Customers encounter several products or brands when purchasing goods and services. A customer’s decision to invest in a brand is vital to its success because customers invest in brands they value, associate with, and perceive will satisfy their wants and needs. Businesses must develop a strong brand identity and build their brand equity by creating value and relevance with customers to stay ahead of their competitors.
Cultivating positive brand associations with customers is essential in building brand equity because it helps businesses create the right brand image in the customer’s mind to maximize their return on investment.
Positive brand associations can create positive feelings and experiences that remind customers of the brand. Positive brand associations influence customer decisions towards repeated purchases and brand loyalty – in the words of Howard Schultz, “If people believe they share values with a company, they will stay loyal to the brand.”
Developing Positive Brand Associations
Focus on Customer Interests:
Attract customers and improve their response towards the brand by focusing on customer interests. The customer’s interests create positive brand associations among customers about what the brand represents, beliefs, purpose, and efforts to meet their needs.
The brand appears more favorable, increases customer satisfaction, and produces a positive attitude toward the brand. Moreover, customers will recommend and promote the brand to others, thus driving business growth and increased profits.
Enhance Brand Credibility:
Brand credibility is a crucial part of establishing trust in a brand with customers. Brand credibility aids businesses in influencing customer thoughts and behaviors regarding the brand. Furthermore, organizations can enhance brand credibility by establishing consistent, quality products, and customer service. It generates positive brand associations that reassure customers of the brand’s quality and value.
Additionally, collaborating with industry leaders, advisors, community partners, influencers, or celebrity endorsements, helps increase brand credibility, visibility, and customer buying behaviors. Brand credibility can appeal to customers as trustworthy and meaningful. Therefore, customers are more willing to support and invest in the brand.
Promote Unique Brand Attributes:
Illustrate the brand’s (product or service) key, descriptive characteristics, and features to help customers recall the brand’s unique qualities and connect with customers about shared values. It enables customers to form positive beliefs about the brand.
Customers can differentiate a brand from its competitors if they remember a brand for its unique qualities, making it easier to identify the brand. Additionally, the unique brand association provides businesses with a competitive edge in their target market.
For instance, Tesla, Inc., an American company based in California, has a competitive edge in its vehicles’ target market. Tesla established positive brand associations by having unique brand attributes and qualities that customers identify and recall. Customers recognize Tesla as an innovative, forward-thinking leader in the industry. Tesla builds all-electric vehicles, clean energy storage, and generation products. Tesla focuses on advancing the world’s transition towards a zero-emission and sustainable energy environment and eliminating the world’s dependence on fossil fuels. Customers who care and are passionate about protecting the environment, solar and renewable energy, sustainability, technology, and innovation have positive brand associations with Tesla because of their shared values.
Positive brand associations enable businesses to build equity and achieve overall success. Building brand equity through positive brand associations helps businesses increase their value, growth, profits, and market share. Positive brand associations help organizations build relationships with customers. Positive brand associations create stronger customer connections with the brand; it becomes the customer’s preferred and ideal choice.