Consistent branding is key. Even though you may be tempted to do so, this is not the time to reduce or downgrade your branding efforts.
All businesses have faced turbulent times in recent years. Of course, the COVID-19 pandemic has probably had the biggest impact, though we are now facing rising costs of goods and products, driven by a range of factors, including rising inflation and ongoing interest rate hikes, creating economic uncertainty for almost all of us.
During such times of uncertainty, it is only natural for us, as human beings, to want to pull our heads in and tighten the purse drawstrings to try to protect ourselves from the perceived threats that are currently swirling around us. But that is actually the worst thing you can do for your brand.
The market share of your business is the percentage you control of the total market for your goods and services. While many factors drive market share, a strong brand image is essential for maintaining customer loyalty and encouraging repeat purchases. A strong brand image also helps to differentiate your products from those of your competitors – and we all know competitors are always a large threat in business.
Brand image, also known as brand identity, combines all tangible elements that allow people to instantly recognise your brand – and is essentially how your company or your products are portrayed to your customers.
However, brand image is far more powerful than a name or logo alone. A strong brand encompasses the entire customer experience with a product and can influence buying habits.
For businesses that have a strong brand image, people will often instantly recognise their products through their brand (logo or another form of branding) even before they see the product itself!
Brand image is a key factor that distinguishes your product from competitors, helping you gain and maintain market share. When there is an influx of brands in a particular market, consumers often base their purchase decisions on brand image rather than the product itself. That is how powerful it can be.
This is not the time to reduce or downgrade your branding efforts. Doing this could allow competitors to increase their branding efforts, encouraging people to switch brands. It could also have a long-term effect. Let’s illustrate this with a theoretical example.
Example – ABC Barbeques
ABC Barbeques operates in a highly competitive market. They have always had a strong reputation and have used large, high-impact LunaKrome™ badges on their barbeques, so their brand is easily identifiable and frequently seen by both the owner and all visitors to their home.
Let’s say they decide to cut costs in this tightened economic environment and choose to no longer brand their products. Not only will they lose the opportunity now for instant brand recognition on their barbecues, but this lost opportunity will continue for the next 10 years or more, for the entire life of the product. Therefore, the brand image will continue to erode over the next decade due to reduced visibility in the market. This will allow competitors to pounce!
This example could just as easily apply to any business, industry or product.
The best way to ensure you maintain your market share is to maintain your brand image. Branding is integral to your brand image. Your logo, colours, and fonts, used consistently across your products, will help reinforce your brand with your target audience.
LNI offers a wide range of branding solutions for its customers. Whether it be a LunaKrome™ or VIG 3D chrome badge, a Lenscal domed badge, a Premium Decorative metal nameplate or some other form of label, LNI’s Technical Division will identify the correct materials, processes and product solutions to suit our customers’ requirements.
The market is very crowded. Ensure you continue to get consumers' attention, so you don’t get lost.
At LNI, we have been supplying branding solutions to our customers for decades. Our branding solutions are your brand ambassadors!
We help protect your brand image by working with you to create badges, labels, or nameplates that not only look great on your product but also suit the environment they are used in and will last the life of your product.
Talk to us today to discuss branding solutions for your products to help maintain your market presence in these trying times!