Most people in business dread the cold call. We don’t like having to do them and we get annoyed getting them. Not many people like calling up a stranger and trying to sell them something. And, we don’t like getting them because they are an interruption in our day. Brands act the same way. Here’s what I mean.
An unfamiliar brand is like having that brand cold calling you. They are trying to reach out and say, “Hey, you don’t know me, but how about taking a chance and buy me?” It’s like calling someone you don’t know and asking, “You don’t know me, but would you like to go out on a date?” Brands are about building a relationship with their customers. That’s why is very similar to dating. Companies and products that don’t believe in creating a well known brand must like interrupting their customers because that’s how they feel when you intrude on them. Which are you most likely to take a call from, Scherer, Donald and Louena or Goldman Sachs?
Well known brands make all sales calls a warm sales call. Whether it’s B2B or B2C, a familiar brand makes connection easier. Well known brands breeds familiarity. There is an automatic level of credibility that is given. In brand world, to know you is to prefer you. People would rather go with something they know than with something they don’t. Brands have a greater trust factor than companies who don’t have a strong brand. An unknown brand must prove themselves over and over. Most aren’t given an opportunity to do that since people don’t like to take chances with what they spend money on. A familiar brand is often considered good, whether they deserve it or not. A very well known brand is considered great, whether they deserve it or not.
So, does all of this familiarity and good feelings affect the bottom line? According to a study by Corporate Brand LLC, the top 30 companies in the Dow Jones had a 309% return on investment. The top 30 S&P 500 companies had a 308% return on investment. The top 30 well known brands in America had a return of over 402%. Even in the harsh realities of the stock market, the soft issue of a well known brand counts big time.
Brands are a short cut for consumers. They hear the name and they automatically have an emotional reaction to it. If you’ve taken great care in crafting your brand essence, the emotions you stir will be one of comfort and trust. We humans trust people and things we already know. We are most always fearful of strangers, including strange brands we don’t know anything about.
If you want to make it easy on your sales team or your customers, make the effort to have your brand well know and familiar. Remember, none of us wants to go out on a blind date.