Branding Creates Competitive Advantage
A brand is usually a label, word, design, symbol or allure of a product, service or company as distinct from the goods or services of others. There is a wide array of brands existing today like Apple Inc., Microsoft, Unilever and so on. But brands are more than just labels. A brand is the heart of a business; it’s what distinguishes your company from others.
A recent research study shows that consumers in Fiji do not associate brands with brands at all. This is because consumers in Fiji have different needs and preferences when it comes to what they want to buy; they have a brand culture that is different from most countries. Hence, Fiji Water is not just a drink; it is also a brand.
Brand names and perceptions have a long-term influence on the success or failure of a business. Most businesses depend on brand name recognition for their success. Consumers trust brands because they have confidence in them. The essence of brand recognition is the trust and confidence that consumers have in the brand and the product or service they purchase. Hence, brands need constant maintenance to maintain and increase consumer trust.
Brand identity is created when consumers are familiar with the brand name. Consumers who know the brand name are more likely to choose that brand over other brands, regardless of price. A brand should have clear, strong and recognizable personality if it is to become part of consumers’ everyday lives.
As much as brands are about personality, they are also based on good fundamentals. The most important aspect of a brand is its integrity and sustainability. It should be able to deliver on its promises, while conforming to the social norms. Customer loyalty is also an essential part of a brand architecture. A company should work on creating a positive reputation among customers by creating a brand experience that creates a lasting positive image and value proposition.
To sum up, brands provide a unique customer experience that creates a strong brand identity and competitive advantage. A brand needs constant attention and maintenance to increase its strength. Consumers should therefore support a strong brand by purchasing it regularly. Companies should also create a strong brand architecture that is able to create a powerful and recognizable identity that is part of the consumers’ daily lives. These aspects can be learned from brand consulting services.