Consistent product performance creates a very robust, loyal customer base. So, sometimes, customers may keep coming to us even if we have not even named our product yet. So, we may start thinking that we don’t need branding. Okay, if we are happy and satisfied with the current customer base, we don’t need any conscious branding efforts. But, we must remember that the customer base will not remain the same forever. Gradually, the customer base shrinks naturally if new customers are not added regularly to it. Customers’ life stages, their tastes, preferences and priorities change. New competitors keep entering the market, taking away some of our existing customers. Because of such reasons, some of our customers may stop being with us.
Also, on the other hand, new customers are entering the market. If we don’t proactively communicate to these new customers about the virtues of our brand, we may get only those new customers who come to us on their own or who came to know about us by word of mouth. If we have a winner product or service, and we wish to expand our customer base, conscious branding efforts are strongly advisable.
Some companies lament that their products are superior to the competitors’, but their customers don’t know this and due to that their sales is less than the competitor or that they are not able to charge as high as their competitor is charging. The real reason may be that we may have left it to chance by speaking nothing about our brand, whereas the competitor may have consciously built the brand with right communication and the product or service performance.
If we don’t tell the prospect customer about our product, she will assume and build her opinion about our offering based on whatever opinions or perceptions reach her through word of mouth. That prevents a huge opportunity for us to grow our brand rapidly.
So don’t let accidental or natural brand building keep your brand potential limited. See the part titled “Why Branding is Important?” elsewhere in this chapter to know more reasons for making conscious branding efforts.
(Expert advice to GROW your business wherever you are, whenever you want.
SMEBusinessGuide.com… https://goo.gl/E3pfoQ)
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