How Brand Image Affects Your Bottom Line

By July 10, 2018Branding, Business, Design
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Flashback 70 years ago. The “Mad-Men” era when the quality of your product or service was all it took to own a successful business. From coffee to cigarettes, these everyday products have come to define modern marketing. Marketing budgets in corporations have transitioned from television and magazines to digital platforms like Facebook, Instagram and YouTube. Spokespeople have generally disappeared and Influencers have flooded in. Businesses have created compelling content to reach their consumers the way they want to be reached. Companies have stepped up their branding not just because it makes their companies look and feel better but because it makes them money. This shift is due to one thing, Brand Image.

 

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Brand Image is how people feel about your brand. It’s both real and imaginary qualities your brand possess that are experienced through organic and paid strategic campaigns with a consistent theme, and is authenticated through the consumers’ direct experience.

 

“How does brand image make you money?”
Great brand image results in something called Brand Equity. Simply put, brand equity is how invested people are in your brand. If your brand image and brand equity have a positive correlation, that means consumers have generated a loyalty towards your business. For some companies, that loyalty is so strong that consumers will only purchase their products, completely disregarding the competition. A great example would be Apple and Samsung phone users. These brands “communicate to its customers based on what they care about. They understand that the experience is what matters, not megabytes.”

 

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“Okay, thanks for the education but what’s the application?”
Here’s the application. Be Aware. Keep Adapting. Stay Active. Be aware of the emotion around your brand. Talk to your current and potential customers to learn your brands sentiment. Use that information to shift and adapt your brand to lead more customers to your business. That may mean you need to rebrand your business and its strategy. It could even mean that you may have to reposition your company. Lastly, stay active in the development of your brand image. As times change, so do people and their buying behaviors.

 

Keep up with trends and invest in good brand development. It will give your brand the competitive lift to soar above the competition and no matter which way you cut it—brands drive value.

Author James

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