Have you ever wondered why some brands are able to generate higher profits than others even if they are within the same industry? The answer is VALUE. It’s not just the perception of value. Why are customers willing to pay more for some products compared to others? The answer is both the perception of value as well as a value-based BRAND EXPERIENCE.
Our research has demonstrated that the majority of values-driven brands deliver an unparalleled experience, and as a result they enjoy a lot of customer loyalty. This loyalty generates revenue growth, however, not at scale.
The answer lies not in marketing or advertising strategies, and many times not even product quality; rather, in positioning your brand based on the value you provide.
And that requires telling your story.
Value-based brand experience and positioning will ensure you attract not just more customers, but more of the right customers.
- Customers who have an affinity for your brand and are willing to pay more.
- Brand positioning ensures you increase profitability, while increasing revenue.
- Positioning a brand effectively requires differentiation.
Too often, marketers focus on explaining why a product or brand is great, when in reality, customers no longer believe, much less listen, to marketing messages.
Advertising campaigns are increasingly less effective, not because of the quality of the campaigns but rather buyer apathy.
Buyers don’t care what brands say they are…they want to know why your brand is different, and why it matters to them. Potential customers want to hear stories of how you’ve helped others, and why what you do matters.
Your target market also wants to know how your product will make their lives better. It’s about them.
Look at your website today and ask yourself these three questions:
- What percent of your site is about your product/service?
- What percent is about the benefits of your product/service to customers?
- What percent of your site includes customer testimonies and case studies?
The best way to differentiate a brand is to tell stories about how customers are using your product today.
A good example of a company that does this very well is Airbnb. They use their customer’s experiences to represent their brand and tell their company’s story. Not only do they have a community forum on their website for hosts to share their experiences and connect but they also are consistently showcasing the experiences of the guests as they stay all across the world.
The second-best way to differentiate your brand is to tell stories about your team and culture, and place these stories on your social media pages.
Buyers don’t buy from social media, but rather use your social platforms to get a “peak” into who you are.
Telling a differentiated brand story is more than just being a thought leader or leveraging influencers to promote your brand.
The primary story you want to tell is how the brand helps everyday customers solve problems or how the product adds value to the buyer.
A company that does a great job at sharing their story both through customer experiences and through their company culture is CustomInk. Their products bring many companies, organizations, and even families together to celebrate events of all kinds. This is a value-based brand experience that touches the heart of many.
Finally, engage your customers, staff, and partners in sharing stories about your brand.
Find ways to create easy to share content that your team can be proud to share. Some brands use PR effectively to accomplish this and that is extremely effective.
Another way to achieve this is through story-telling mediums such as YouTube, Podcast and Earned Media (PR).
According to many recent studies, 68% of customers prefer to learn about a new product or service through short videos. Additionally, 70% of consumers say that they have shared a brand’s video and 72% of businesses have seen a higher conversion rate with the use of video.
Statistics support the use of visual storytelling mediums, in particular, YouTube, which has an easy to implement platform for effective storytelling for brand differentiation.
If you are ready to reposition your brand and tell your company’s story, our team would love to partner with you and collaborate on a comprehensive strategy that will bring you a high return.