When you order at a restaurant, do you ask for a cola or a Coke? If you need to copy your documents, do you ask for a photocopy or a Xerox? These terms are known as proprietary eponyms and are the pinnacle of brand awareness. These companies/products have become so well known in daily life that they have replaced the original terms for the products in our vocabulary.
Branding is important for every business, whether the business operates online or offline. The objective to synchronize all the products and services under one umbrella. This is particularly important because it is then that the potential customers can recognize and associate the logo with the offerings of the company. According to research, 33% of customers go shopping with a brand already in their mind. While the benefits of having a strong presence are compelling, achieving one is easier said than done. Nevertheless, organizations can start by implementing these proven strategies to strengthen their brand:
Work From Inside Out
If an organization needs to make a name with a strong recall value, it will have to differentiate itself from its competitors. How it packages its offerings and communicates the same to the audience are critical. That is how it can stand apart from the others in the crowd. To achieve this, marketing cannot be limited to a single department. All areas of the organization must demonstrate the brand value to the customers.
Understanding the target segment’s needs and building a product that offers relevant services to solve the pain points go a long way in establishing a brand. Next, customer experience is the groundwork from where organizations can build the rest of the brand marketing strategy. According to a study, customer experience will overtake product and price as the key brand differentiator by the end of 2020. FedEx, Apple, and Amazon are recognized as leaders in the customer experience field.
Boost Recognition – Increase Recall Value
Becoming a common household name cannot be achieved overnight. Brand recognition is one of the best forms of marketing. A holistic approach encompasses referral programs, guest posting, freebies and more. These are all exemplary forms of brand marketing activities that are sure to make your brand more recognizable. The best example of such recognition is Coca-Cola, whose logo is recognized by over 94% of the global population.
Be the Game Changer in the Competition
While this is very important for businesses in any industry, many of them fail in this area. They fail to realize that theirs’ are not the only businesses. There are dozens more operating in the same niche. If they want to successfully build a name, they have to know their biggest competitors inside out with a thorough competitive analysis. Take the time not only to identify the biggest competitors but also their marketing efforts and improvise your efforts.
Having known what works for the competitors and why, incorporate some of the best practices tweaking them to suit the requirements and ecosystem of your business. Finally, chip in your signature unique selling proposition of your brand. That is how you can position your brand effectively before the relevant audience and occupy their mind spaces.
Build Brand Loyalty
A whopping 65% of an organization’s business comes from existing customers. Moreover, 59% of customers buy new products from a trusted Source. Therefore, it is important to take steps that will build brand loyalty. This is achieved through free loyalty rewards programs. This will not cost your business a lot but will keep the customers coming back to your business. In the connected world, where the value of the offering is determined by perception, having the customers on your side can get you the needed reviews and recommendations.
Provide Valuable Content
Content is a key way to convey your product/company value and increase brand strength. With valuable content, businesses can demonstrate their thought leadership to the target audience, help build trust, and delight them into becoming brand advocates. However, what most businesses forget while providing content is that the content should provide quality for the target audience and not quantity for the company. Over 82% of consumers feel good about a brand after reading valuable content. Moreover, 61% of people are likely to buy from a brand that delivers unique content.
So, here are the five important marketing strategies to strengthen your brand. Which one will your business start with? To know more about branding and strategy contact one of our experts from SPIN Strategy today. Write in to info@spin-strategy.com