What is Brand Power and Why is it Important for Your Business?
When considering all the elements of your business brand, there are many avenues to explore: brand image, logo, design, brand marketing, and brand influence, to name a few. Powerful brands are more likely to be chosen by consumers through the loyalty and recognition of their name. This is why brand power can be a lot more important than product power and why focusing on building a recognized brand is key for success.
What is Brand Power?
So what is brand power? Brand power is the ultimate sway your business will have in its chosen market. This involves thinking about how your business can create a product or service worth having and the power your business has to make that product worth much more than competitors in a crowded market.
Branding and brand power is about the importance of a brand or company itself and less focus on the product or service. Good branding should inspire a desire in the consumer to buy a product, and to choose a particular company, rather than marketing the product specifically.
The reason understanding why brand power is important for your business is because effective branding is what’s going to elevate your company above the rest, drawing focus on what your brand has to offer in a unique way. Whatever makes your business brand unique is going to be the power you have in the market landscape. This is also why using branding agency services to further your brand marketing can be extremely helpful.
Brand Power vs. Product Power?
In considering brand power in relation to product power, it’s important to consider companies that don’t have a specific product but which have a lead in their market.. An example of this could be companies such as Amazon: this company doesn’t have one specific product or asset, but it’s a brand that has grown its name, its power, and has a loyal customer base around the world.
While it’s important to push a key product into the market and grow a product that is of the highest quality, so is understanding why key brands hold a vital position in the economic market.
What Makes a Power Brand?
Power brands are all about high value, familiarity, and dependability. The most powerful brands are held in high regard by the consumer market, and often just their name or logo can inspire trust. Valuable brands such as Coca-Cola are examples of this power.
Power brands take a generic product and make it so much more. This makes it more about the entire experience with a particular brand rather than the product itself. A straightforward product can be turned into much more through the use of marketing, packaging, advertising, overall service, and delivery. This well-rounded experience is what power brands can usually offer and what amounts to their success.
What is Brand Loyalty?
Brand loyalty is something that can be built as a result of powerful branding. A powerful brand held in high esteem will inspire feelings of loyalty from consumers, who trust a brand, feel good about a brand, and consistently return for the same level of service.
The significance of a powerful brand and brand loyalty can be shown through the level of return, even despite problems. For instance, if a consumer’s product is defective or if there is a problem with delivery or customer service, brand loyalty and power usually means that the customer will still always return.
Grow Your Brand Power with Branding Services
As a top branding agency, our team can help you to build your corporate marketing and merchandise to further your brand.