Branding Tip #2 - Partnership With Trusted Brands
Nearly 80% of customers choose brands because of trust and familiarity.
E Consultancy, Rebecca S.
Not just that, but in our research we have also found that approximately 70% of customers will buy from co-branded partnerships. It shows that customers gain a feeling of safety, trust, & purpose; co-branded products and services provide very unique solutions for them.
Reasons for Partnering With Brands
The graph above, sourced from E-Consultany, shows that almost 50% of customers decide to choose a brand that they have already partnered with in the past, with 35% choosing a known or trusted brand.
That’s the power of brand identity and brand awareness!
So how do you become the #1 spot in people’s hearts even if you’re not in their Google Search?
1. Know your story and listen to your customers
It’s so important to first, understand your story and the role you play in it. As a brand, your story matters; it’s the driving force behind what you do, or sell. And even more so, the role you play should not position yourself as the hero…everyone likes imagining themselves as the hero to a problem. The customer is the hero in your story. You are their guide.
Additionally, it’s important to listen to your customers and their needs. It’s goes without saying that if people needed eco-friendly solutions for cars that help preserve the natural world, Tesla wasn’t going to be the proud manufacturer of gas-guzzling SUV’s. This step takes time, but it’s worth investing time into so that you are a brand that understands the needs of its customers.
2. Know your industry and how to solve the customers’ problem
The second step is to understand the industry your business is in, and its competitors. Everything from new developments, recent successes, and recent failures are all important to analyze so that you can position your brand at the forefront of your industry. Additionally, the key is to develop and strategize how your brand can separate itself from other competitors.
After knowing your story, your customers’ needs, and the industry, you’re now at the point of solving the problem that the hero (the customer, not you) is encountering. It’s one thing to identify the problem…you now have to be the guide to fixing it, AND convince customers that you are the best way to fix their problem.
3. Know how to engage and provide a valuable experience for customers
And finally, your brand needs to find ways to engage with customers in a meaningful way. A great way to do this is through co-branded partnerships (see statistic above) and valuable experiences. Memories are often tied back to specific experiences that one has had in the past, and we want you to give your customers great memories. Welcome to your next recurring customer base!
Some examples of this could potentially be:
A partnership between a coffee shop and a local pan dulce shop, because who doesn’t love returning time and time again for coffee and pan dulce.
A experience that gives your customer direct knowledge of who hand-made your ethically sourced t-shirt by stitching their name on the inside of the shirt with your brand’s logo. (idea from Someone Somewhere)
Resources: Psychology of Buying, Why Customers Choose Brands, Co-Branding
