One of the real challenges business owners think about on a regular basis is competition from other businesses offering similar products or service and how to capture a greater market share than the competition.
To attract more customers than their competition, business owners engage in various tactics including lowering prices, giving discount on purchases up to a certain amount, improving customer service, spending more on advertising and a host of other tactics.
In all these, building a strong brand presence, which is a very powerful strategy for elevating a business above its competition, both in the short and the long-term, get ignored or relegated to the background. In fact, there are many business owners who do not see building strong brand presence as a strategy for business growth, and definitely not a strategy to be employed in the fierce battle to outwit the competition. This sort of reasoning is usually borne out of the fact that many business owners believe that a quality product will speak for itself. As a result, they downplay the impact of image and perception derived from logo, colours and tagline.
While quality products and services are good and vital for a business to succeed in the marketplace, many times, consumers don’t get to know about the quality of a product or a service because they refuse to buy it since they do not recognize the name of the product or the company offering it.
This is why it is so important that you build a strong brand presence for your business so as to give it name recognition. When well executed, the strategy of building a strong brand presence for your company will give it the following advantages over its competitors:
(1) Your Company Become More Easily Recognised than Your Competitors
When you devote time and resources to building a strong brand presence, your business gain wide-spread visibility so that its image, including logo, colour, slogan and the product or service it offers become easily recognised by a great number of people. This recognition is vital because consumers need to know that you exist and that you offer a solution to their problem through your product or service. They need to know your company for what it does so that when they need the product or service that you offer, they will look for you.
(2) It Will be Difficult for Your Customers to Leave Your Company for Your Competitors
Given that most people tend to want to patronize brands that are recognized, you immediately put your company ahead of your competition when you make your brand more recognisable than theirs. For as long as your brand recognition remain strong and compelling, you stand a good chance of retaining the loyalty of your clients and attracting even more customers, far more than your completion.
(3) It Positions You as a Leader In Your Industry
Any business with a strong presence in the marketplace is automatically placed higher on the minds of consumers than another business offering similar products or service but with a lesser presence. Such a high placement on the minds of consumers makes you a leader in your industry, making it way easier for you to gain the trust and credibility as well as the patronage of consumers. As a leader in your industry, your company is respected and your products or service demanded by a lot more people than it would be if you didn’t have the status of industry leader.
(4) It Raises Your Business’s Perceived Level of Expertise and Earn You the Trust of Consumers
There is a saying that ‘‘perception is reality’’ and this is especially so in the case of how consumers perceive brands. When your company projects a strong brand presence, consumers tend to conclude that you have a high level of expertise. The truth is that many times, the perception that people develop is not based on concrete facts but on assumptions resulting from what they have seen or heard. By simply projecting a more polished brand presence than your competitors, you will appear more legitimate and competent than them – even if this is not true in reality – and will end up attracting a lot more people who will be willing to trust you with their projects than they will be willing to trust your competition.
There are many factors that determine the pricing of a product or service. And one of these factors is the brand status of the company selling the product or service. A company with strong brand recognition enjoys the advantage of being able to charge more for it service than its competitors. Even at that, they still have more people trooping through their door than they go to the competition. On many occasions, the quality of the product or service do not vary significantly, with brand recognition being the key factor that determines the price the two businesses can set for essentially the same product. Once you have achieved a strong brand presence, customers come after you as opposed to you chasing after them. In that situation, you can raise your price to a premium and they will pay.
(6) You Attract Better Talents than Your Competitors
A well-known brand attracts top talent. The most talented people want to work for companies that are well-recognised. They believe that they will have better opportunities in such organisations and feel more confident disclosing to others where they work. Moreover, such employees will be more likely to go the extra-mile to serve customers and nurture them with patience and empathy because they are proud of the company they work for and want to preserve its good name. Ultimately, your business will achieve far more success than a less recognised brand.