7Newswire
01 Sep 2021, 13:12 GMT+10
Every business wants repeat customers from its target audience. In today's competitive landscape, brand preference plays a crucial role in helping businesses create awareness and build a strong reputation in the market.
In the absence of effective branding, most products will remain in the competitors' shadow as consumers will choose the more popular alternatives due to a lack of awareness.
So establishing brand preference empowers businesses to boost revenue, maximize profit, and expand market share in the long term. Moreover, it helps to build brand equity too that discovers the strength and popularity of a brand among the leading competitors in the market.
By conducting in depth research using market research tools, it becomes easy to understand customers' needs & requirements, and their purchasing motivations. This enables businesses to seamlessly shape their brand to align with their target audience.
There are various aspects of a business that overall contribute to making a brand. This involves packaging, marketing & sales communications, customer touch points, and advertising claims.
In today's competitive scenario, it has become crucial for businesses to focus on establishing branding as customers usually relate a brand to the specific product it provides. The well-known brands experience several benefits like:
Increased customer preference: Customers prefer selecting a product from a popular brand (that they are aware of) and often become loyal to it in case they find that the products align with their specific needs.
Expanded market share: A robust brand is likely to stand out among competitors in the market, leveraging its differentiation to increase market share by providing customers with a vision that most other brands do not have.
Streamlined product launches: For an established brand, it's easier to introduce and launch a new product into the market. The reason for this is that not many resources are needed for building awareness as well as trust among the customers. For a relatively new brand, extensive research using various online survey tools is needed before they can launch a new product.
Brand equity can be defined as the customer perception of a specific brand's value. For instance, a highly popular brand known for offering top-notch quality products is likely to have a "positive brand equity".
In order to attain positive brand equity, it's imperative for businesses to establish brand preference with the help of promotional, marketing, and sales strategic techniques that attract their target audience. Brand equity comprises three elements mainly:
Brand Awareness
Are customers aware of the brand? It's important for businesses to draw their customers' attention and ensure that customers know what their brand stands for. With increased visibility, there is a rise in familiarity which promotes the intent to purchase.
Brand Associations
What do customers feel about a certain brand? Every brand is known to evoke some feelings and attitudes which must be communicated accurately to their target audience. This plays a key role in differentiating their product from the competitors.
Brand Loyalty
Are customers going to buy the brand in the future? In todays' time, customers prefer to purchase from brands that they can stick to, making it more crucial for businesses to focus on brand loyalty. To gain brand loyalty, it's important to make sure that the branding elements are consistent and resonate well with the target audience.
Branding makes use of effective market research for ensuring it caters to the needs and desires of the intended target audience. So, businesses should perform market research for gaining insights into their competitors' branding and make optimum use of this information for differentiating their brand accordingly.
Survey research using survey software is a great way of uncovering customer preferences like brand perception, psychographic data, desired brand values, etc. This plays a pivotal role in creating customer profiles and segments effortlessly.
Get a daily dose of Hawaii Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hawaii Telegraph.
More InformationMADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...