Business team discussing their brand strategy
In today’s hypercompetitive business environment, building a strong brand is crucial for attracting and retaining customers. As the unique identity of your company or product, your brand consists of more than just a name, logo and color palette. It also encompasses your corporate values, your brand promise, your voice on social media and more.
It’s crucial to get these right, because with a strong brand, a business can remain competitive in their industry, increase customer retention, and command a higher price for its products or services. So how can you become a brand that customers love?
1. Identify—and Communicate—Your Brand’s Values and Mission
Having a clear sense of mission or purpose can help guide decision-making within your company and differentiate it from competitors. It can also help you attract like-minded customers and employees. I’ve noticed that the best brand advocates tend to have an alignment with the brand values. I remember speaking to the CMOs of one of the largest beverage companies in the world, and I learned that they weren’t having to pay for influencer marketing campaigns. This is due to the fact that influencers were actually volunteering to get behind the brand because of its values and mission.
Say your mission is to make financial services accessible to younger consumers and other investment newbies. To define your brand’s values and mission, consider your company’s unique strengths and what sets it apart from your rivals. You may have financial advisers who can explain complex concepts in easy-to-understand language and make recommendations that give fledging investors a sense of confidence. Your website may be chock full of informative content that makes the stock market a less scary place and empowers customers to invest for themselves.
Use your brand’s values and mission to inform the language and messaging that appears in your marketing materials. Stuffy Wall Street jargon won’t align with your mission and values. Speaking in terms your customers can understand and addressing them as a confident yet down-to-earth friend will.
It’s just as important to communicate your company’s mission and values internally as it is externally. Doing so will enable your employees to align their work with these principles. When employees embrace your company’s mission of bringing financial savvy to the masses, it will influence everything from the inclusive copy your marketers write to the welcoming tone of your customer service reps.
2. Prioritize Customer Satisfaction
Providing excellent support is crucial for building a positive brand reputation. It’s hardly rocket science: Satisfied customers are more likely to recommend a company to others, while dissatisfied ones will shred you on social media. With any company I’ve been involved in, I’ve always emphasized the importance of having a sense of pride in your service. I’ve witnessed a clear difference in employee loyalty to companies that prioritize customer service. Employees seem to want to naturally add value for people, because it can give them a sense of self-worth in their position.
Customer satisfaction begins, of course, with delivering the product or service you’ve promised at the agreed-upon price. If you can do this with notable speed or an uncommon degree of friendliness, so much the better. Yet ensuring customer satisfaction doesn’t end there, since mistakes will inevitably occur. Your employees are only human, and your business is just as subject to the whims of the global supply chain as any other.
When hiccups happen, it is essential to respond promptly to customer inquiries and complaints. Customers appreciate quick responses, which shows that you value their time. While chatbots are available 24/7 and can handle many minor customer issues, be sure to offer multiple channels for customers to get in touch with your company. Providing email, phone, web and social media options can make it more convenient for customers to reach out to you. This allows them to choose the method of communication that they feel most comfortable with.
Your goal in these interactions should be to find a resolution that satisfies the customer in a timely way. A brand that’s willing to go the extra mile to address customers’ concerns and make them happy is one that will earn their trust and loyalty.
3. Foster Trust Through Transparency
People are more likely to do business with companies they trust, which is why trust is an essential component of any customer relationship. Building it requires transparency about your business practices. If you’re a manufacturer, for example, this means being open about how you source materials. You can back this up by obtaining your industry’s responsible sourcing certification—they exist for everything from agricultural products to concrete.
Customers also want you to be honest about your products or services, including any potential limitations or drawbacks. By all means, tell them if a killer feature is in development—just don’t claim to offer it now. You should also be clear about your privacy policies and how you use customer data. Customers are willing to provide personal data to obtain better service if they’re confident you’re using and storing it appropriately. When you are transparent, customers can trust that they are getting the full picture and can make informed decisions.
One of the biggest things to be transparent about is pricing. I have a rule with my sales teams that they must disclose the pricing over the phone or in person, then in writing, and also in the agreement. It’s a three tier approach to transparency in pricing. This includes disclosing any fees or additional charges that may be associated with your products or services. It also means being clear and concise with pricing information so it’s easy for customers to understand. Not only will transparent pricing build trust with your customers, it will help stave off misunderstandings or frustrations that can arise when pricing is unclear. When consumers get what they pay for, and they know how much that is, they’re far more likely to come back—and tell their friends.
A strong brand, built on a foundation of trust, transparency and excellent customer service, can lead to a loyal customer base and long-term success. But as with most things in business, brand building is not a one-and-done deal. Rather, it’s an ongoing process that requires regular adaptation to changing market conditions and customer needs. You’ll constantly need to solicit feedback on customers’ expectations of the company and how well their experience aligned with those expectations. By acting on their feedback, you can continue to improve and maintain a strong, recognizable brand that customers will return to again and again.
