The Power of a Brand

Recognised brands are a powerful influence on a customers’ desire to purchase. Human instinct generally pushes them towards a recognised brand versus an unknown one and a perfect example is the power of both McDonald’s and the KFC brands when coming out of Alert Level 4 lockdown.

What is a Brand? A brand is a product, service, or concept that is publicly distinguished from other products, services, or concepts so it can be easily communicated and marketed. A brand includes a logo, tagline, colours, reputation and values. A branded business can be perceived as having more value and will therefore sell at a higher price versus a non-branded business. In economic terms, your brand can influence what homeowners are willing to pay and a strong brand moves the demand curve upwards.

For example, if someone wants to build a new home or renovate, they will look for opportunities. They will seek out information online, look through magazines and ask their friends and family for referrals. They will be filtering through all the options and be looking for a brand that is trustworthy and delivers quality workmanship. Coming out of lockdown the power of your brand will notably influence how quickly you recover financially. Simple things like making sure your brand is in as many places as possible will influence the level of enquiry you receive from homeowners when they come to do their research.

What are ‘Brand Values’? Simply put, it is the amount homeowners are willing to pay, the expectations, memories, reputation and relationships that are created by one brand over another. It is why a homeowner has picked you over your competitor. The trick is to remain consistent in what you deliver and recognise when and if you need to change your values if you are no longer getting new clients through the door.

“Work with people’s existing value, and your brand will break out” The effect of branding is powerful, which is why nearly every company should have a name and a logo. The power of branding is to influence actions.

So how do you make sure your brand is on the list when homeowners come looking for a builder? You must work with what people already value. People value safety, family, social groups, status, freedom and self-expression. Not everyone has the same values however, so for your brand to stand out, you need to provide services that are in demand in your region and understand what they value. You need to share your common values with homeowners, and they will often rally around a brand because it speaks to their values. You can attract clients’ if you align your brand values with the values of your homeowner.

Include this quick check list in your branding:

3 A clean simple logo including colour that stands out 3 A sign written vehicle including your logo 3 Put large signs on all your building sites 3 Maintain a current website 3 Use social media – have a Facebook or Instagram page. Both offer cheap and affordable advertising and you can target homeowners regionally 3 If you have a budget to advertise, start locally to begin with 3 After each project is completed ask for testimonials and referrals from your homeowners 3 Investigate local networking groups... start networking! 3 Ensure you have ‘Brand Values’

Need help with your brand? For more information, visit www.mintideas.co.nz