A well-established brand is capable of producing remarkable results. Once a brand’s
foundation is solid and recognized by consumers, doors open to increased profitability
in a variety of ways, including but not limited to:
- The ability to charge a premium price
- Serving as the "go-to" brand for rushed purchases
- Facilitating positive perceptions due to brand familiarity
- Enabling successful brand extensions
- Decreases in marketing costs
First and foremost, a distinguished brand is able to charge a premium price, because
consumers are purchasing your brand and the reputation it carries, not simply a
commodity. Likewise, when pressed to make a wise decision, consumers will generally
default to name-brands over store brands or some other "no-name" even if it means
paying a little extra. Furthermore, research shows that brand familiarity evokes
positive associations, so although a consumer may have passed on your product or
service several times, psychology indicates each subsequent exposure brings the
consumer closer to trial. An established brand also benefits from the halo effect,
wherein consumers’ perceptions of a brand influence their assessment of extensions
of that brand. This phenomenon allows companies to take advantage of their reputation
to introduce additional products or services. Lastly, while it can be costly to
create a true brand, once established, a brand experiences lower marketing costs,
requiring less marketing effort as a result of consumer familiarity regarding your
brand’s unique selling proposition.
In order to reap the benefits of a brand, companies must be actively engaged in
the process of branding, which refers to the creation and preservation of a distinct
perception in the minds of consumers. Branding is a continuous activity that involves
monitoring and analyzing the numerous factors that contribute to the reputation
of a brand. These components that shape a reputation revolve around one central
theme – consistency. Without consistency, it’s effectively impossible
for consumers to have enduring confidence in your brand.
The best way to assess consistency is by monitoring the settings where your merchandise
is offered.
Is your product available and in the appropriate area where consumers can easily
find it?
The number one reason customers leave a store without purchasing is because they
are unable to locate the product they desire.
Is pricing reasonably consistent across distribution channels?
Not only can pricing inconsistencies lead to legal ramifications from the Federal
Trade Commission, but they can also cause consumers to lose confidence in your brand,
perceiving it as unreliable. An estimated one to three percent of consumers will
never purchase from a particular location again if they realize they have been overcharged.
On the flipside, when a consumer is undercharged, this irregularity serves as a
reflection of a brand’s lack of dependability, deterring repeat business.
Lacking consistency gives a brand minimal chance of success putting you in danger
of getting lumped in with the ever-growing list of companies dubbed as "a dime a
dozen."
TrendSource ensures your branding efforts are being properly executed through the
use of a particular type of mystery shop, known as a compliance audit. These compliance
audits, also referred to as marketing audits in this context, examine the locations
where your product or service is available and are conducted by our proprietary
database of certified professional Field Agents. Before being assigned to a job,
Field Agents are carefully coached on the intricacies of your specific program and
once completed, each report is individually reviewed by our Quality Control Team.
TrendSource is experienced in conducting compliance audits in a variety of settings
including franchise chains, resellers/retailers, and dealer locations. Among the
areas/objects for assessment are promotional and merchandising materials including:
- Product availability and presentation (positioning, shelf space/facings, signage/displays)
- Point of Purchase (POP) materials and brand messaging
- Employee skills, performance, and training evaluations
- Multi-location sales message consistency evaluations
- Competitor initiatives, analysis and comparisons
In addition to your customized audit questionnaire, reports are complemented with
digital photographs for easy reference and clarification. Branding is a difficult
process that requires a lofty commitment but yields worthwhile results. TrendSource
possesses the resources and expertise required to accurately gauge the execution
of your branding initiatives.
