“No brand becomes iconic
without a solid business strategy”
A recent major U.K. study shows that over half of the respondents would choose a well-known brand over a bargain, even if it meant spending more money. Unsurprisingly, Coca-Cola, Apple, Amazon and Adidas rank among the most popular consumer picks (read more).
Is it out of habit, brand snobbism or perhaps pure laziness? Could it really be about quality assurance? Blindfolded, all coke tastes pretty much the same, right? But the thing is – we’re not blindfolded and our brands of choice are no coincidence.
“Consumers are willing to
pay more for well-known brand names”
Many of the top brand names, along with the company logos, connect with consumers on an emotional level, making the brand a natural part of their daily lives. Creating familiarity and brand recognition is one thing, but to become loved and continuously finding new audiences is a whole other ballgame. One that requires a solid business strategy and spot-on communication.
When people choose you over a cheaper but pretty much identical competitor, you’ve reached a truly envious position. However, no brand becomes iconic overnight, no matter how great the actual product is. And naming decisions are an important piece in the strategic puzzle. If your brand name doesn’t support your business by corresponding to your values and your desired positioning, the risk is it will backfire. If the name doesn’t mirror who you are and where you wish to be, if it doesn’t connect and communicate in the right way – how could your potential buyers ever take it, and your business, to heart?
“People prefer branded
products before unbranded ones”
Coming up with a great business strategy takes time, and the same goes for brand names. Let’s make sure yours are consistent and work for you. Not against you.