What is a meaningful brand? Quite simply it is a brand that has significance. It’s one thing to have a brand name that people are able to easily identify. On the other hand, to achieve true marketing potential, its better to have a brand that is meaningful. So being meaningful means that your prospects and customers can relate to your brand. It isn’t the biggest or most innovative brand that wins—it’s the one that’s most meaningful to the people it serves. There are two key layers of any brand (internal or external). The foundation layer is made up of the core beliefs or ideas that describe who your company is. The experience layer includes the ways you execute on the beliefs and ideas. Simplifying this a lot, it sounds like “Walk the walk. Talk the talk.”
So much of marketing success hinges on forming connections with consumers, earning even seconds of their valuable time. By creating meaningful connections you make for loyal customers which creates repeat sales which then makes you more money. Additionally loyal customers will be more willing to buy other products from your brand. Customers will shop a line on a regular basis with brands that they have a connection to as opposed to going there only when they need to buy something.
“The benefits of brand loyalty are longer tenure (or staying a customer for longer), and lower sensitivity to price. Recent research found evidence that longer-term customers were indeed less sensitive to price increases.” According to: Boundless. “Brand Loyalty.” Boundless Marketing. Boundless, 14 Nov. 2014. https://www.boundless.com. Look at companies like Ralph Lauren. Ralph has created a very successful meaningful brand. By carefully cultivating his brand and being uncompromising over the years in managing it his brand has enjoyed a longevity experienced by few others.
The benefits of creating a meaningful brand are clear and show that the effort in developing and sustaining one are well worth the time.