How Does a Brand Affect Your Purchasing Decision?
Branding strategy that creates a strong brand can directly affect a customer’s purchasing decision.
Brand Management is immensely important for any business. Among aspects such as instant recognition, it can truly tilt the consumer decision firmly in favour of a product.
A brand allows organizations to differentiate their business from their competitors. But more importantly, brands help to motivate customer loyalty. By having a brand, companies gain manifold levels by creating effective business strategies that help to promote the company. Building a brand is also about creating an identity that differentiates one from the rest – this may be in the form of a logo, a name or business model. This is what helps to receive a positive consumer response; consumers look for characteristics in a brand that cater to their needs and wants. If a brand does this with one product, in future, consumers would choose other products wit the same brand.
The brand managers need to handle these brands tactfully to generate more revenue as there is fierce competition in the market. If a product does not meet the consumer’s expectations, there is always other brand ready to take the advantage. Here you will find some tips on How to Become a Successful Brand Manager? It’s up to the brand manager to lead the way in ensuring that marketing and advertising materials and campaigns are in line with the brand’s image, mission, and vision.
A strong brand can sway consumer behaviour favourably. For instance, there are two products with similar features and performance. One is a own brand and the other is not. Which one would you choose? Brands come with back stories associated with them. Brands have follower-ship and build trust over a time. You know about them, their founders, their history and often someone in your friend circle has used the products too. When you see their logo you instantly recognise the brand and remember other products of that brand that you used before.
More recently, branding concepts have become more about how people perceive business. For this reason, there has been a lot of attention on how brands can alleviate the position of business, sales and consumer base. The perceived knowledge about the brand comes from three major criteria according to Business Central by Microsoft (2004): These are:
1. The emotional response of the customer to purchasing a product or service.
2. Most importantly, branding is based on consistently rewarding the confidence and delivering the expected emotional response.
3. Find out how your customers and your employees feel about your business. Reliable? Caring? Cheap? Expensive? Luxurious? No-frills? Later in the process, these emotional responses (brand values) will form the basis of your brand message.
In the long run, people develop a strong relationship with some brands. For instance if somebody is eating a certain brand of cereal since childhood, they will have an emotional connection with that brand. This sense of nostalgia will keep them with the brand even if better options are available. It is a complex combination of trust and emotional aspects. This is exactly what we know as brand loyalty and you need to have a strong brand in the first place to develop such a loyalty. Any new business should aspire to and work towards building such loyalty.
3 Tips For a Small Business & Startup Developing A Brand:
a) Focus on quality of brand experiences across the value chain. From your employees, to customer services and your products
b) Develop quality content around your brand focusing on elements of Storytelling
c) Engage with your consumers across all media. Be human and authentic!
Learn How To Build A Successful Brand? Enroll in Our Brand Management Courses in Pune. For more information contact us on 8698606666.