What is a brand? (Part Two)
Why is having a brand important? If you don’t know this, you can’t survive in the marketplace for too long.
The twenty-first century brought abundance. People have so many choices of similar products in the same category nowadays. Most of these offerings boast a similar quality and an extremely similar set of features. The vast majority of them fall in a similar price range.
Therefore, beating the competition seems like winning a lottery ticket. But how do you persuade people that your product or service is the best out there? Well, it all starts with knowing where does the buying decision come from. It comes from our subconscious mind. Building a strong brand requires you to understand how to make people feel good and confident, and that’s when you'll be on a roll.
Most of our decisions are based on trust. Brand equals trust. Customer oriented brands boast an impressive customer relationship history that allows them to influence their minds based on previous purchasing experiences. Maintaining a brand long enough build trust, and the trust makes the act of purchasing so much easier. That trust consists of delight and reliability. In order to build the trust, your product or service has to be reliable and robust, but also sophisticated enough to delight people interacting with you and make them say "Wow, I want that!".
A powerful brand gives you a better starting position in the marketplace. Customers will easily choose you over a no-name product since they have developed a set of feelings as an association with your brand. Ultimately, building a brand is a long game which has the highest ROI.
A powerful brand will get more people to buy more products or services from you for more years to come at a higher price.
What do I mean by this?
I’ll explain in part three coming out tomorrow. 😃
What do YOU think is the psychology behind all this?