“When consumers trust a brand and find it relevant, they may select the offerings associated with that brand over those of competitors, even at a premium price. When a brand’s promise extends beyond a particular product, its owner may leverage it to enter new markets. For all these reasons, a brand can hold tremendous value, which is known as brand equity.” ~ Wikipedia
Your brand is a collection of your customers’ experiences both online and offline. In today’s experience economy, it’s so obvious who can keep taking the lead in specific market or industry… who? It’s the one who create a remarkable experience for one customer in a time; both for happy and upset customers and remember, you have to create a unique experience for upset customers. #retention
One of the most important shafts of your customer’s experience is the brands associated or involved in creating your overall brand equity. It’s the experiences created by brands and people YOU have refereed or asked them to use or try. This is big so help when you can but refer wisely and extend only when you expect more value will be added to your customers because at the end, it will all back to you.
If you are a doctor or working in doctor office, you are mostly referring your patients to a specialist, radiologist or sleep lab. Did you experience going to these referral places? Have you ever read about their online reviews? Did you ask your patients if they had a good experience? and the most important question: Have these extended brands added value to your customers?
Most of the grocery retail stores don’t realize that their customers like them because of the quality of variety fresh fruits and products they sell. Some customers could back to you for one quality product you sell even if you are selling higher.
We as a human should follow the same principle for our personal brand. According to Nielsen: 92% of people trust recommendations from friends and family above any form of advertising. The consumers’ reliance on word of mouth in the decision making process, either from people they know or social media, has increased significantly. This means we are going to create a high trust circles of friends and communities and this is for sure will lead to produce more output than low trust communities.
In conclusion, extend your customer experience to brands which will add value to your customers. Just imagine your customers’ feelings if that product or person wasn’t at the same level as your brand. This is my 2 cents worth.