We don’t know where we’re going yet,
but we promise it won’t be boring.
So we have established the four pillars of the brand strategy process and emphasised that you must look beyond the surface when it comes to brand development. Today I want to take you down the road (excuse the pun) and tell you about the rewards that can come from developing a solid brand.
If you are a business owner or the CFO checking us out, you’ll be keen to read on here as I will talk about the “bottom line”. What I mean by this is that I’m going to discuss 4 ways that having a strong brand can contribute to building substantial revenue in your business.
Customer Loyalty:
Be honest. Is there a supermarket brand that you can’t substitute? Will you go to Tesco to buy this brand – even though you do the rest of your shopping in Aldi? Believe it or not, you have an emotional connection with that brand. No other brand will step up to the mark for you -even if it’s better. This is the brand you want, and you’ll keep going back to it, generating repeat business for the business you’re buying from and increased revenue growth. This is an example of customer loyalty.
Charge Premium:
A brand that is well-known and respected by its audience is positioned to charge a premium. The buyers of that brand are less price sensitive to it as they have built trust and believe that it provides superior quality, value and, let’s not forget, the all-important customer experience.
We all know that many of our much-loved products come from the same factories, but it is the associated brand and its perception that determines whether it is sold in Brown Thomas or a high-street chain.
Market Share:
Brands that have developed a strong presence tend to capture more market share, and it will also support a business looking to expand into new markets with new products or services. Customers who have been loyal to a brand will tend to trust them once again with their latest offerings and be open to trying anything new out.
Nike is a good example of this. Nike’s brand is known for its innovative and stylish products and its association with high-profile athletes. In 2021, Nike’s global athletic footwear market share was estimated to be around 27%, making it the market leader.
Another well-known brand that has gained a share of the e-commerce market is Amazon. In 2021, it was named the world’s most valuable brand, with a brand value of $684 billion.
Market Effectiveness:
According to a HubSpot survey, companies with strong brand recognition are more likely to see a positive return on investment from their marketing efforts. To put it into numbers, HubSpot says that strong brands are 3 times more likely to see a positive campaign than companies with weaker brands.
The proof is in the numbers. When you are launching a marketing campaign from a solid brand foundation, the efforts required become more tailored and, in many ways, less costly over time as the brand recognition and loyalty are in place, giving you the opportunity to save that marketing spend for something else or to put it back in against your ‘bottom line’.
So what do you need to do to get there? Well, that’s a good question.
First, it’s about getting the foundations of the brand right, it’s about having superior customer service in place so that no matter what touchpoint your customer comes into contact with, they are wowed by the experience and it’s about consistently showing up for that customer to build trust.
If this blog has excited you and you want to work with people who get just as excited about this stuff, then say hello@journeycreative.ie
At Journey, we pride ourselves in being brand storytellers as we bring brands to life through design. As such, we thought we’d peel back the curtain and tell you the story of our own brand re-launch.
