How to Build a Profitable Brand
A brand is much more than just the face of your business. A brand is the set of qualities that your audience associates with your business, the value that they assign to your business. Which words come to the mind of your prospective customers upon the first interaction with your business? Do they see you as an established expert in your field or an inexperienced newcomer? Do they place more trust in your business or in your competitors’? How much are they willing to pay for your products/services?
All the brands that belong to a common market compete for the consumers’ attention and loyalty. In order for your brand to stand out over the competition, the consumers must identify with certain qualities portrayed by your brand. Maybe they are looking for something affordable and accessible, or maybe they seek a high-end and exclusive experience; Perhaps they are looking for a traditional brand with classic values, or maybe they identify more with a modern and trendy brand.
Every brand aims to grow a base of loyal customers. In turn, this results in a greater competitive leverage, a larger share of the market, a larger number of customers that your business can profit from.
Moreover, a fruitful base of loyal customers allows your business to raise the prices of its products/services. A “tax” that loyal customers are willing to pay for continued satisfaction from a familiar brand that they identify with, as opposed to the risk of trying out a different brand for the first time with potentially disappointing results.(more…)