Consumer needs and wants are one of the leading factors that drive the world of marketing as we know today, particularly since needs and wants generate demand. Branding, as according to the business dictionary, is “the process involved in creating a unique name and image for a product in the consumers’ mind, mainly through advertising campaigns and a consistent theme.” The most significant of all branding lessons would be – branding begins on the demand side of the market.
Society is constantly evolving, developing a new set of consumer wants and needs. If buyer’s needs and wants are always changing and driving the demand curve, then how must companies meet these expectations? Companies must “seduce”, or in other terms, pay close attention to the effort engaged in the branding of a product or service. Creating a broader range of product characteristics, attributes, specifications, as well as innovation and affordable pricing, play as important elements in consumers purchasing a product or service, which therefore increases demand and brand value. Consumers are willing to spend an amount based on the value of the product or service, which fills the void or gap that was once their need or want. Even other aspects such as the voice behind your brand can impact consumer demand.
For example, let’s take a quick look at the iPod. A reason for its major success was it had a stout brand. The value of the product itself, along with the numerous advantages it held over the walkman and other competitors, is what helped with its incredible success. The same happened for the iPhone and iPad some years down the road. According to Forbes, Apple had a brand value of $6.6 billion in 2000. Today, Apple’s brand value is $98.3 billion – almost fifteen times the amount of its brand value in 2000. By keeping customers at the center of everything it does, Apple is able to anticipate what they want next and break new ground in terms of both design and performance.
The company has consistently delivered high value products that are sensible on a consumer scale, along with stability and permanence. These attributes are important for emerging brands as well as those on the Fortune-500 list. According to Mark Reino, CEO of Merit Mile, “branding alone begins and ends with the demand of a product or service in the market. In order to achieve high demand, you must place yourself in the consumer’s shoes and evaluate his or her needs, wants and desires that will eventually lead them to building an emotional attachment and making a purchase.” How is your brand performing amongst your competitors? For a quick discussion on how to improve your brand connection with customers, schedule a call today with a Merit Mile brand strategist.