The Power of Brand Remains Supreme
The power of the brand remains one of the most powerful factors in the success of businesses, as well as one of the most elusive. Consumers will profess undying loyalty to the brands they love. All for the love of their favorite brands, consumers will pay more, avoid shopping around with competitors, initiate referrals and engage in a multitude of ways. Top brands for 2019 were ranked among household names such as Disney, McDonald’s, Mercedes Benz, Toyota, Samsung, Coca-Cola, Microsoft, Amazon, Google and in the number one spot – Apple.
All About Brand Power
Ways to measure the strength of the brand – Measuring the power of the brand is almost as elusive as the act of building it. The factors that meld together to create a pervasive brand akin to Apple or Mercedes Benz are nuanced and part of a constantly changing landscape just to keep even the savviest of marketerson their toes. To help determine the strength of the top brands of 2019, five key factors were evaluated:
- Current position – How positive is the perception of the brand across the world?
- Value – What value does the brand itself add to the company?
- Future position – What plans/forecast does the brand offer for the future?
- ROI – What overall financial return to an organization’s investors or its economic profit does the brand offer?
- Loyalty – What is this brand’s ability to create loyalty and sustainable demand and profit into the future?”
The case for building a brand– A powerful brand is hard to build, hard to measure and hard to maintain. So, why then do companies invest so heavily in brand development when the challenge is so daunting? Well, the answer is simple. If you succeed at creating a top brand name, you might find that everything after that is easy! Here’s the story the numbers tell you to reinforce this:
- 89% of marketers say brand awareness produces better results than sales and lead generation. (Content Marketing Institution)
- 70% of brand managers survey say that they get more results from building a loyal audience than direct sales efforts. (OnBrand)
- Average revenue increase attributed to brand loyalty is 33%. (Lucidpress)
- 64% of consumers cite ‘relationship with a brand’ as a reason for purchase. (Harvard Business Review)
Tip for creating and leveraging the power of your brand – The case for brand power has been established, and does not appear to be going anywhere soon. As social media and consumer demand increases for brands that resonate with their values and lifestyle, the push to develop the captivating and authentic brand continues. Every industry is unique, but some overarching guidelines can be followed to help support, reinvigorate or (starting at ground zero) create your business’s brand:
• Start inside the company. The biggest champions of your brand (should be) inside the four walls of your business. Your team, especially the team that interacts with customers the most, should understand deeply what your organization stands for, and be able to emulate your brand at every customer-facing touchpoint. Truly successful brands start internally and let the power of their brand permeate outward from there through clear brand guidelines, training, rewards systems and continuous communication initiatives.
• Put your ear to the ground. Your brand should sync up with the baseline wants and shared values of your customer base. It should appeal to what they stand for and what they want others to know about them. Think of the consumers who place the little apple sticker on the back of their cars or who only drive Mercedes cars no matter what other high-end vehicle is available to them. These brand-affiliated consumers align a portion of their identity with the brand; that is the holy grail.
• Seek continuity continuously. Of course, once the brand is established or has gained enough traction to make a difference, the organization can’t rest on its laurels. Constant evaluation of the marketplace, competitive factors and societal changes is mandatory to keep the brand relevant, in step with consumer demands and on the cutting edge.
• Details do matter. Brand consistency at every touchpoint is key to developing and reinforcing your brand. From the images on your Facebook page to the emails sent out to inform customers about the status of their order, every customer-facing engagement should be another opportunity to remind them of who you are and drive home what your brand stands for. Another way of looking at the concept of Brand is communicating your organization’s culture across multiple channels and touchpoints.
As far back as the 1920s, consumers have aligned with brands they love (and some of those are still thriving today). Still today, with ubiquitous technology, the power of social media and more, brand still remains supreme. The value of a brand-affiliated consumer base far outweighs (in both cost-per-acquisition and lifetime value) a cost-driven lead obtained from a digital advertising campaign. If you are ready to explore the power of your brand, Awve Marketing has the toolkit to get you started on that path.