5 Basic Ways To Create More Value From A Brand

5 Basic Ways To Create
More Value From A Brand

There are some key ways in which investing in your brand can build even greater value. Use these points as a basis to evaluate the desired effect of your marketing activity. In addition to the tactical benefit your looking to evoke, align them to the greater benefits available to your brand.

1) Encourage more people to buy the brand
When customers are very familiar with your brand, you feel like a safe choice. There's a reason McDonald's is a safe food haven when travelling abroad. Part of their brand is the consistency that they have been able to deliver. Iconic and meaningful brands enjoy this benefit.

2) Encourage more people to buy the brand at a higher price
When choosing between two similar products, the trusted choice wins. People will happily pay more for a product that they feel can more likely guarantee the result. Past experience, or established trust, are the most powerful drivers of price premium.

3) Encourage them to keep buying from you
When you can offer new products of equal or better value to the ones that they are already happily choosing you for, you make it easy for customers to choose you before considering any other brand. This is a financial lever driving potential.

4) Encourage them to buy from you for new occasions or in new categories
Similarly, when you've established belief in your brand and associated products, people will feel that other products and services you offer will offer the same quality and value and they don't have to risk another brand's offer.

5) Do all of the above, yet more effectively
When you consciously focus on creating greater value for your customers, they will see you as their best and only choice. This doesn't necessarily involve greater financial outlay, just awareness of your choices.

Reconnecting with your brand

Reconnecting with
your brand

I often give talks in the Marketing departments of organisations and I am always left baffled by how members of the same team often have a very different opinion about what makes their brand ‘Meaningfully Different’.

It makes me think how can a brand be well aligned and with a single minded standpoint in the market place if members of the same organisation understand the brand in entirely different ways! But, it happens. Staff come and go, brand guidelines are lost, the market changes and brands often transmute to meet those new market demands and it is in that transmutation that things often get murky.

This lack of brand clarity not only breeds internal inefficiencies but also makes for a very shaky foundation for which to build a brands promise. But, it is never too late to get back on track. We have helped create over $40m in brand equity from companies that were in the same position and decided to do something about it.

The message I gave them, like I give you is:
Get to know who your brand tribe is:

Who is buying from you? Why are they buying from you? What need to you satisfy in them? How are you making their life easier?

It is the same motivation that makes them buy from you that should be the engine behind what you do, what you say and how you make your customers feel.

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