In what ways does developing a strong brand increase a company’s growth potential?
Kerri-Ann Choromanski's insight:
This article relates the brand image to the pricing and growth of companies. It shows the connection in three specific ways. Charge a higher price that hopefully leads to higher profits, a brand name’s strength determines how quickly and successfully a company can expand and when a brand gains trust and respect they are able to launch more products. Examples are shown for larger companies… but can this be applied to smaller companies? Or companies that havn’t been around as long as Coca-Cola?
This article covers why brands are important. We see that with No branding, there is no differentiation between products. With No differentiation there is no long-term profitability. “People don’t have relationships with products, they are loyal to brands” which is true. We buy a product due to the perception of who makes it and their values matching ours.
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