Brands are hard to understand. If you ask five people to define the word, you’re likely to get five completely different responses. That’s why we believe it’s more important to understand what a brand does.
Brands provide countless benefits for the companies that invest in their development, particularly when they gain strength. We’re devoting this entire month to helping you understand the values of a strong brand.
It’s true. If your brand has some weight behind it, consumers will forgive your missteps. Take Netflix for example. In 2011, the company was embroiled in a 60% price increase that resulted in the loss of 800,000 subscribers and a 77% drop in stock price.
It sounds terrifying, but the company quickly turned around. In 2013, Netflix’s stock hit a 52-week high and rose 213% over the previous year. All was forgiven.
After building deep reservoirs of goodwill, strong brands can weather the toughest storms.
Is your company keeping its promises? Is every customer touchpoint an expression of brand value? One of the greatest ways to build brand strength is demonstrating consistent reliability in terms of value proposition.
Do customers immediately know what your brand is and what it stands for? Visibility and awareness are huge contributors to brand strength. If consumers feel like they know you, they’re more likely to trust you.
How does your brand interact with its customers? Every company has a unique opportunity to develop relationships and entrench itself in consumers’ lives. Building that strength makes your brand omnipresent and often, the first choice when a buyer needs to make a purchase.
Image via (cc) smoorenburg
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