If you’re a new business owner, how can you tell what works best? How do you know which resources to explore? How can you tell what you need? The answer is simple: Research!
Find relevant information you need to run a successful business by researching critical topics. Don’t expect to learn everything you need to know from trial and error. Some errors could damage might deform your business permanently.
Understand the relevant research in your industry to build a business that stands the test of time. Branding is one of the critical components of any company and it’s a great place to start. Here are some of the relevant research to explore on branding and how they affect your business.
Strong Branding Boosts Customer Loyalty
According to Accenture, 66% of customers spend more on brands to which they’re loyal. This illustrates how important it is to set up programs that enhance customer loyalty if you want your business to increase its revenue.
Great brands have a unique ability to foster loyalty in their customers by giving them a sense of belonging and community. These companies don’t just provide consistently excellent customer service and frequently enhance their products.
Winning your customer’s loyalty should be your top concern. A study by Bain & Company shows that customers spend 61% more after staying with an online business for 31 months. Brands like Chewy, ALDI, and Amazon Prime have built such strong client devotion that it would be extremely difficult for their business to fail.
What defines these brands besides spectacular service? They came up with up with short, distinct, and memorable names that properly defined them. It’s pivotal to use a distinctive name for your brand. The fastest way to get a great name is by using a reputable brand name generator.
Customers Focus on Great Brands
Learn how to build strong brand recognition so customers recognize your brand immediately. Brands make the lives of their customers easier, smoother, and more enjoyable. Customers use brands to convey who they are, what they admire, and what they aspire to be.
Customers value brands highly and they’re regarded in isolation. Every customer’s mind compares businesses to others. This is why debates between iPhone and Android customers persist.
But it doesn’t end there. According to a 2017 research by Reimann, Nuñez, and Castaño, businesses have an incredible capacity to safeguard their clients from emotional pain. Customers in a brand’s community feel they belong to a family.
A perfect example is Chewy. The brand is well known for sending grieving pet owners flowers, paintings of their deceased pets, and cards that express condolences.
In the words of Sgt. Corey Flanagan, “My wife has been taking the loss especially hard, and when we received the flowers, we decided it was enough for us both to decide to stop shopping around and give Chewy all our future business.”
Actions like these that affect how customers perceive a brand. Align your business objectives to deliver a compelling message that communicates emotionally with your target audience. It’s imperative to build brand authority for your customers to trust you. Customers aren’t just looking for logos anymore; they want brands with purpose and values that stand for causes they sympathize with.
Customers Recommend Well Branded Businesses
77% of brand discussions on social media involve people seeking guidance, information, or help. Social media has taken center stage in peer-to-peer referrals. Build a strong online consumer base with ambassadors that’ll talk about you.
According to marketingweek.com, B2B companies do better with customers when they use emotional messages in their marketing rather than rational messages. Find ways to personify your brand. Start interesting discussions with customers. Answer questions in a pleasant, calm, and honest manner.
Where can you do this? Social media is one example. There are numerous ways to boost your brand through social media engagement. Villarroel Ordenes conducted social media text mining research in 2019. He discovered visual imagery, alliteration, and repetition encourage customers to share a brand’s message more frequently. Brands must learn to share useful and emotive content online.
It’s tricky to start and run a business. Arm yourself with the right tools to attract your target audience, convert them to loyal customers, and get recommended to others in need of your services.
Author Bio: Grant Polachek is the Head of Branding at Squadhelp, the world’s #1 naming platform. Their business name generator has been used by 30,000+ customers from early-stage startups to enterprises such as Nestle, Philips, Hilton, Pepsi, and AutoNation.