Best Practice: A brand is more than a name and a logo – it’s the company’s consistent promise that creates customer trust.
Todays Article: What is a Brand?
A brand is more than a name and a logo – it’s the company’s consistent promise to its customers. Good brands increase customer loyalty and yield higher price margins, increase sales and higher profits. Position your brand to attract and retain profitable repeat customers.
Repeat customers spend 33% more than new customers, referrals among repeat customers are 107% greater and it costs six times more to sell something to a prospect than to sell that same thing to an existing customer.
The right brand is a powerful way to secure a competitive advantage. Branding is all about creating differences. Brands for companies lower customer acquisition and retention costs. As consumers’ lives become more complicated, rushed, and time deprived, a trusted brand simplifies the purchase decision-making process and reduces the risk of making a bad decision.
Today there is an explosion of choices. What has changed in business is the number of companies and choices that customers have in making a purchase decision.
Example: It’s been estimated that there are 1 million SKUs (standard stocking units) in America. An average supermarket has 40,000 SKUs. An average family gets 80 to 85 percent of its needs from 150 SKUs. Consumers do not connect with 39,850 items in the store.
The right brand highlights your uniqueness. Trying to be everything to everybody is a major mistake in branding. The right brand positions your company to attract and retain profitable repeat customers.
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