Nearly every service or product imaginable has a well-known brand associated with it. Whether its coffee, food, automobiles, or a tax preparation service, their names are forever linked with the service they provide. Having a name that people associate with is a powerful tool. Why? Trust.
A customer looking to buy a new mattress has thousands to choose from. They are going to choose the mattress that is familiar. You cannot go wrong if you choose a Tempur-Pedic ProAdapt Series Mattress, Serta iComfort Mattress, Beautyrest Hybrid Mattress, or a Taylor and Wells Specialty Foam Mattress. No matter which one you choose, whether you’ve heard the name many times before or not at all, will give you the comfort and durability that you need. Sometimes the best products we have at home are the ones we did not know too much about when we bought them. Some people choose to go with a brand they recognize. Why?
A Powerful Symbol
A logo is a symbol of what a company stands for. It’s also the face of the brand and is often times more powerful than a name itself. Brands like McDonald’s, Starbucks, or Nike are all immediately recognizable by their image. The golden arches forming the crest of the McDonalds sign has become as much part of American culture as fast-food itself. The associations created between a logo and the product/service is powerful.
A good logo will embody the mission and values of a company, but a great logo will tell a story. Take the Nike swoosh. It’s a reference to the Greek goddess of victory. Never underestimate the power of a good story; they are contagious. There are many legendary logos out there and they all have one thing in common. They all tell a story about the company and what they stand for.
Cost-Effective Marketing
One of the best forms of marketing is free marketing. While it’s arguable that nothing free exists, word of mouth marketing comes close. That product that is not as well know is quickly rising in popularity because it is constantly being talked about. Just because a name is new and not on every tongue yet, doesn’t mean it is not a great product. Becoming a well-known brand means that your company’s name is constantly talked about.
A clever way to leverage this inexpensive form of marketing is through customer reviews. Displaying reviews turns a customer testimony into an authority. Who better to suggest a product or service than someone who has already bought it? It also generates a culture of authenticity and transparency—a company with nothing to hide.
People want to feel good after making a purchase. There are so many products on the market that no one heard about a year or two ago, and now they are top sellers. So even though a brand-name is trustworthy, one should be open-minded to new businesses that have just as good of standards as the established companies. In some instances, a new company with a less familiar name is probably trying harder than most to get recognized and will do their best to have a great product.
Being a brand that’s well-known comes with it a small degree of fandom. Companies like McDonald’s have become synonymous with their product and service. Their success creates a strange phenomenon called brand loyalty. But McDonald’s had to start somewhere. They did not have overnight success. And new companies have their foot in the door. They will be the brands that we talk about a few years from now.
According to an article by Forbes Magazine, the Pareto Principle offers great insight into the topic. The principle states that 80% of all future business will come from 20% of your existing customers. To put it another way, focus on developing a brand that will offer the consumer what they need for a great price. By remaining consistent and authentic, customers will not only come back but they will bring more business with them.
This means that 80% of your future business rests upon how existing clients are managed. That is the key. Treat your customers in the best way possible. Give them good, solid deals. Have a wonderful product, whether it is a brand name or not. By doing these things, you will win them over.
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