1. The Brand Tells a Story
The best way to capture the attention of your target audience is through sharing a story with them. Your company must have a mission and a reason why you build it in the first place. By sharing the mission of your products or services, consumers will be more likely to pick your brand over that of the competitors. An example of a great brand with a strong story is TOMS. Their mission is clearly defined with their “One for One” purchase model – “With every product you purchase, TOMS will help a person in need.” If you want to succeed in the marketplace, find out what your mission is and make your story stand out.
2. A Strong Brand Has Loyal Customers
When you’ve helped to solve a problem, customers and clients need to know about it. If I told you, the City of Gotham is safe because of a big strong man who was wearing black, when the city becomes in trouble again who would the citizens call out to? By branding the “big strong man who is wearing black” as Batman, the citizens of Gotham know whom to seek when there is a problem.
Your company will not be remembered if it does not have a brand. A wonderful product itself is not enough to capture your targets attention; consumers need to know your name and what you stand for. By focusing on your brand image, customers will have someone to remember and follow.
3. The Brand Creates a More Valuable Product
What is the difference between Ferrari and Honda? If we put two cars they make side by side and said “These cars solve the issue of getting from Point A to Point B quickly”, how could Ferrari justify their cars being priced hundreds of thousands dollars more? The answer is their brand.
Focusing on core values such as quality, elegance and luxury, they can sell a similar product to their competition and reap massive profits. Similarly, if you market your brand on core values such as, price, quantity and convenience, your brand will reach an entirely different segment of the market, and will reap huge profits from a vast number of customers.
4. Your Brand Will Make Your Life Simple
The key to succeeding in a massively competitive marketplace is to become the best. No customer will ever ask a clerk, “Do you have the same thing but not as good?” It is said that a jack of all trades is a master of none. The companies that win today are the ones with a focus on their core values and master one thing. By creating a brand, you will find your core values. Whether your company decides to focus on price, service, quality, or quantity, it can rarely master all four. Not only would attempting to do so have high associated costs, your competitors who choose to focus on only one or two values will find it easier to stay one step ahead. Create your brand, and find your core values. Focus on them, and dominate your sector.
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