Most of us find ourselves associated with a particular brand. A personal association with Ralph Lauren, Hunterboots, and M&S will always make you favor their products, even when there are a thousand of alternatives available in the market. To maintain this personal association, we are ready to pay the premium price as well.
The products so offered may not be the best, and then there has to be a reason why most of us go raving about them. The answer seems quite right, the product being offered does not generate trust; brand transparency is the measure that makes the association stronger and long lasting. Companies that build authentic brand win the race. This brand authenticity helps them become market leaders, with business models that make the competitors envious.
Today brands can earn an advantage by becoming more human in their approach. Social media portals help earn this edge. Those times are long gone where people associated with the brands that presented having healthy balance sheets. In the era that we live in, the customer demands personalized attention from the brand.
Big people, big brand
All major companies have had a realization that if they want to make it big for the brand they will have to invest in big celebrities, especially in the online world. This has proved highly beneficial for celebrities like Jerome Jarre, who easily charge nearly $35,000 for only a six-second video.
Customers easily associate celebrities with the brand that they promote. For Example, whenever one hears of Virgin, one visions Richard Branson. Hiring big people to promote your brand can help you establish a farther reach. This is why it is said bigger the people, bigger the brand.
Buy on emotions
No customer will ever pay heed to the features that you offer. For Example, people might never even notice that your software loads three seconds faster than that of your competitor. Understand that if you are offering something more personalized, even if it lacking on one or two features, will not make much of a difference rather your product is likely to do better.
Once you buy on emotions, you are on the right track. This is only reason why you buy Starbucks coffee instead of local cafes. Although the coffee at both places tastes almost the same, the brand transparency attracts people to Starbucks and makes such a huge difference. Do not brag about your features rather expose why people should inculcate that trust in you. Let people know about your core values and strength and most importantly why should people choose you over others.
Be a risk taker
Put everything that you have to build a brand reputation. Be a risk taker, do not shun away from sacrificing on short term profits in the process of establish a strong customer base. You might as well have to reveal information that is crucial to your company in order to achieve success in the longer run.
The best risk taker in today’s time is Buffer. They at Buffer have exposed nearly everything, right from their income reports to their salary information. However, this does not suggest that one should start revealing their financial statements but surely tells about the importance of revealing things in public to generate faith and trust in the customers. Establish yourself as an honest brand, this is the only way you can be a market leader in the fierce competition of today.
Summary:
Brand reputation and brand transparency are the measures that help in building a customer base for the company. It helps in inculcating trust in people about your brand and helps them associate with the brand for long.
