Optimize your Brand
Why should you optimize your brand? Because strong brands become more valuable over time, a study of 6 years of stock market data has discovered. Strong brands have more power to retain customers and acquire new ones, and have more amplification power—leading to the brand bandwagon effect.
So “Build your brand and customers will come. OPTIMIZE it and MORE will come!”
Invest in your Brand Today
No wonder marketers (yes, including your toughest competitors) are now focusing AND spending on brand building and optimization. Research shows that 63% of marketers plan to increase brand advertising budgets. 1 in 5 of these businesses plans an increase of at least 20%!
Here’s what that means: your leading competitors are spending a great deal on their branding while you’re ignoring it! Don’t do this to your business!
Build and Optimize your Brand Today. We Can Help You.
Build your Brand
“Build it and they will come.” This could be your branding mantra. Customers are looking for brands they can identify with. Customers stick with brands that share their beliefs and aspirations.
Give your brand a personality. Make sure that it has the right mixture of characteristics that appeal to your target customers. Jennifer Aaker, professor at the Stanford Graduate School of Business, summarized brand personality into five dimensions: sincerity, excitement, competence, sophistication, and ruggedness. This is known as the “Dimensions of Brand Personality”.
The value of a business is directly proportional to the value of the brand. If you want to grow your business, you need to build your brand. Building a brand is not just about having a nice catchy name, or using a clever sign, symbol or design to identify your products or services and to differentiate them from others. Building a brand means having a set of positive values or associations that resonate with your target customers. It is also about communicating these attributes to them.
Build your brand’s presence, relevance, performance, and advantage, until you have built a bond with your customers.
Why build your brand? Because research shows that 60% of your potential customers prefer to buy new products from familiar brands rather than switch to a new one.
Millard Brown’s brand pyramid shows how brand strength affects customers’ expenditure for that brand. The brand’s strength is inversely proportional to the “share of wallet,” or share of category expenditure. Brands at the initial phase of development (also known as “presence,”) eat up only 12% of spending for that category. On the other hand, those at the peak of the pyramid, or brands that have bonded with consumers, account for 40% of wallet share.