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BRANDING :: Three Ways In Which Your Brand Identity Affects Your Profitability. Gone are the days in which features and functions alone can win the battle for profit. In today's highly competitive market, more is needed. What could that possibly be? Emotional connection between consumer and brand. In fact, every favorite brand that comes to your mind is likely there because of an emotional connection you have with it. Nike, Tiffany's, Rolex. The first thing you likely think of isn't the product specifications. The very first, subconscious thought that likely comes to your mind is how you feel about the brand and how it enhances your life. Indulgence. Youth. Prestige. Your emotional connection with the brand, whether a connection exists or not, and whether that connection is a positive one or a negative one, affects your purchase decisions. Whether you will buy one brand versus another. How much you will pay for one brand versus another. Nike, for example, enjoys a substantial edge in margin over its competitors - thanks to emotional differentiation. Branding clearly affects profits. But how exactly does it do this? Brand identity affects your profitability in three key ways. 1. Differentiation A strong brand identity can provide a clear and defined reason for a customer to do business with you. Differentiation means that your brand can appeal to your prospects' specific needs and wants and will be recognized and remembered when it's time to make a purchase decision. 2. Perception A strong brand identity affects perceptions. The perception a consumer has of your company and the quality of your product will determine whether of not they will buy from you, and how much they are to pay, willing companies with strong brand recognition are more valuable than non-branded companies to investors, partners and top-talent job seekers. 3. Loyalty A strong brand identity generates a recurring stream of profit via repeat and referral sales, significantly reducing costs-of-sales. What about your brand? How clearly are you visually communicating your brand in all of your marketing efforts? Are your advertising efforts just another expense, or are they truly an investment that is generating long-term profit? Are you benefiting from a relationship with a brand identity design house that has the expertise and perspective to make sure that your brand identity is working hard for you? HGC Marketing helps organizations increase awareness and profits by managing their brand identities. |
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