I talk a lot about branding.
And, believe me, I know it’s a tough subject in an industry that is almost 100% sales driven.
It is not lost on anyone that sales is the life blood of your business.
But, listen. If you plan to be in business for the long-term, then, BRANDING is important. Yes, it’s important to your:
…and a whole slew of people that your business “touches.”
Also, it’s a process that builds over time. So, here are 5 Secrets of the Brand…
The Long-Term Advantages…
Branding is the process of identifying a product or service with a name or image that COMMUNICATES the qualities and benefits of your business to your clients and members. A strong brand creates a PERSONALITY for your entire business and differentiates it from your competitors.
Branding can help even the smallest fitness business to:
- Increase and retain market share
- Launch new products and services (programming)
- maintain profitable pricing levels
Fitness businesses that develop strong brands build preference for their products and services.
When clients and members are faced with choices, they typically will favor a brand they have purchased before and trust.
This is an important advantage for products that your members and clients purchase frequently, such as nutritional supplements. In that sense, a strong brand makes an important contribution to client and member retention.
Branding your products and services will improve the return on your advertising and marketing budget. Communicating the same messages and using brand elements such as logos, colors, packaging and graphics consistently helps to reinforce brand qualities.
Building a brand that your clients and members can easily recall and recognize can reduce your marketing costs in the long term.
A strong brand can help you launch new products and services or enter new markets with new locations. Giving new products and services the brand elements and qualities that client and members already recognize and trust reduces the risk of failure.
The original product or service can be used to launch complementary products and services or even products and services in a different category, because clients and members associate the new product with the existing brand qualities.
Branding can help you increase your revenue and grow your client and membership base. By promoting your brand consistently, you can move prospects and clients/members through different levels of brand familiarity – like value-added programming – or funnel marketing systems.
Brand recognition occurs when clients and members can instantly recall a brand’s qualities. Brand preference occurs when clients/members choose your brand out of habit because they are satisfied with it. You have achieved brand insistence when clients and members actively seek out your product and will NOT accept a substitute.
A strong brand can help protect market share and create barriers to entry for new competitors. Competitors wishing to enter would have to make a major investment in brand development and marketing to match your strengths.
Branding can also help you to maintain pricing levels.
When clients and members insist on your brand, they will be willing to pay for the product in preference to lower-priced offerings.
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