One of the most valuable fixed assets of a business is brand. A strong brand counteracts to critics, competitors and increased pressure from channel partner by sustaining price premiums and higher margins. A clear perception of a strong brand is high value and differentiation. Moreover, a strong brand is not easy to be copied.
Here is a quick example of how strong can be a brand. When I lived in USA, I had many choices of Flips in different supermarkets and grocery stores. But I went very far for searching Macedonian Stobi Flips, at International Grocery Stores till I found them at Saraga. I grow up with that brand, they are very tasty, thus I don’t like to change them with other choices. Actually with Stobi Flips I am related emotionally, since I was a kid.
A great brand evokes recognition and value in the eyes of the consumer and also its mission is clear. Brand loyalty has the benefit of lowering advertisement, marketing and distribution costs because loyal customers will search far to find their favorite brand. Thus, when it comes to price increases they are less sensitive.
Chip Bell, expert in how to create a culture which supports long-term customer loyalty says: “Loyal customers, they don’t just come back, they don’t simply recommend you, they insist that their friends do business with you.”
Researchers believe that stories influence our emotions. Emotion is a crucial incitement behind buying decision. Brand story is very important because it demonstrates the company’s core values and differentiation. I think the brand story increases value and respect in the customer’s eyes. Moreover, the brand story inspires loyalty and passion. The brand promotes eco-friendly and liberal image. It is loved by fans. Thus, if you want to build a successful business with a brand that will create loyalty, you have to have a story because the story is a complete picture made up of feelings and interpretations.
A great example of brand story is Ben & Jerry. The home-made ice-cream has unique flavor combination.
According to the journal “What do you want your brand to be when it grows up: big and strong?,” the attitudes toward a brand consumer equities have an important role in determining a brand’s success while brand size does not dictate behavioral loyalty.
The paper argues that Double Jeopardy relationship is caused by two basic mechanisms:
- Push mechanisms are marketing activity’s results which have direct influence on customer decisions when purchasing a product or service.
- Pull mechanisms are marketing efforts result that create a long-term positive customer predisposition toward brand.
Furthermore, there are particular brand’s strengths and weaknesses results relative to competition. Stabile deviations are common and trends in deviations are observed for new and established brands.
In the final section is shown that a BrandDynamics™ System, which is a survey research tool aimed to explain behavioral and attitudinal loyalty, measure of attitudinal loyalty called Brand Strength in the market share has a big relationship with long-term changes. The conclusion of this research journal is that brands can be both big and strong.
For more you can read the journal in this link: http://www.warc.com/fulltext/JAR/9078.htm