Benefits of Brand Building
Introduction ď‚— In marketing, brand management is the analysis and planning on
how that brand is perceived in the market. Developing a good relationship with the target market is essential for brand management.
Benefits of Brand Building Earn customer loyalty Stand above the competition Focus on delivering value Build a stronger, more unified team Protect against economic change and price undercutting Become a market leader Price what you're worth
Earn Customer Loyalty ď‚— You might have heard the famous statistic by Bain & Company
that it costs 6 to 7 times more to acquire a new customer than to retain an existing one. We would add that loyal customers are likely to provide a highly effective, free marketing service to you: referrals.
Stand Above the Competition In other words, make the differences between you and your
competitors crystal clear. It's not about being the best at everything – you don’t need to make gimmicky, unrealistic claims.
Focus on Delivering Value ď‚— Your Brand must promise and deliver something of value, so
Brand-oriented companies maintain that focus out of necessity – and customers appreciate it.
Build a Stronger, More Unified Team ď‚— That means employees are hired for their fit with your Brand
culture as much as for their credentials. Put simply, you hire people who believe what you believe. As a bonus, having a visibly strong Brand makes recruiting high-quality talent much easier.
Protect Against Economic Change and Price Undercutting ď‚— Companies with stronger Brands are less affected by economic
change (or competitors waging price wars) because they focus consumers on the value a product or service provides. And value doesn't change with the stock market.
Price What You're Worth On the same token, a Brand-driven business can afford to charge
premium prices if its strategy adequately conveys the value of this higher-priced product or service. “Sure, it costs more, but it's worth it! I want it!”
Become a Market Leader ď‚— The iphones has maintained its position as the leader of smart
phones, not necessarily because it's the superior product, but because of a well-planned, well-executed Brand message that resonates with followers.
Who I Am.. ď‚— Taranee Rice is a brand manager who currently working in
ALDO Group who provide the help in retail and merchandising management in Beverly Hills.