73% of consumers are willing to try new products. The results do not vary much depending on the sectors considered (fashion, food, beauty, electronics, health, and publishing). Achieving preference and, above all, customer loyalty is two of the main objectives of companies. The Malaysia branding solutions are right there.
The main competitive factors are price, services, and quality, but they are not enough for the purchase decision in a scene saturated with very similar products and offers. In addition to offering a quality product or service, it is necessary to build a brand that adds value and is an emotional asset.
The value or importance of a brand resides, neither more nor less than its ability to generate positive attitudes and behavior (if they are powerful brands) with the offers they propose.
The importance of the brand in purchasing decisions
When a person has to decide on a purchase between two similar products, whether in terms of quality or price, friendliness and brand identification will be the factors that will tip the balance. For that, we have to build a brand that connects with the values and aspirations of the target audiences and offers them a meaningful and memorable experience.
Building a brand that achieves the preference and loyalty of the target audiences requires, among other things:
- Defining a corporate purpose that is well-founded in the company’s capabilities and principles, connects with the aspirations and sensitivity of its audiences.
- Having an identity that attracts these audiences and makes them feel that they are part of your style.
- Offer a memorable and meaningful experience at all times and points of contact with your audiences.
- Relying on convincing packaging (if we offer products, especially if they are for consumption)
- Generate empathy, have a constant active listening and evolve with the social and personal demands of customers.
The importance of the brand in the results and value of companies
As mentioned above, the value or importance of brands lies precisely in their ability to generate positive attitudes or behavior. As well as in its ability to obtain the preference and loyalty of its customers, translating them into economic value in many possible ways, such as:
Greater profitability compared to its competitors, being able to practice a certain competitive price threshold.
Be able to capture customers at lower costs than your competitors and have a higher retention rate.
It is easier to expand the business to other categories of products and services, relying, among others, on a better willingness on the part of the public to consider your proposals.
Greater return on their investments in the areas of communication and marketing, as they are made from a firm base that allows them to obtain greater synergies between the various actions. Without a firm foundation, communication investments fall into a sack and the result is a disjointed and dispersed ad group with no impact.
Less vulnerability to competitive pressures and fluctuations in moments of crisis and, speaking of crises, they also obtain greater tolerance for error from their customers (for example, the cases of Volkswagen or Samsung, whose crises had a very moderate impact on sales although they did have some impact on their capitalization in the stock market, they recovered little by little). Powerful brands increase the (asset) equity and, consequently, the company’s value.