To understand the value of a brand, take a walk down your local cereal aisle. Look at the mix of “Name Brand” cereals and store brands (ACME, Shop Rite). Interestingly, both types of cereal come from the same processing plant. Now take a look at the price. Many name brands sell for a 25% premium over the shop-brand competition. That premium is the value of a brand. It doesn’t just apply to cereal, this same phenomenon exists from gasoline to clothing, paper towels to mouthwash.
Beyond price, an arguably more important (but harder-to-track) value is delivered by brand advocacy. When customers resonate emotionally with your brand – its products, beliefs, mission – and share their passion with friends and family, they become an unpaid sales force for you.
Taking time to think through and develop a brand pays off – not only in getting you into your target market but also in developing enduring relationships with customers.
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