Value of an Admired Brand to a Company

Have you ever imagined why an iPhone user goes back to buy an iPhone again and again? Well, it can be called brand loyalty. But what instigates brand loyalty?

If you look at it closely, first-time buyers will generally describe it as a style statement. Very true. But the repeated buyers would say that they a sold upon the customer experience of quality, reliability, and support.

They feel inspired and valued by any Apple product's value as they strive to deliver the best computing experience. There’s always a quotient of style and comfort attached to each purchase.

Everybody makes mistakes. Everyone goes wrong at some point. So do businesses. But the brand values and loyalty uphold their stature and eternal commitment.

The three pillars of a brand trust:

If we think about it, the trust system of a brand relies on three major pillars.

The Impact:

The brand sets the style. It’s known to be a cult. It commands the deliverance of the market. When the brand launches a product or a solution, people eagerly wait for it. And the brand marketing is done in such a way that it creates a huge excitement and surprise quotient for the users – what’s new is coming, what unique value and features it will be offered, and like these.

The Blunders:?

The more formidable brands are better equipped to handle their mishaps. They recover quickly and in a better way. There may be a minor slippage in the stock market when an automobile company calls back a certain model owing to a manufacturing defect. But it gets rectified and is reinstated in no time. That’s why we call them “blue chips”!

The Collaborations:?

Brand collaborations and joint ventures are very common nowadays. The more respectable brands in the market today always attract other talented firms to collaborate with them in their journey. This offers them a chance to be more selective and operate accordingly. And the ultimate benefit for the users is, they get more value-added products.

Remember being called “son of” or “daughter of” during our childhood. In the business environment, many a time a business is known by its most successful brand. I still remember many items are known by the name of the brand. Like a photocopier is called xerox. The company Xerox was founded by Mr. Joseph C. Wilson Chester Carlson in 1906. To date, globally many people call a photocopier a xerox machine. That is what a brand does. It makes you immortal.

But immortality does not pay the bills. Admired brands in the market allow the business to generate higher revenue more efficiently and over a longer period. However, the path to building an admired brand is not very easy.

So, how does an admired brand help a business?

Market control:?A brand helps protect the entry of new competition into the market, thereby saving the business's market share and improving it further. Any brand offers a level of comfort and connection. The user slowly becomes habituated to it. Hence, they choose not to change unless the other option is more compelling.

Alliances: A successful brand always attracts other brands and organizations or other external partners for a venture. Alliances always enhance the brand value. There have been some recent alliances between Apple pay and master card, for example. This attracts experience and further admiration.

Assets: A brand helps the business acquire higher value in the market and get premium prices over competitors. Investors are always attracted by the establishment of a brand in the market. They just want to be sure that their money is not lost.

The human factor:?All employees who work for or represent a brand keep motivated. Imagine someone introducing themselves as an employee of Google. It has a great impact on their social life as well. Also, a famous brand attracts relevant talent into their organization and further development. The employees of these organizations remain committed to the business, take pride in their company, and promote them.

Cost advantage: The additional money generated by a successful brand provides them with the flexibility to further enhance their work in other domains and expansion. Some even donate the additional money to CSR activities. This enhances the brand value even further. Marketing and advertisements are expensive and eat up a lot of money. The additional numbers always help.

Growth: Growth and expansion are very important for every business. An established brand helps the organization in its endeavors. Apple started with computers and slowly made its way into a lot of other things which may not be directly linked to computing. They might not be at the pinnacle regarding iPods, but they leverage the apple brand. The buyer’s confidence in the brand does the rest.

2nd chance: A market is a ruthless place. One mistake, and you are out. But with an admired brand, there comes a quotient of trust and belief. They always are allowed another chance by the market. Top brands from every sector of the market have a history of disasters. But the loyalty towards their brand and the strength of their brand pulled them through.

Conclusion:

As easy as it may sound, it is very difficult to comprehend which is the right way to take. But once taken, the world may open up. Creating a brand is not easy. Its time consuming, and you must wait for the right time.