A company is only as good as its brand. While brand loyalty is a term with a lot of meaning for companies, studies show that 58% of consumers are actually not loyal to any particular brand, presenting an opportunity for competitors to pounce. The key is for companies to separate themselves from the pack.
Steve Mascarin of Toronto, Ontario, is an investor who runs his own practice. He provides a few helpful tips that will keep your brand unique and standing out from the competition.
Present a Mission Statement
Customers change their minds regularly when it comes to purchasing from different companies, Steve Mascarin points out. One method to gain consumers and eliminate any confusion as to what you offer, or promise, is through a mission statement. Full transparency is constantly appreciated and valued by customers, especially when it is concise and to the point. For example, Taunton Village Dental’s mission statement is: “We provide exceptional guest experiences customized to each individual’s unique needs in a positive caring environment that will astound you at every interaction.” A simple, effective mission statement immediately allows your brand to be distinctive to consumers who are seeking a new company to purchase goods or services from.
Exceptional Customer Service
Now comes the challenge of hanging on to your consumers and that will largely be determined by how your company conducts itself in interacting with them, Steve Mascarin notes. Superb customer service, consistently executed, is critical in establishing your brand, as studies show that approximately 33% of consumers will dissolve their relationship with a business after one poor experience. Needless to say, the margins for error are extremely slim and a careless company will soon be resigned to the fact that their clients are fed up and decided to head elsewhere.
Reinforce Your Brand Online
Many businesses utilize the online route to build their brand, constructing websites that are showing off rich content, such as exquisite photography and engaging videos, Steve Mascarin states. Approximately 97% of consumers find local businesses through online means initially, so your online portfolio should at least dabble in content creation, SEO optimization, VEO strategizing, social media, and local business listings. Why limit yourself to a one-dimensional advertising approach when you can attract your audience through a multitude of mediums and give them a genuine idea of what your brand represents?
Acknowledge and Reward Customer Commitment
A loyal customer is a happy customer, Steve Mascarin says, and that satisfaction is evident in their spending habits. To keep your consumers on your side, reward their dependability by implementing loyalty programs, a proven tactic that has 83% of buyers willing to stay with a specific company. Not only do you clearly exhibit recognition and gratitude for their loyalty, but you also incentivize them to generate word-of-mouth marketing when they recommend your brand to family and friends. Ultimately, the efforts devoted to your current consumers will pay massive dividends down the line because a trust has already been formed.
Locate the Pain Points
All consumers possess pain points, whether it is wait times in the queue or confusing information on a company’s website. Strive to make your business different and attempt to address those problems that are highly irritating to customers. Ridesharing companies like Uber and Lyft, for instance, capitalized on the customer agitation that was overwhelmingly felt towards questionable pricing and wait durations associated with cabs. As a result, their business models are superior to the traditional taxi establishment. Similarly, Taunton Village Dental offers seat-to-seat service, taking clients from their car directly to the dental chair in a time-saving manner. Focus on solving these instances that see the customer forfeit valuable time, money or, frankly, patience.
Think Locally and Globally
Finally, your brand needs to keep its finger on the pulse of local and global opportunities that arise. Locally, you want to entice the residents and, with your various options, cater to their interests, says Steve Mascarin. On the global scale, it’s recommended that you embrace the potential to reach customers around the globe. Neglecting either, or both, of these ambitions can be costly. Try to balance these aims efficiently because, if you succeed, your brand will reap amazing benefits.