Think about your favorite brand. What feelings does it evoke, and what makes it memorable?
Now think about your clients. How do you think they feel about your brand?
This can determine your company's overall growth and success. When you've established and strengthened your brand, you may not have to spend thousands of dollars on marketing.
You see, when your brand captivates people, they come to you. A strong brand represents the promise, quality, personality, and identity that sets your brand a cut above the rest.
As Florida’s top internet marketing company, Digital Resource’s branding experts will walk you through the nature of branding and consumer behavior in this post. We will also let you in on the benefits of good branding for your business.
A brand is more than just a name or a logo; it's the distinct emotion that these assets elicit.
According to a 2017 LinkedIn article, it takes around 50 milliseconds (0.05 seconds) for consumers to express their opinion about your website, which affects whether they will stay or go.
This means that your website should be able to express your brand in a way that will captivate your customers within the blink of an eye.
Consumer behavior is a collection of actions or habits that customers engage in prior to purchasing. It typically begins with a customer recognizing a need or desire for a product and concludes with a purchase.
You can learn more about consumer behavior by identifying your customers and conducting surveys about their purchasing experiences. Consumer behavior research is critical to your company's success. It will broaden your knowledge as a business owner.
Continue reading to find out how branding influences your consumers’ behavior.
Typically, brands with an established name in the market are preferred by consumers.
For example, there are countless cellphone brands available around the world, but people prefer Apple products over others. According to Capital Counselor, the number of active iPhone units in 2020 is 1.042 billion. This data speaks of how much people prefer the “Apple” brand above others.
Having been founded in 1976, Apple has been around for decades and is still one of the most powerful tech companies. Over the years, it has demonstrated to its clients that it offers quality products and takes pride in ensuring its company is always innovating.
As a result, when Apple releases a new product, people rush to buy it because the Apple brand has always been associated with quality.
Remember that once customers identify their needs, they’ll search the market for products that promise quality and satisfaction. So, on their first purchase, give them the best customer experience possible.
If people have a good first experience with your business, they’re more likely to return and become repeat customers.
When a customer makes a second purchase, he or she is demonstrating brand loyalty.
A Small Business Trends report in 2016 stated that selling to a repeat customer is 60-70 percent likely, whereas the chances of selling to new customers is just 5-20 percent.
This means that, in addition to attracting new customers, you must invest in marketing to past customers. This helps you entice them to become repeat customers.
When your customers are loyal to your brand, you don't have to force them to buy your products. They will do so because they believe in your company.
This loyalty also generates free advertising for you. They will most likely tell their friends and coworkers about your product and their purchasing experience.
According to Nielsen's newest Global Trust in Advertising, consumers worldwide trust suggestions from friends and family above all other types of advertising. This just goes to show how important word of mouth is for your business.
Word of mouth is one of the most effective marketing strategies because your customers witness firsthand the satisfaction you've provided through your brand. The more loyal customers you have, the more leads and referrals you’re likely to get.
If your brand is out in the open for quite some time due to referrals and repeat purchases, you can command higher prices in the market. In turn, this increases revenue for your business.
A 2019 study from the University of Texas at Arlington shows that price determines product quality for consumers. People buy branded products because they assume that a higher price means higher product quality.
Besides the quality, buyers believe that the brand of the product they patronize dictates their position and status in society. People are concerned with how the brand represents them, not the product's price.
The bottom line of branding is that the consumers' behavior affects the value of your business. The business value comprises all types of value that affect the long-term health of the enterprise.
Studying your consumers’ behavior will help you determine your business’s value, as well as allowing you to see the areas where you have the most room to grow.
Remember to monitor where your brand is headed constantly. Establishing your brand isn't something you “set and forget.” You must work day in and day out so that the brand will work for you one day.
It is best if you can persuade your customers to remember your brand regardless of the product you are selling. You could be a start-up or a small business, but your brand growth is one of its most valuable assets.
Examine your current branding. Are you satisfied with it? Is it having the desired effect on the behavior of your customers?
If not, it's time to boost your brand's visibility!
Digital Resource, Florida’s top internet marketing company, is equipped with an award-winning team that knows how to create and preserve an exceptional reputation online and beyond.
Contact us today for a free consultation. Together, let us magnify your brand to grow your business.