Brand preference is a marketing metric that reflects the strength of a brand on the market. This indicator shows whether consumers prefer a particular brand over others from the same category.
Watch this video to find out 3 components that drive brand preference, learn how to measure the success of your strategy and how to become a preferred brand.
Why is it important to build brand preference?
Simply put, brand preference means the level of consumer dedication to your company. If your clients don't consider any other brands to save money or just break new ground, you've managed to build brand preference.
There are some other ways to measure this metric. Say, your store has run out of its top-selling product that is so much adored by your clients. Check whether they will look for the similar one among competitors or wait until it's back in stock. Another option is to monitor your customer reaction to a price increase. If it doesn't influence your sales volume, it means that clients believe your product is worth its price.
This indicator is extremely important since it reveals your loyal customers and brand advocates. The higher your brand preference, the higher your total sales. If your clients don't leave you because of higher prices or temporarily unavailable items, they do appreciate you which is the result of well thought out marketing campaigns, high quality of the products, and awesome service.
Factors Influencing Brand Preference
As far as building brand preference is one of the goals each business tries to achieve, it goes hand in hand with the concepts of brand marketing. Brand marketing is a holistic approach that entails reaching several objectives to build long-lasting relationships and emotional connections with clients that will result in high revenue.
Essential concepts that contribute significantly to building your brand preferences include brand awareness, advocacy, loyalty, equity, engagement, identity, and image. It seems huge but this is a long-term game. As soon as you put a brick of each concept mentioned above into developing your brand marketing strategy, customers will have more reasons to choose your company.
High-level personalization, deep segmentation, and predicting customers’ intentions based on their activities and engagement will leave no chance for your clients to give a try to your competitors. A thorough analysis of your clients’ needs and intentions will provide you with the data necessary to create highly relevant and killer offers.
Now, let’s take a look at the effective tips that will help you build brand preference.
6 Tips to Build Brand Preference
- Highlight your benefits
- Create customer profiles
- Analyze your customer behavior
- Increase customer engagement
- Support your client at each stage of their buyer journey
- Build customer loyalty
In the previous section, we’ve mentioned factors that influence building your brand preference. So, we’ll share the tips to master these aspects to increase the number of repeat buyers.
- Highlight your benefits. You should understand what makes your company stand out among competitors. Remember that clients don’t look for brands or products themselves — they look for solutions to their problems. Define your unique value proposition clearly and feel free to tell about your benefits. To make this scheme work, you should have a clear picture of your clients’ needs and preferences. So, carry out research to grab some insights. If you truly believe in the uniqueness and value of your product, so will your customers do.
- Create customer profiles. It includes personal data about your customers that will help you better understand them. A customer profile usually consists of user gender, age, location, job, income level, and any other important information. You can collect this data via subscription forms, CRM systems, surveys and polls, analytics tools, email campaigns. Tell users that this data will help you craft the most relevant offers and better understand them.
- Analyze your customer behavior. User behavior on your site and social accounts tell much about their preferences and shopping habits. If users add items to their shopping cart without buying, reconsider the design of your checkout. It may take too long to order. If customers contact your support team with the same questions every day, they probably fail to find the answers on your site. So, pay special attention to your site navigation, resources available, and FAQ section. If clients never return to you to purchase again, they may question your product quality. Contact them and ask for their feedback for you to improve.
- Increase customer engagement. This is the key to building a powerful emotional connection with your company. People love brands that engage with their audience on socials. Create polls and surveys on Instagram to discover your followers’ opinions about your products or service, share some behind-the-scenes via Instagram Stories, tell your brand story via a Facebook post, encourage customers to share their feedback with your hashtag to collect UGC. At least, you can ask your audience directly which content they prefer. They will appreciate this move.
- Support your client at each stage of their buyer journey. Your leads won’t buy immediately and they do have difficulties with your product or service. And this is fine. Your task is to be one step ahead and predict these issues. Determine at which stage you lose leads, analyze the obstacles, and be proactive. A well-thought content marketing strategy will help your leads eliminate possible problems. Offer them how-tos, checklists, reminders, video guides, and demos to realize how things work. Let your sales manager or customer retention team consult clients individually to better understand them.
- Build customer loyalty. Loyal customers shop regularly, spend more on purchases than first-time buyers, and are a great source of word-of-mouth for your brand. They will definitely share their positive experience with friends and colleagues, and bring in new customers to your brand, as a result. To increase the number of such devoted clients, hire more customer care agents, create a loyalty program, offer VIP tiers, collect customer feedback and optimize your efforts accordingly, send triggered emails, and segment your audience. Your efforts will pay off with high revenue and a strong brand reputation.
Now you know why building your brand preference is a must for each brand. Keep in mind the tips and make use of SendPulse marketing services to communicate effectively with your audience across almost every channel.
- This article considers brand preference in market research and provides a comparison of brand preference and brand equity.
- This article offers several tips to increase brand preference.
- This article unveils 3 steps to influencing brand preference
Last Updated: 10.02.2021