyal customers generally perceive your product as better than any other brand.
Both Apple and Microsoft have strong followings, and customers of both companies perceive their respective favorite brands to be better than the other. Neither is right or wrong: what really matters is how they perceive the brands.
Increased advertising effectiveness with customers.
Advertising effectiveness refers to the measure of how likely your customer is to buy your product after seeing your ad. The greater the effectiveness of your advertising, the more likely your customer is to buy your product.
Any ad that originates from you, the “strong brand,” will be met with curiosity and trust. Think about the strongest brands you know and how you feel when a new product comes out. When Apple releases their new iPhone, are you curious about the new features? Most of us are!
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