Brands are very important point you need to think about your business as long as your business are still very popular on the market. Brands are more necessary today than ever before. Here are a few of the reasons why brands are a big deal in your business:
1. Brands unlock profitability
Today’s marketplace is full of more products than ever before, and, overwhelmed by the selection, people choose and pay premium prices only for products they’ve heard of, trust, and believe deliver higher value than the others. If consumers
think all products in a category are virtually the same and no offering is better or distinctly different from the others, they simply grab whichever one is available at the lowest price. That’s a profit-squeezing reality that brand marketers gratefully avoid.
2. Brands prompt consumer selection
For the first time in shopping history, consumers can shop and buy without any geographic limitation. The Internet and other at-home shopping options allow far-reaching access to any product, anywhere. With a few clicks or keystrokes, consumers find and select products with names they know and promises they trust. In this boundless marketplace, brands rule and no-name products barely survive.
3. Brands build name awareness
For good reason, new businesses and products increasingly go by invented names instead of by known words. For one thing, more than three million U.S. trademarks are already registered, so any marketer who wants to protect a new name practically needs to create a never-before seen word in order to succeed. For another, 99 percent of all words in the English dictionary are already reserved as Internet addresses and are therefore unavailable to new marketers. As a result, most new offerings are launched under invented names, and invented names require strong and diligent brand development in order to achieve consumer awareness, recall, and meaning.
4. Brands increase the odds of business survival
New businesses and new products are being launched at an unprecedented pace. Only those that ride into the market on the strength of an established brand or those that are capable of building a brand name in a hurry can seize consumer awareness, understanding, and preference fast enough to survive. Brands have been around for centuries, as the sidebar “The red-hot history of branding” explains. But they’ve never been more important — or more essential to business success — than they are today.After you read how do you think about your business?
Source: John Wiley & Sons, Inc., Hoboken, New Jersey