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The most profitable businesses have one thing in common: they have strong branding.
What do we mean by “strong” brand? It means they have established themselves as leaders in their particular industries. Consumers perceive the brand’s customer service, product, logo and ads to be the best.
Since branding involves all these things, it’s difficult to measure, but that doesn’t mean we shouldn’t invest in it. According to Interbrand, “companies that focused on the importance of their brand over the past five years saw the value of their brands grow 2.4 times higher than those who didn’t.” For example, Starbucks made $5 USD an acceptable price for a cup of coffee in the early ‘90s. Their branding helped them sell coffee for a “premium” price that would’ve been outrageous for any other coffee company.
→ There are three ways to potentially make branding profitable:
Having a strong brand often gives you a steady stream of business. The more effort you put in building brand value, the greater the financial return. Once you have a strong brand, you’ll notice customers are more likely to buy more, pay more, and make quicker purchase decisions while telling others how great your products or services are. Finally, a good brand accelerates the sales cycle. If people know your brand, if they’ve seen or heard it somewhere before, they trust your brand quicker.
If you’ve successfully established your brand, you’ll notice getting more sales, saving more time and gaining more revenue.
Below is a list of essential items you will need for a compelling brand.
For branding, having these things is the bare minimum. How would you rate your branding?
If you feel your brand is lacking in certain areas, we can take a look and give you feedback.
Accelerate your brand’s growth and success.
Click here to schedule a free consultation with us today.
In case you missed it, check out our brand analysis of the Aman hotel.