What is the real value of a ‘brand’? A brand serves to inspire trust and confidence in a service or product. For customers a brand often suggests that some sort of investment has been made in the service or product to ensure that it lives up to the expectation of its customers – and that it delivers. In many cases, people are willing to substitute the faith they have placed in the brand for any sort of a warranty or guarantee. This is especially the case for service-based businesses as the ‘brand’ is often the only warranty a customer will have.
The customer’s expectation of how the brand will perform and their belief in the values and qualities it promotes is far more reassuring than any warranty or guarantee. The warranty cannot replace the time, inconvenience, frustration and cost that a dissatisfied customer must endure with services or products that fail to live up to expectations.
So even a warranty or guarantee can only offer just so much peace of mind – what customer ever wants to have to rely on the warranty? The customer is relying on their own experience with the brand, other people’s experience of the brand or making an assumption based on the appearance and messages which your brand conveys. This is why ‘branding’ is so important to get right, and why companies are willing to pay so much for it.
The power of a ‘brand’ can offer the customer real psychological and emotional value. Their beliefs, expectations and faith in your ‘brand’ can often offset any concern or scepticism about how well a particular service or product will perform, especially if you are introducing anything new.
If your brand inspires confidence, demonstrates a level of investment and communicates the rights messages it can be an important tool to encourage your prospects to trust you. You can understand why businesses which have a clear ‘brand’ presence often outperform their competitors who, though they are offering similar services and products, do not have the influence of a brand.
If you would like help to develop your own brand in a way that appeals to your target market contact me for more information.