Question

1. What are the advantages to the marketer of having a strong brand?

2. What are the advantages to the customer when the seller has a strong brand?

Answer 1

Advantages to the marketer of having a strong brand are -

1. Competitive edge in the market. Your brand is what differentiates you in the marketplace. When customers recognize and back your brand, it helps lend a competitive edge to your company. The more recognition you receive and the more you build your brand, the more you will find that your brand elevates and is competitive with other well-known brands.
2. Easy introduction of new products. When you already have a strong brand and loyal customers, it is often easier and less expensive to introduce new products or test them out before you further invest in them. If you have a loyal brand following, your customers will often be interested in your new products and even anticipate them being released.
3. Customer loyalty and shared values. The recognition and elevation that a strong brand builds upon all lend to greater customer loyalty. Customers are attracted to brands that they share values with. When you build a strong brand, you need to convey these values to build an emotional connection with customers. Brand loyalty often lasts a lifetime and even transfers to future generations.
4. Enhanced credibility and ease of purchase. Having a strong, well-known brand enhances your credibility with customers, your industry, and the marketplace as a whole. As you build your credibility, you also build recognition, loyalty, and competitiveness. Everything goes hand-in-hand, and you’ll find that your credibility has a direct connection to customers ease of purchase.

The advantages to the customer when the seller has a strong brand are -

Brands create difference.-Any grocery store aisle has more product options than anyone can reasonably consider purchasing. What allows us to select one peanut butter brand over another or over a generic product? Branding helps define—in an instant, with a minimum of thought—what makes your product different and more desirable than comparable products.

Brands provide safety -People, by nature, generally avoid risk and seek safety. Imagine you’re on a business trip in an unfamiliar city, and you need to pick a restaurant for dinner. You’re most likely to pick a national restaurant brand over a local one because you’re familiar with the national brand. It’s the safe and predictable choice because you know what to expect. Brands offer safety and reduce the risk of disappointment.

Brands add value - Why do consumers pay higher prices for brands compared to unbranded or generic products? Is it better quality, the look and feel, or is it the brand’s stature in society? It’s probably a combination of each. Successfully branded products make more money for their companies by commanding premium prices.

Brands give consumers a reason to share.We all have opinions about the things we experience, and we like to share them with others. Whether it’s a good book, a good movie, or a great meal, we become brand advocates when we share positive brand experiences. In our increasingly social world, we have more opportunities than ever to spread the benefit of our experiences. Strong brands give consumers a reason to share their experiences