- Irwin Soh
[Part 3 of 5] 6 Compelling Reasons To Invest In Branding
Previously in part two, we discussed what it means to do branding and the first reason to invest in branding - Attracting Your Ideal Customers.
In part three of this series, we will look at two reasons that will help to improve your company's capability to grow its revenue.
Reason 2 - Closing Your Sales Efficiently
When supported by a well defined and expressed brand with articulated benefits, your sales team will have a much better chance in closing sales with prospective clients. Well designed brand touchpoints such as website, packaging, infographics, explainer video, etc. easily showcase what your brand represents and how working together can help them achieve their business goals.
With a compelling case established, your sales team can focus their time and energy in addressing your clients’ other concerns, further boosting the chances of closing the sale.
Additionally, it provides a strong foundation for your sales team to effectively pitch for projects. And the stronger the foundation, the better the chance of winning the pitch.
Conversely, compare it against a dated brand with cluttered and inconsistent messaging in its brand touchpoints. Without a strong foundation, the sales team will need to painfully make a case to convince prospective clients that their brand is the right fit for their needs. It is not impossible but the sales team will probably have to take twice the effort and time in closing the sale. And more time means more money and resources spent.
Reason 3 - Increasing Value Of Your Products & Services
In part 1 of this series, we have earlier established the notion that a brand is a gut feeling of your products and services. The value of these feelings is immeasurable. A customer will purchase your products or services for its tangible benefits at a fair market price. However, if your brand is capable of evoking feelings that resonates with your customers, they will be willing to pay a premium price for the products and services because their value will be perceived to worth more than just the tangible benefits.
Case In Point - Purchasing a Car
Why would anyone be willing to pay more for a Mercedes-Benz car when there are other cars available at a lower price? A Mercedes-Benz car and other cars will equally transport you from point A to point B, so why are people willing to pay more for the same tangible benefit?
The answer lies with the increased perceived value of a Mercedes-Benz car. The brand has additional intangible benefits as it evokes feelings of success, prestige and luxury. It was no accident. Mercedes-Benz's deliberate and meticulous branding meant ensuring all of their brand touchpoints resonate such feelings. Their cars are designed and engineered to exude class and excellence. Their customer service aims to deliver the prestigious experience. Their promotional materials are created to reflect a high level of social status and elegance.
Customers who desire to be associated with these feelings will perceive a Mercedes-Benz car of a higher value. Their perception of owning the car is now beyond the tangible benefit of transporting them from point A to point B. Owning the Mercedes-Benz brand means they share the same values and feelings or even having achieved a certain level of success in life, which these are intangible benefits that fulfil beyond their basic need of owning a car.
Companies such as Mercedes-Benz leverage on the power of branding to increase the value of their products and services. This gives the management the capacity to raise its pricing to reflect the increased value, or keep status quo to provide an even higher value in their products or services, adding an additional reason for customers to consider. Investing in such leverage may be the required step for your business to grow to the next level.
Clearly, the ability to close your sales efficiently and the increased value of products and services will help to improve your company's revenue and bring the overall business to the next level.
Stay tuned to next week for 2 more reasons in our [Part 4 of 5] 6 Compelling Reasons To Invest In Branding!
Content Page Click below to read others
[Part 1 of 5] - Introduction + Definition of A Brand [Part 2 of 5] - What Does It Mean To Do Branding + Attracting Your Ideal Customer [Part 3 of 5] - Closing Sales Efficiently + Increasing Value Of Your Products & Services [Part 4 of 5] - Saving Time & Cost On Marketing Efforts + Boosting Credibility [Part 5 of 5] - Growing Your Brand Equity + Conclusion + Summary
Mercedes-Benz Car Photo by Mike from Pexels
Owning A Mercedes-Benz Car Photo by Roland Denes on Unsplash
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