When you have a strong brand, it becomes your most valuable asset. A strong brand can more readily navigate the ups and downs of an economy, consumer satisfaction difficulties, and other issues.
Furthermore, with good branding, it may survive for decades. Let’s take a look at some of the additional advantages of strong branding.
Customer Recognition and Awareness
When you’ve done an excellent job of branding, your customers will be extremely aware of and recognise everything you do. Before you open your lips or make your offer, the branding will speak for itself. Consider some of your favourite businesses and how you feel when you watch an advertisement or commercial for them.
Differentiation provides a competitive advantage.
When you have stronger brand recognition – which you will with a great brand – you naturally get a competitive advantage over your competitors. When competing in the marketplace, difference is critical, and a successful brand reflects that uniqueness well.
New Products Sell Quickly
If you already have an established brand and you launch a new product, guess what – your loyal brand advocates will immediately buy it. This is one of the best advantages to building your brand because it means more money in your pocket and more ability to create amazing products that add value to your customers’ lives. Think about what happens when Apple puts out a new phone.
Loyalty Can Last Generations
An amazing benefit of great branding is that the effort can and will last for a long time. Great branding crosses all barriers and speaks to the ideal customer directly. Because of this, that branding effort can last generations.
Enhances Credibility with the Public
Strong branding will enhance your credibility better than anything. When people already have a high idea of your brand, they’re going to believe you’re honest. They’re going to want to put you high up on a pedestal regarding credibility that you offer your customers.
Word of Mouth Becomes Stronger
When you have a brand that has worked on expressing values, showing the benefits to your customers, and delivering awesome value, the word-of-mouth marketing becomes even stronger. You end up with unpaid brand ambassadors who will tell everyone how great you are.
Provides Defense against Negative Press
Every company occasionally gets negative press, especially if your brand starts succeeding. Other brands may even be responsible for that negative press. The good thing about having a strong brand is that it will provide a lot of defense if anything negative ever does come out, whether it’s true or not.
Enables Brands to Charge More Money
If you have a strong and great brand when you launch new products, you can start at a higher price. In fact, you can often create premium pricing because of the value your brand represents. The goodwill that the great branding advances will cross over into higher prices without a problem.