Does investing in a brand really matter?
Let’s start by de-mystifying what a brand is. Some people attribute a brand to a logo, to others it’s an identity, and to some, it’s a product. But let’s clear the air and re-establish what a brand really is.
There’s a popular quote by Walter Landor, who says that whereas products are created in a factory, brands a created in the minds of consumers.
In this day and age of clutter and excessive consumer choices, the only way to succeed in your business is to either create new innovative products or to give your customers a strong reason to buy you, over your competitor… and no, it’s not about being cheaper because that is not sustainable in the long run since it’s easy to imitate. There has to be something more in addition to the ‘cheapest’ proposition. This means you have to differentiate. The genesis of building a brand is differentiation.
Take for example all the car yards in Nairobi. If you walk or drive along Ngong Road up to the Junction Mall, there are probably over 20 new and second hand car dealers. All the same. So how does one choose where to go? Developing your brand helps the customer choose.
When you brand well, you get consumer preference which leads to stronger market share and a stronger business. How does one do this?
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Determine who your target audience is.
There are many target segments you could serve. However, in order to differentiate, choose main one and serve it very very well. Establish that this slice of the pie is sizeable to sustain your business. For example as a car dealer I could target first time car buyers, luxury vehicles for those who have already progressed, 4WD’s for those seeking rugged cars etc. Scan the market decide what is sustainable for you.
2 . Offer them the products or service that resonate with them
If you decide to target first time car buyers, then you will package your product, price, culture, people, processes to fit them. This means that you will resonate with them and any first time car buyer will automatically come to you.
- Sustain and deliver consistently
Don’t become complacent. Learn, relearn what makes them tick and keep them excited and coming back constantly
What will the result be?
- Preference amongst that target audience
- Permission to charge a premium
- Increased demand
- Increased market share
- Increased brand loyalty and long term trust
So does investing in your brand really matter?
For more information on this topic, please visit International School of Advertising HERE.
Susan Makau is the CEO of International School of Advertising. A school that focusses on building skills in Marketing, Advertising, PR and Digital Marketing.
She can be reached on [email protected] or 0780631079