Why brand building is important to success

What is a Brand Name?

A GOOD Brand Name to me is a product that comes to me right off the top of my head when that type of product is mentioned. For example, when someone asks me to go out to lunch, I ask where and they suggest a place. So now I think to myself, what is my perception of this place? Do I like it? Did I have a bad experience there at some point that makes me dislike that place? Was the food good? I instantly evaluate these questions in order to decide if I want to go to that place or not. The point being, a Brand Name adds a sense of comfort to my potential decision.

For example I ate at a restaurant a while back and the service was so bad, I did not ever want to go back. Now does that means the service was going to be that bad again if I went back? Not necessarily, but when I had that experience, it created the perception that this specific place gave bad service, and thus my overall internal feeling about that place was low.
First impressions make a WORLD of difference in your Brand Name.

A Brand Name can be what’s listed on the outside of a package, or the outside of an establishment. The true definition of a Brand Name in my mind is the perception someone has about the quality of your product or service. That is truly your Brand Name. The better the perception, the more they will like buying your goods and services.

So, why is this important?

Well, the better the Brand Name of your business, the better the perception is from the general public about the quality of the goods or services you provide.

And the amazing part is, the better your Brand Name, the more you can charge for your product! People will pay more for Brand Names that give them a sense of comfort that they are spending their money wisely, a Brand Name that creates the perception that the quality of the product or service is worth the difference in price.

Let me give you an example:

I bought a new truck the other day. Let’s call it Brand A. I chose Brand A because their Brand Name gives me the perception of quality work, safety and reliability.

Compare that to an older car I owned. I’ll call it Brand B. The perception I have of Brand B is solely based on my experience with them. In my case, the Brand B vehicle I owned gave me nothing but problems.

Now this is one guy and his belief in a Brand Name of a vehicle, but that is where the quality of your product comes into play. Have there been people who have owned “Brand A” trucks and had nothing but problems with them? Sure, I would not doubt that one bit.

But, in general, when I speak to people about “Brand A” vs. “Brand B”, most of the people I spoke with have said that the “Brand A” truck lasted longer and typically did not break down as often as “Brand B” did, on average.

I also spoke to a lot of auto mechanics (family friends) and they tell me the same thing. So those stories build my perception that “Brand A” is good, and “Brand B” is not quite on that level.

Now does that mean if I buy “Brand B” that I am destined to spend the majority of my time in an auto repair shop?

Not at all. Of course to assume that would be silly.

But the perception is that I would LIKELY spend LESS time in an auto shop if I bought a “Brand A” vehicle.
See how that works? That is all it takes. It’s your minds perception of a brand and the level of comfort you get by owning something that you think is worth it.

Even if a “lesser” costly product on average is just as good as yours, if the perception is that yours is better because of Word of Mouth, Testimonials from Friends, Blog Posts, or Commercials, etc., then your product in that person’s mind is better. And if your product is perceived to be better, the customer won’t mind paying a little more to get it.

Believe me I know. I have a new truck note now.

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