Branding can provide benefits for both buyers & sellers. Customers benefit because they can identify specific products they do and do not like.
This helps them to buy things they feel satisfy their wants and needs and it effectively reduces time taken to purchase that product.
Branding makes repeat buying easier. Loyalty becomes unshakable & hence trust is established between you and your customer. Awesome!
The Interlinking Game :
Top brands are virtually all leaders, or joint leaders, in their markets.
This is not just because they spend a lot of money on advertising, or that they have a good name, or that they are inherently a better quality product. It’s all about how they are perceived by their customer.
Market Research helps you to decode how your customer & your target audience views your product/service. In the age of stiff competition, lodging your brand in your customer’s mind is a difficult task. Made more difficult with the lack of data.
“Market Research establishes triggers & barriers in embracing your brand authority.”
The brand persona is decoded, matched with how your audience views themselves and expands the scope of your marketing activities, all while giving you the right guidance on your next steps.
“The direction that comes with data helps you to leverage your strengths & weaknesses effectively.”
It shouldn’t come as a surprise to anyone that market leading brands tend to have higher profit margins. Market leaders generally command price premium and, therefore, a higher rate of profitability.
Pricing analysis helps decode at what optimum price point, your consumers feel the value of your brand. This is done through a PSM (Price Sensitivity Meter) analysis, giving you a wider view on consumer’s perception on price.
With PSM, you can decode the perceived value your consumer is receiving in relation to price.
“Profitability is achieved by consistently communicating with your customers the value your brand delivers. Tweaking & changing aspects that do not resonate with your audience helps them build trust with your brand, making them more loyal & engaged with your product”
It’s all in the mind.
There is no Such Thing as Brand Life-cycle
Once a leading brand is established with a loyal customer base, there is no reason why that position cannot be maintained almost indefinitely.
Brands are larger than products. They can be updated regularly and altered in almost any aspect to maintain their relevance in the market. This does not mean all brands will live forever, just that they could if properly managed and looked after.
Brand authority becomes apparent when more and more of your users as well as non-users recall your brand in varying contexts.
“Market research assesses gaps in embracing your brand’s believability. The trust of your consumer is decoded, what aspects are trustworthy, what doesn’t feel right and ultimately what else can the brand do to make them feel connected?”
Ultimately, living the quote “customer is king” is important in any era. Establishing your brand authority doesn’t mean no one can question the authenticity of your brand, it just means your brand will continue to exert its authority regardless.