Why Your Business Needs Premium Branding
Good branding is the solid foundation you need to build your business. It elevates your products and services above the competition and cuts through the noise of a crowded marketplace. Whether you’ve been in business for one year or one hundred years, it’s well worth your time and focus to take a step back and strategize how to take your company’s brand from “on par” to premium.
What does it mean to be a “premium brand?”
Premium brands have the unique ability to demand a higher price than the competition. Because of how they are positioned in the market, premium brands leverage customer experience, packaging, quality, and the overall brand experience to earn a higher price point and the trust of devoted consumers. When you’re perceived as an exclusive or premium brand, your buyers are willing to pay more to experience what you have to offer. It doesn’t necessarily mean you are the most expensive. It simply means that your brand holds higher value in the eyes of consumers than that of competitive products or services.
Why premium branding matters
An intentional brand strategy will have a lasting impact on every facet of your business–from obvious channels like revenue generation to more subtle benefits like being able to attract premium talent for your team. Here are several reasons why.
It reflects your promise to your customers
When you differentiate yourself as a premium brand, you are telling your customers what to expect. It’s a promise that their loyalty to you will lead to an exclusive experience that they can’t get anywhere else, and more importantly–that you’re worthy of that loyalty.
Be mindful of the words you use to describe your business. Create an image that you can live up to and that customers will believe. Focus on your strengths, whether it’s the quality of your products or the innovation of your R&D team–hone in on what you’re exceptionally good at and build your brand promise around that.
It turns mundane transactions into exceptional experiences
When customers feel connected to your brand, it offers a sense of security and familiarity that your company knows their customers and how to solve their problem or need. Build your brand around creating a great experience for customers that they can’t get anywhere else.
It offers clarity and purpose to everything you do
Once you decide who you want to be as a company and develop a premium brand that revolves around your mission and ideals, it’s much easier to stay true to the promises you made your customers. Companies that don’t create an exclusive, one-of-a-kind experience are at risk of drifting off course and losing the trust of their brand loyalists. Premium brands have an unwavering identity that retains the confidence of their customers.
It creates an emotional response
No matter what you sell, you must create an emotional connection with your audience to convince them that they need it. Premium branding has the ability to showcase even the most commodotized products and services by creating an emotional reaction with consumers. With effective branding in place, customers will begin to associate your products or services with positive emotions that transcend traditional features and benefits. Instead, your company will serve as the gold standard–and worth more than competitive products.
It promotes employee engagement and attracts great talent
Engaged employees are the best marketing resource you have. When your teams believe in the value of your brand, customers can’t help but follow suit. The first step of any premium branding strategy is to socialize it with your employees first and get their buy-in. Some of the world’s most successful companies have the best company cultures. Their employees can’t wait to talk about the brand and what it stands for, and job-seekers are lining up to be part of it. Keep your branding front and center with your teams and your reputation as a premium market leader will follow.
As you visualize and plan for your premium branding strategy, be confident in your ability to offer an exclusive experience to your audience. Stay “in character” with every ad you design, piece of content you write, or web page you publish. You’ll need to continually earn the right to your premium reputation by staying consistent to your brand and looking for ways to create new connections to your audience. The payoff of an elevated market presence will be well worth the effort.