- November 9, 2020
- Posted by: TRWCBlogger
- Category: Branding
by Ian Linton
A company with a well-executed branding strategy gains
A well-executed branding strategy makes it easier for your customers to make purchasing decisions about your products. They have a clear perception of the performance, benefits and quality of your products. The confidence that the brand will continue to meet their expectations minimizes customers’ risk in purchasing your product. A strong brand helps you build long-term relationships with your customers. Customers continue to buy from companies they trust, so it is important to continually reinforce the brand values that are important.
You can also strengthen your presence in retail outlets and distributors through a well-executed branding strategy. Retailers feel confident in stocking a product with a strong brand, because they know there is strong consumer demand for that product. Your brand strategy can help you sell into retailers and build retail sales by stimulating demand. Encouraging distributors to use your branding material in their communications can also help to build business by giving customers confidence in the service they receive from the distributor.
A strong brand makes it easy to introduce new products that carry the same branding. The new product could be a range extension — a different size, color or version of an existing product. In the minds of customers, the new product will have the same qualities as the existing range because of its association with the existing brand.
A well-executed branding strategy ensures that your brand makes an effective contribution to profitability through increased revenue, improved distribution and growth through new products. This, in turn, creates greater value for shareholders, making it easier for your company to attract investment and fund future growth.
Culled from Small Business