When businesses are asked about branding, they confidently refer to their website development, logo, and several other marketing strategies. But, when the same businesses are asked about how they thoughtfully nurture their brand, most of them fail to provide a satisfactory answer.
Thoughtful nurturing of a brand is much more than just using common marketing strategies. It starts when business owners think deeply and find the answers to some basic questions, like:
- What was/is the purpose of establishing the business?
- What does their brand stand for?
- What are their brand values?
- What culture do they wish to nurture?
- How will they communicate who they are?
Only after getting answers to such questions, can businesses help to foster their brand, thereby gaining numerous benefits. Today, you are going to learn about 3 major benefits when businesses thoughtfully nurture their brand.
1. Easy addition of new product(s) and service(s)
When a brand is thoughtfully nurtured over time, it gains a loyal customer base who will follow the brand as it grows. In such a situation, businesses can easily add a new product or service to their existing range without worrying about early adoption. Having a base of loyal customers, they can even experiment with some new ideas before putting money into a big launch. Sometimes, loyal customers will even stand in line to purchase or at least get a glimpse of the new product. If you remember, this happened when Apple launched its Smartwatch globally. People lined up overnight outside Apple Stores to get the first look at this newly launched product. Those people were none other than loyal customers of Apple who were already using different Apple products such as iPhones, MacBook’s, iPods, and iPads.
2. Solidifies a business’s presence in the marketplace
Evaluating the way customers and consumers view and respond to a brand is one of the primary steps businesses need to consider before thoughtfully nurturing their brand. A step more important than this though, is to evaluate the competition, its offerings, and why they might be failing to successfully deliver. However, thoughtfully nurturing a brand also helps in delivering products or services that are different from the competition but still beneficial for the target audience. This ultimately helps the business to meet or exceed the expectations of customers. With such an approach, a brand gains rapid popularity, ensuring that a large number of people recognize it and start purchasing the products or services it offers. In this way, businesses not only get an opportunity to revive and reposition their actual offerings (if necessary) but also to solidify their presence in the marketplace.
3. Increased conversion
In order to successfully close a deal, a relationship should exist between the customer and a business entity. But how is this possible? Yes, you guessed it – by thoughtfully nurturing the brand. Suppose that you run a business and have received a positive inquiry. You should act appropriately as per the prospect’s level of interest and make sure to avoid the hard-selling approach straight away. Instead, work to gain the interest and trust of the prospective customer or client. You should provide them with all the essential information they need to make a decision. However, do not forget to add a clear call to action (see explanation below) in whatever information you provide to them. When brands are thoughtfully nurtured, this kind of approach is commonly followed. Converting prospective clients into acknowledged customers will then become an easy task.
Creating a brand is easy but nurturing it takes thought and effort. In order to thoughtfully nurture a brand, businesses need to start with their own work culture. The best way to do this is to establish and maintain a working environment which not only attracts but also retains the most appropriate talent.
Also, it has been noted that people (whether inside or outside a business) that are involved in nurturing a brand will often consider industry benchmarks, case studies, and historical budgets just to make sure that value is added to the brand. Moreover, it helps them make and implement strategic plans so that the brand gets the relevant exposure and pays off in the long run.
Finally, if you want to thoughtfully nurture your brand, make sure you create a strong culture, be clear about the purpose of the business, identify and implement your values, and genuinely communicate with your prospective and existing customers. Remember nurturing a brand is not an instant marketing strategy, it’s a lifetime journey.