Do you think a brand is successful just because it is minting money? What do you think success is? Is it about how happy its customers are with its brand offerings?
A brand is only as good as its position in its segment of the market. When people think about the word “brand influence”, they often think of the power a brand has. They think of the revenue it makes, the impression it has, and the prospects it holds for all those who invest in the business. However, in a real sense, brand influence is how well can a brand impact its audience at every touch point.
This impact can be measured on the parameters of customer loyalty and employer satisfaction. How? The better a brand is, the more likely it is to attract new customers and retain them. If a customer is loyal to a brand, it is clear that the brand is doing its job well.
Employee satisfaction is also crucial since the brand is also a corporate company. If employees are staying in a brand, it means that the brand has a proper work ethos and satisfactory policies.
A sound brand influence can help your company in many ways.
Attract New Customers
A prominent brand may not instantly get a customer, but they would have a better recall value.
Even those who have not used the brand may know the name, and that only increases the chances of them using the brand in the future.
In extension to the previous point, if more and more customers are attracted to the brand, the company, in question here, would make more profits.
Monopoly Over the Market
Brand influence is also about power play. An impactful brand will naturally have a broader audience, and thus, a bigger say in the market. With most of the share in the market, the brand will also get to call the shots.
If you can think of any big MNC such as P&G, Unilever, etc. all these brands have generated a massive audience for themselves, they are pretty powerful, and they have monopolized their respective sectors.
An Advantage to Your Side Businesses
When established brands launch new products, they always get the benefit of their parent brand’s publicity. It is natural for them to make the most of it. However, it is only possible for them to do so because of good brand influence.
Brand influence is also about networking and connections; what this means is that a brand with a good brand influence can also collaborate with better publicists and competitors. These collaborations and partnerships can be used to market and publicize their new products.
Excellent Employer Branding
With a strong brand influence, your corporate image also improves, which means that more and more people would be interested in working with you. What this means is that you will get the best of talents at the lowest of costs. This not only ensures that your inner mechanism stays healthy but also that you are always buzzing with better ideas.
However, it could help if you remembered that a good brand influence is more natural said than done. Your branding, business, and marketing strategies all need to align and fall together at one point for you to achieve and optimum brand influence. Experts at BrandMatters Agency can help you achieve that!
It’s no rocket science to establish why some companies make it so prominent in the market, while others shut down unnoticed. It all comes down to one thing: Brand influence! This article has been a mini-guide on how you can get there. If you have more questions, we will be happy to help. Happy branding!