From the article “Why Bother Building a Brand” here are 8 reasons how branding can contribute to the success of a business:
1. Memorability. It’s easier to remember the branded company than the “what’s its name?” one.
2. Loyalty. When people have a positive experience with a memorable brand, they’re more likely to buy that product or service again than competing brands.
3. Familiarity. Psychologists have shown that familiarity induces liking, and this makes even non-customers more likely to recommend a brand they know.
4. Premium image, premium price. Branding can lift what you sell out of the realm of a commodity, with customers willing to pay more for the well-branded product or service.
5. Extensions. With a well-established brand, you can spread the respect you’ve earned to a related new product, service or location more easily
6. Greater company equity. Making your company into a brand usually means that you can get more money for the company when you decide to sell it.
7. Lower marketing expenses. Although you must invest money to create a brand, once it’s created you get a bigger bang for every marketing buck using it.
8. For consumers, less risk. People tend to choose the brand-name supplier over the no-name one when afraid of the consequences of a mess-up.

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