Brand Supports Sales
How Building Your Company's Brand Supports Sales
Building a resilient brand is critical for businesses of all sizes in today's competitive market, particularly one as niche as credit unions. While many people consider branding to be merely a marketing activity, it extends far beyond that to all departments and communications.
A brand is the identity, reputation and perception of a company in the minds of its customers; it’s what your target audience thinks and says about you with others. A well-established brand raises awareness and distinguishes your company from competitors, which in turn plays a critical role in supporting sales through word of mouth built upon trust.
Particularly during an economic downturn, bolstering your company's brand can help long-term growth by:
Increasing Trust and Credibility. A strong brand instills trust and credibility with existing clients and prospects. When customers are familiar with your brand and have positive associations with it, they are more likely to consider your products or services. According to a study by Nielsen, 60% of consumers prefer to buy new products from brands familiar to them.
By investing in brand building, your company can create a positive perception that can significantly impact purchase decisions among credit union executives. In today's era of information overload, customers are often cautious about trying new products or services. However, a well-established brand with a reputable image can alleviate their concerns and provide a sense of reliability.
Differentiating from Competitors. Differentiation is key to standing out a crowded marketplace, particularly as niche as credit unions. A well-defined brand strategy highlights what sets your business apart from competitors and why customers should choose you. Through effectively communicating your unique value proposition, sharing your expertise and thought leadership, you attract clients who resonate with the company values portrayed in your day-to-day business. When customers perceive your brand as an authority in your industry, they are more likely to trust your expertise and therefore your products or services. They will gravitate toward your brand when they make a purchase decision.
Creating Emotional Connection and Customer Loyalty. Strong brands are successful in forging emotional connections with their customers. Aligning your brand messaging and experience with your target audience's desires creates a lasting bond that goes beyond transactions. Your credit union clients are more likely to become loyal advocates who make repeat purchases and suggest your products or services to their colleagues when they feel connected with your brand. Investing in identifying your company’s brand, aligning your marketing and public relations strategy to it, and executing goes a long way to cultivate and sustain a loyal client base, resulting in long-term revenue growth at a lower cost.
Providing Premium Pricing Opportunities. Developing a well-established brand allows your company to command premium prices for your products or services. Being intentional about constructing a durable brand with credit unions positions your organization as a leader in your field. When customers perceive your brand as high-quality and trustworthy, they are often willing to pay a premium for that assurance, boosting profitability and growth.
Generating Positive Word-of-Mouth and Referrals. Stable and deep-rooted brands not only attract new customers but also fuels positive word-of-mouth and referrals. When customers have a positive experience with your brand, they are more likely to share it with others through personal recommendations, online reviews or social media. Online reviews are your digital word of mouth, and nearly half of consumers trust online reviews as much as personal recommendations, as highlighted by a study conducted by BrightLocal.
Centering positive word-of-mouth in your brand creates a ripple effect that can generate a steady stream of referrals. When clients become advocates for your brand, and I’ve been privileged to work with some companies that have tremendous client-advocates on their side, they actively promote your business, leading to increased sales and market reach. Their recommendations and positive experiences serve as powerful endorsements, influencing others' purchase decisions and expanding your customer base.
Building your company's brand, particularly in the tight-knit credit union market, is not an option but a necessity. By investing in branding efforts, you can form trust, differentiate from competitors, create emotional connections, command premium prices and generate positive word-of-mouth. Branding is a long-term strategy that requires consistency, creativity, and customer-centricity. So, help improve your brand today and reap the benefits of increased sales and business growth.