The Power of Branding
Many people have asked me, “What’s the big deal about ‘Branding’?”
I point out that a brand name, in actuality, is one of the greatest assets that your company can have!
It basically allows your company to have a deeper sense of credibility and the assurance of consistent quality that goes along with that.
That way, your customers/clients can have consistent expectations regarding your product(s) or service(s).
This form of instant recognition is precisely the reason why companies (especially new ones) pay so much attention to the creation of their brand.
Branding and Popularity
It’s a fact that once a brand has been established, a great deal of trepidation is removed when consumers are considering whether or not they wish to try a new product, in particular.
Once a prominent and trusted brand has been established, then a potential customer is far more willing to try something that they haven’t tried before.
Nielsen did a marketing report (in 2015) and concluded that nearly 60% of their global respondents would choose a new product that was offered by a brand that they already knew and trusted!
This, along with affordability, represented the top two reasons why a respondent would choose to try something new.
The numbers don’t lie
When it comes to developing markets, about 2/3 of the respondents, in those markets, stated that they would most likely purchase a new product from a recognized brand, as opposed to just over half of respondents in developed markets.
As far as actual product purchases from developing markets as opposed to developed markets, you’re looking at over 1/5 of the developing market as opposed to only 17 percent of the developed market making actual product purchases.
Trust and Confidence
Trust and confidence are two qualities that are associated with an established brand. This is huge when you’re dealing with consumers with limited resources and funds. That’s because expenditure from them means a lot more than the purchasing power of the more affluent.
This is the reason why it will usually require far more time and effort when it comes to building a brand name that can be trusted when a company is brand new. In the end, though, it pretty much pays off!
Branding and Tradeshows
Branding can also exhibit great power at trade shows.
First of all, a recognized brand will attract a much greater amount of attention than a product/company without a familiar and trusted brand.
This will present the opportunity to introduce any new products with far greater ease and thus maximize profits. This is why, at tradeshows, you’ll see a large number of visitors crowding around a booth/exhibit that’s been set up by a known brand.
With all that said, there are also a number of opportunities for brand-building that tradeshows provide, as well.
These include things like; getting a larger exhibit, providing giveaways and exhibiting at the maximum number of tradeshows that you can afford as just three of the strategies that a company can engage in.
All-in-all, a brand is far more than just a logo. And the more time and effort that you spend on your brand, the more it will pay off, in the long run!