- Customer Loyalty
When a company has a trustworthy brand, consumers will typically develop a loyalty to that company. Consumers like choosing products or services that they can trust, and the biggest reason is usually because people by nature like to partake in things that are perceived as less risky or has a lower chance of causing them disappointment. Think about this scenerio…If you were given the choice between two identical pair of shoes made out of the same material and build quality, but one pair had no logo on them and the other pair had Nike logos which one would you be most compelled to pick based off of trust quality?
2. Better Marketing Consistency
Most businesses without a strong brand presence marketing results are sporadic and unpredictable at times because their company simply don’t appeal to prospects as familiar, easily understood, or trustworthy. Brands that projects consistent values and quality are trusted over and over again by the public. Marketing campaigns created by well branded organizations are typically successful because the brand is deeply connected to the audience who are exposed to the marketing material.
3. Ability to justify higher prices than competitors
In saturated markets such as law firms, consultancy firm, etc. are very competitive markets, however, those with the best-known brands are able to set themselves apart as the best in there industry. These types of organizations are able to gain a lot of business, regardless of their pricing just based off of the shear fact of being perceived as the best by the public. The higher prices then correlates with higher quality which will seem reasonable to most of the prospects.
4. Raises company’s equity
When evaluating an organization’s equity, tangible assets are not the only that counts. Public opinion and perception of the organization is taken in account and counted as part of the company’s overall success.
5. Attracts talented staff
The best attracts the best..Plain and simple…Job seekers, investors, and others aim to work with top branded companies for many reasons. Job seekers often view branded companies as a place to better their skills and grow as a professional. Investors see these companies as a good investment for a foreseeable future and also low risk investment.