People buy from companies they trust, which is why creating brand value is so important. If you can increase how much value your customers place on your brand, the more they will buy from you, and the more profit can be made. It's a crucial part of your business development. Make sure the face of your company continues to be appealing in the eyes of your buyers rather than make them run to your competitors.
According to the Cambridge Dictionary, brand value is defined as "the financial value of having customers who will pay more for a particular brand." It also means "a good quality that a company wants consumers to connect with a brand." In a nutshell, a company's brand value depends on its reputation.
The 26th Edition of The CMO Survey found that "strong customer experience" was the most important priority to customers, especially from online companies. Thirty-three percent of 356 top marketing professionals in the US listed customer experience as a priority for customers when compared with superior product quality (30.2%), excellent service (20.6%), trusting relationship (23.3%), superior innovation (9.0%), and low price (16.9%).
Customer experience is made up all the ways your customer interacts with your brand. This includes the company website, mobile apps, chat bots, and social media, for example.
This is also reflected in the number of brands that are investing in their customer experiences. A large majority of marketers that responded in the CMO Survey (73.6%) reported that they will be investing in building better customer-facing digital interfaces during 2021. Almost 15% of marketing budgets were spent on customer experience during that same year.
When you are fresh on the scene as a retail seller online, your first few buyers should be treated like royalty. Without a huge marketing and advertising campaign behind you, your initial brand success will be based on how you do business with your first customers. Word-of-mouth at this stage is important for referrals and repeat business.
Being a little bit different sets you apart from everyone else. It makes you recognisable and your repeat customers will feel familiar with your unique traits. This helps you to gain trust in a crowded marketplace.
We can test this notion with food and beverage companies. Have you noticed the shape of soft drink bottles? The well-known brands have very unique-shaped bottles. Coca-Cola for example has bottle that is slightly angular on the top half and a curved bottom. This is the same shape for both their plastic and glass bottles.
Coca-Cola also gave their Fanta drink a special bottle design. In 2012, Fanta bottles were given a new, irregular, twisted shape to match its fun and fruity branding. This is a simple but smart way to let customers know that they aren't getting an imitation product.
Referring back to The CMO Survey, results showed that almost 80% of marketers considered customers keeping watch on their attempts to “do good” during the pandemic. Forty-eight percent were in agreement that customers care more about the social and eco activities of companies.
Semicolon Bookstore and Gallery in Chicago is an example of a business that takes its social responsibility seriously. Their mission is "nurturing the connection between literature, art, and the pursuit of knowledge; while also using the power of words to better our community."
Not a regular bookshop, the owner wanted to make a difference by offering incentives such as letting local students take books of their choice home for free to improve literacy rates in the city.
Questionnaires, feedback, and reviews help you to keep giving your customers what they want. After all, they produce all the revenue for your company, so keeping up with their opinions and suggestions for your product offering, online customer experience, or service will only better your business operations. Online reviews especially play an important role in buying decisions of your customers, so work with them to make amendments.
Sending a short customer survey every 6-12 months will provide you with a goldmine of information on how to improve your offerings. Make sure the survey won't take longer than 5 minutes otherwise you can offer an incentive such as winning a prize or a discount code for completing longer surveys.
Also note that there is a strong correlation between when customers receive a survey email and the response rates.
Following these ideas can help you build trust with your customers and establish a base of loyal and returning buyers. Consider writing down your company mission and vision as part of your business plan first to make it easier to put a strategy together for your brand value.