A brand serves as an important placeholder for your company's
reputation. This means good business for you and peace of mind for your
customers.
When people have a good experience with a brand, they're more likely to
make a repeat purchase. In other words, they become brand loyal, even when
given the choice to buy a competing product.
This leads to brand recall, and the cycle repeats itself resulting in
enormous growth potential.
Here's something to contemplate. Rumor has it that more people have the
motorcycle brand Harley-Davidson™ tattooed on their body than any other brand
name in the world. Whether its truth or fiction, it's at least plausible. Now
that's loyalty!
If you've been reading my series on Branding, by now you now that we're
talking about a process of creating distinctive and durable perceptions in the
minds of your customers.
We do this by distilling what your company represents down to its purest
essence - something that your target audience can grasp in a matter of moments
- a look, a feel, a song, a sound.
The effort to brand your company or yourself can pay off handsomely,
sometimes to the tune of billions of dollars. In my branding talks, I refer to
this as a business' growth factor.
The brand of the #1 soft drink company in the world is so tightly
monitored - so Mega - that I'd be at risk for possible intellectual property
right infringement if I used their name in this article.
However, that company's CEO once famously said he could walk into any
bank anywhere in the world and take out a loan... based on their brand value
alone! Imagine that kind of clout in your business.
In fact, this soda company's global market penetration is so strong that
people can identify the white-on-red logo even without seeing the brand name. I
don't even have to say their name, but I'm sure you know which soda company I'm
talking about. We're talking about a growth factor to salivate over.
People who closely identify with a brand are not only more likely to buy
what they bought a second time, but they also will buy related items from the
same brand.
In fact, they'll recommend the brand to others and even remain brand
faithful in spite of a competitor's price cut. That's the kind of brand
identity that anchors true loyalty and spurs mega growth.
I know you're asking "How can I relate this to my business?"
So the question to ponder is this... how can you take these lessons and
generate your own brand growth factor? Here are 3 practical recommendations to
get your customers to stick to make repeat purchases.
1. Make It Memorable
Your company can't benefit from referrals and repeat business if people
don't remember your name. When it comes to making your brand memorable, try
using an unusual color combination, the way FedEx does with their purple and
orange.
Use shapes and sounds that convey your brand's image, or even
distinctive behavior or gesture. Jingles, cartoon characters and spokesmen are
great for this.
We all remember our first trip to Les Schwab Tires, because the
mechanics are trained to drop their tools and literally run to your car to
provide service.
Savvy career professionals use a style of clothing to make their
personal brand memorable. Author Tom Wolfe was known for his famous white
suits, and Flo from Progressive Insurance is unmistakable with her retro look
and flippant attitude.
Develop your own unique image and make it stick in the minds of your
buying public.
2. Keep It Familiar
Branding has a big effect on customers and non-customers alike. Think
about that catchy jingle that just won't get out of your head. It's familiar,
isn't it?
Psychologists have found that familiarity leads to affinity. In other
words, when people get to know you, they like you. This means people who have
never even done business with you may recommend you even when they're not your
customers - simply because they know your brand.
Seeing your ads around town, having one of your pens in their desk
drawer, or seeing your social media posts all add up to contributing to your
growth factor.
Those who are familiar with your brand will spread the word the next
time a friend or colleague is looking for your kind of referral.
3. Be Rock Solid
When consumers make a buying decision, there's less risk in choosing a
brand name over an unknown commodity. With an established brand, you can spread
the respect you've garnered.
This means your latest, greatest product, service or location can gain
acceptance in spite of newcomer status. But start by being reliable in the
first place. Mind your reputation, and keep it clean.
For fun, I play the jazz trombone in a 17-piece swing band. Recently our
band was hired to perform in our region's largest winery, Chateau St. Michelle,
where we delighted visitors with party music to augment their wine tasting
experience at the Chateau.
St. Michelle established a good reputation with regional winery tours
which are close to a major metropolitan city, thereby solidifying its brand and
goodwill with millions of wine lovers.
Subsequently, the winery added brand extensions to their mix with new
sub-brands at various price points. With this approach, the primary brand
benefits from the positive perceptions generated from both their premier line
and their affordable line.
Following these 3 steps to brand recall can lift what you sell out of
the realm of a commodity and contribute to your growth factor. Instead of
dealing with price-shoppers, you'll have customers who would gladly pay more
for your company's goods and services.
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