Today, the market is saturated with many businesses, meaning there are competitors in every industry imaginable. Consumers need to have an incentive to pick one product over a similar product. A common method of comparison is price, but an even stronger pull is the brand.
A brand is an image that a company presents to the world in an effort to express who they are and what they stand for. The overall image and appeal of a business is important. A brand that people love gives the company a leg-up over their competitors.
The National Press Distributors (NPD) conducted research that compared sales of generic store brand products against the same product from name brands. Overall, name brands had much higher sales in both quantity and dollar amount, despite generic store brands containing identical ingredients and a lower price. Brands strongly influence consumer choices. Businesses must learn how to create a strong, distinguishable brand for themselves.
There are a multitude of benefits that having a strong brand will produce. One of these benefits is having a greater presence and consumer awareness. This allows customers to feel more comfortable buying about a product from a certain business because they are familiar with it or the “brand” that it stands behind.
NPD also found a correlation between consumer awareness and heightened credibility. A business with credibility means that there is some kind of proof that their products are of good quality. If a customer has had positive experiences in the past with a certain business, they will expect a similar experience every time after the first interaction. This in turn can make it easier for a business to launch new products and campaigns, as they have an established track record of good business.
Another key benefit of a brand is loyalty from their customers. The NPD’s research also revealed that many customers were “repeat customers,” meaning they had purchased from the company before. When a consumer buys an item from a specific brand, and enjoys the product they purchased, they will likely be more inclined to purchase from that same company again.
Humans are creatures of comfort, and if they know they will have a good experience with a certain company, they are much more likely to repeat business with them.
When a business is more popular than their competition, they likely have the stronger, superior brand. This is an intangible pull consumers will feel towards the business. Consumers want to buy that brand.
When that happens, businesses can change aspects of their model that they could not adjust previously. The biggest change is that a strong brand can raise their price. If a consumer believes a business’s brand is the best, they are very likely to be willing to pay extra to acquire the “better” product.
With so much competition in today’s industries, businesses must find a way to stand apart from their competitors. The best way to do that is through creating a strong, positive brand for consumers to associate with the products.
Having a good brand will allow a business to have more awareness in customers, establish credibility, and gain customer loyalty. This in turn results in ease of launching new products and the ability to raise prices. Having a great brand results in more interest, and through that more sales.
For any other questions, please contact Fingerprint Marketing’s press personnel.
Company Name: National Press Distributors
Contact Person: Mary Smith
Email: Send Email
Address:500 Mercer Street Floor 2
Country: United States