Importance Of Branding

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A brand is an x-factor in today’s time when the battle for customers intensifies. A firm should invest significant amount resources in researching, defining, and building a brand. It 's a fundamental part of marketing communication and one without which a business will have a tough time. A well designed brand facilitates message delivery with ease and eliminates the need for an expensive advertising. Because of this, the importance of branding in marketing is evident if one wants to connect with customers as they acknowledge brand power. A firm should customize its brand, according to the needs of the customer base for success in business. Marketing team strives hard so that customer has positive perception about their brand. When a business…show more content…
Easy sales deal with loyal customers. Loyal customers are willing to explore new products and services. Market research states that the probability of selling something to new customers is low, whereas the probability of selling something to an existing customer is high. Therefore, sales team will land the deal easily while working with existing customers. Loyal customers act as brand ambassador. Loyal customers tend to share their positive feedback and recommend a business to their partner firms. Partners listen as a recommendation from familiar face is trustworthy. These promoters can help save marketing costs for firms as word-of-mouth is a powerful marketing tool. Lower costs to acquire new customers. It is more expensive to acquire new customers than supporting the existing ones. Introducing and educating about your products to new customers is a costly affair. The loyal customers will be a strong influence to get prospective customers to try out your brand, reducing the overall overhead in acquiring new customers. Customer loyalty protects your business from the competition. Thus, neither low prices can take your loyal customers away, nor your high prices will make them go away. Thus, a business is immune to economic conditions and to cruel competitors hovering over your business like vultures. Loyal customers provide honest feedback, as they want to see your brand thrive and support them better. Many times, new customers don 't voice their concerns and leave you quietly. You hardly get feedback from new customers and this is harmful to the product and service quality. Loyal customers are more likely to overlook your errors or forgive if timelines are not
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