Branding is immensely important for any business. Among aspects such as instant recognition, it can truly tilt the consumer decision firmly in favor of a product. This is a complex topic that combines elements of consumer psychology with the tenets of marketing. In trying to invest in the branding for your Startup and small business, let us help you answer, how does branding impact consumer purchase decisions!
Brands Create Buyer Aspirations
Brands have an aspirational element about them. Prestigious and established brands also tend to have this reflected in their price. Superlative branding makes products an object of desire in unique ways. Our desire to own an expensive iPhone stays put, even though one could argue that plenty of phone perhaps could help us at much lower costs. Consumers attach a social token to products and services. A Porsche makes people view you in a different light. It also lets the brand charge you a higher premium.
Brand Alter Buyer Intentions
A strong brand can sway consumer behavior favorably. For instance, there are two products with similar features and performance. One is a own brand and the other is not. Which one would you choose? Brands come with back stories associated with them. Brands have follower-ship and build trust over a time. You know about them, their founders, their history and often someone in your friend circle has used the products too. When you see their logo you instantly recognize the brand and remember other products of that brand that you used before (it’s the Halo-effect!). Just like in the previous example we know all about Steve Jobs and instantly recognize the half eaten Apple in the logo which adds to the aura of the brand. There is an element of trust between you and the brand. The non-branded product on the other-hand does not enjoy this luxury.
Brands Fit in the Buyer’s Self-concept
Branding also plays an important part by aligning itself with the buyers’ self-concept. Every individual has a certain image about himself or herself in their mind. When they purchase something, they would like those items to conform to their self-concept. For instance a teenager has a certain sense of style developed through personal preferences and external influences. Now the teenager would seek to buy a brand that he thinks has the same personality as him. Brands need to first understand their target segment and then try to develop a personality that is similar to the self-concept shared by their target consumers.
Brands Earn Loyalty
In the long run, people develop a strong relationship with some brands. For instance if somebody is eating a certain brand of cereal since childhood, they will have an emotional connection with that brand. This sense of nostalgia will keep them with the brand even if better options are available. It is a complex combination of trust and emotional aspects. This is exactly what we know as brand loyalty and you need to have a strong brand in the first place to develop such a loyalty. Any new business should aspire to and work towards building such loyalty.
3 Tips For a Small Business & Startup Developing A Brand
a) Focus on quality of brand experiences across the value chain. From your employees, to customer services and your products
b) Develop quality content around your brand focusing on elements of Storytelling
c) Engage with your consumers across all media. Be human and authentic!
What are some of your tips? Do share with us!
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