So why spend so much time, effort and money to build a brand?
Its hard not to noticed the price difference between branded products and generic versions when grocery shopping. Watties tomato sauce for example can be twice the price of a supermarket brand. I’m not even going to get into whether Watties tastes better. My point is that the costs for making Watties, or a generic brand of tomato sauce is likely to be much the same. So the difference in mark-up is one measure of the value of the Watties brand.
A strong brand adds value to your products or services by differentiating them from your competitors, establishing credibility, gaining trust and therefore customer loyalty.
In fact, back to the Watties sauce example, I have an uncle that left New Zealand almost 15 years ago to live in Oklahoma USA, who still has Watties tomato sauce posted to him by the box… Now that is brand loyalty!
The great news is that even with well targeted branding and marketing strategies, all businesses can reap the benefits of building a brand.