What two things do companies such as Nike, Disney, John Deere, McDonald’s, and Coca-Cola have in common? They are all highly successful organizations with a rock-solid brand in their industry. I’m a firm believer with specific evidence that a strong brand equals success. Build your brand, and enjoy these three huge benefits:
Companies with a strong brand as the ones noted have the ability to generate sales even at a higher cost than their competitors. Their products inherently carry a quality about them that is sensationalized by their name alone. Their brand allows these types of organizations to absorb volatility in the marketplace and maintain long-term growth and profitability in a way that many of their competitors cannot.
By having a strong brand in your industry, you can build a diverse customer base that can expand into different industry segments. You can carry forward your already successful brand name. A diverse customer base is critical to maintaining balanced growth and profitability. A diverse customer base helps to spread out the negative effects of lost customers, unprofitable products, onboarding of new products, and more. It's about not having all your eggs in one basket. Build your brand to get there.
A solid brand name basically can advertise your organization by itself. As your name becomes more recognizable to the community, that alone can increase your referrals and sales network. Your brand also provides significant advantages in reaching new potential customers through social media. Instead of costly traditional advertising and aggressively targeting your prospecting network, you can change the game by having your prospecting network instead seek you — based on your brand name.
So what is your brand? It's a tough question! Want to build your brand and don't know where to start? An HNI Relationship Manager can walk you through how we facilitate branding for clients and share successful branding case studies. Click here to start the conversation.