Why Invest in a Branding Strategy?
Whether it’s a major corporation like Google or a family business, branding affects the success of the organization. Building brand equity is a strategic long-term process and involves various forms of investments (e.g. financial resources, human capital, time, and expertise). This leaves business managers and owners wondering whether to dedicate these resources to build, or revamp, their brand strategy. Investing in a branding strategy contributes to sustainable profitable growth:
- With strong brand recognition, your brand could rank higher than the competitors’ when customers evaluate different market alternatives.
- A vibrant brand image allows your customers to develop emotional connections with your business. Positive brand emotions turns your customers into brand advocates.
- Building a Customer-Brand Relationship ensures long-term loyalty rather than just a transaction.
Finally, if you are seeking more capital, or selling your business, brand equity is the additional value you attain above all your company’s combined assets.
Assistant Professor of Business Marketing
Beacom School of Business