When it comes to increasing profits, branding is a key factor that can make a significant difference. It’s a way for a business to make itself unique in a crowded marketplace. A consistent and strong image influences customer conversion and retention and it will even sell your products or services for you. It can also influence what your customers feel about your company, successful branding can make the customers feel what you want them to.
Just for a moment, take your mind to the world of the fashion and make-up industry. Chanel and Tommy Hilfiger sell products based on their brand and logo alone. They have a brand that people can relate to and the customers want that brand and what it represents. They want it to be part of their world.
As branding and marketing consultants we believe that the benefits of having a strong brand means that you can offer exactly the same product or the same service as another company, but your business can put a higher price on it. Your reputation is trusted, and trust is what is necessary to make a sale. Trust is actually the strongest component of making the decision whether to buy or not.
The Brand Components
We help our clients to recognise that a brand is much more than just a logo. Branding is the complete image of the company and should be treated with care as it can have a direct affect on profits!
A brand will often be based on the following components:
Brand Positioning – where your product or service sits in the market place. If you market your company like a premium goods company then you may miss out on the opportunity of being supplier of choice to the mass market of the middle to lower end of the scale. People may feel that you aren’t accessible to them and won’t even ask about your prices.
Competive Pricing – pricing ties into positioning. It’s about where you fit on the scale. Do you want to be known as a premium company with higher prices offering quality products or does it suit you to be lower down the scale where you can reach more consumers.
Categorisation of your service or products – it might be that some of your products don’t fit neatly into one category, so you then need to decide which market your company fits into.
Core values – what are the core values that you wish the company to be known for i.e. quality or price or customer service. These are usually identified during your analysis and determination of your unique selling proposition (USP).
Company name – it’s important to be careful when choosing a company name as this can limit your product or service range. If you call yourself Taylor’s Books, then books is what you will be known for. To introduce another product line will not work unless it is very closely related to books.
As Jeff Bezos, CEO of Amazon says: “a brand can be compared to the reputation of a person. You get a good brand image or reputation by trying to do things well.”
Such a good ‘brand’ feeling
We’ve worked with many clients across Glasgow, Edinburgh and Manchester who now firmly believe that having a collection of products will not bring them customers; they absolutely need to give their customers a good feeling about the company. Branding is about making them feel about your company what you want them to, it also gives the customers an opportunity to relate to a company and when that happens, you will see an increase in profits.
If you’d like to make your brand work harder for you, then please give us a call or drop us an email. http://www.darwinbrandconsultants.com/ tel: Tel: 0844 880 4281, email: email@example.com
Vincent Bissette is Managing Director of Darwin Brand Consultants, a Glasgow-based brand and marketing agency with clients in Glasgow, Edinburgh and Manchester.