Historically, Indian business owners would rarely spend big marketing dollars for their product or service. They felt if the product was good, it would sell. If the technology was right, customers would understand. Slowly, but surely, more CEOs are beginning to comprehend that a business’s true value lies in its branding. Home to multiple multi-billion dollar companies, India definitely knows business. But US giants Amazon and Coca Cola have the public’s trust in a way that these large conglomerates do not. This is due to branding. Fantastic branding.
Customer attraction and retention relies on establishing your brand in a way that makes your core market feel all warm and fuzzy. These leads to continued patronage, as well as word of mouth advertising.
Want to build a great brand for your business? Of course you do. Here are three things all big brands focus on, per The Skyline Agency.
What’s hot and what’s not? Perceptions are changing all the time, and companies need to pay attention to remain on the cutting edge. You need to keep people talking – and saying nice things that match up with your core values. Lastly, if your audience’s view of your brand starts to change, don’t stay static – evolve! That’s how you stay relevant.
New products, companies and services launch every day. While you may be keeping track of the well known competition, what about the up and coming startup that just got some investor money and blew up the market? The best brands have a very good idea about what their competitors are doing well and the threat that brings, and what they’re doing poorly, which is a great opportunity to steal some market share.
Few brands do this very well. But most big brands care deeply about customer experience. It’s always a good idea to track Net Promoter Score (NPS) as a measure of consumer satisfaction. Looking back at the above paragraph, you should also keep an eye on your competitions’ NPS, to see how you stack up. It’s always good to consider how you can make life easier for our customers or how you can give back for their patronage.