Monday, April 12, 2021

Why You Need to Invest in Your Brand

We all have brands that we will be loyal to no matter what. Even if their products are a little more expensive, we will continue to buy them because we have had positive experiences when interacting with them. This is likely because the brand has gone the extra mile to form a relationship with you, whether it is good customer service or personalization that goes beyond just knowing your first name. That is how important brand marketing is. On Real Marketers, Elisa Padilla reminds us how brand marketing can be a make it or break it when it comes to acquiring new customers and customer retention.

Why Brand Marketing Matters

When you are thinking about buying a new product, no matter what it is, there are a ton of options out on the market. Markets are so cluttered these days and businesses are obsessed with getting any share of consumers’ wallets. However, what everyone needs to realize is that you aren’t going to get anywhere if you aren’t investing in your brand. You need to constantly be reinforcing and educating your customers about who you are and what you stand for if you want to become top of mind for them. If you don’t find the balance between transactional and brand marketing, you won’t have much success acquiring and retaining customers.

This past year has been the perfect example of why brand marketing is so important. Brands had to undergo a lot of changes this year from embracing digital transformation to investing in mobile marketing so they could adapt to consumers changing demands. The brands that kept up with the changing needs and showed consumers that they were listening and cared about them are the ones that had the most success.

Brand Marketing is Key for Customer Retention

Effective brand marketing plays a big role in customer retention. There are two main components to customer retention. One, you have to show appreciation for your customers, like rewarding them after they make a purchase. But appreciating your customers isn’t enough, you also need to surprise and delight them. This means that you are going the extra mile to personalize their experience, and making sure they feel valued as a customer. Contrary to popular belief, surprising and delighting your customers doesn’t have to break the bank. In fact, it is usually the little things that matter the most, like individualized communication or offering them a special promotion. When you focus on customer retention and creating loyal customers, your customers will turn into free brand ambassadors.

How to Show That Investing in Brand Works

If you are in marketing, you know that showing non-marketers the value of investing in your brand isn’t always easy. One way to make measuring and showing brand affinity easier is to have open communication with your customers. Instead of just talking at them through your marketing messaging, open up a line of communication for feedback. This will help you learn what your customers like and dislike about your brand, and also provide you with data to show how elements of your brand influence their purchasing decisions.

When you make the decision to invest in your brand, you are also making the decision to invest in your customers and their needs. If this year has taught us anything it is that you can’t take your customers for granted. You have to surprise them, delight them, and show that your brand cares about them. For more advice on brand marketing, you can listen to Elisa’s full Real Marketers episode here.