HACK – TO INCREASE LTV

Increasing LTV of your customers. Branding plays an important factor when it comes to increasing LTV of your customers.

Branding – Cambridge Dictionary defines branding as “the act of giving a company a particular design or symbol to advertise its products and services.” Not so long ago, this was a pretty accurate description of branding – at least, what the consensus was at the time.

For many, whether specialists or not, branding is still just about the visual identity – name, logo, design, packaging, etc. Even more so, while the concept of branding and its understanding have evolved enormously over the years, the same old vision of branding is being preached, even by high-level marketers.

Branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice. Your brand is built to be a true representation of who you are as a business, and how you wish to be perceived.

Many areas are used to develop a brand including advertising, customer service, social responsibility, reputation, and visuals. All of these elements (and many more) work together to create one unique and (hopefully) attention-grabbing profile.

Branding increases business value

Branding is important when trying to generate future business, and a strongly established brand can increase a business’s value by giving the company more leverage in the industry.

Branding generates new customers

A good brand will have no trouble drumming up referral business. Strong branding generally means there is a positive impression of the company amongst consumers, and they are likely to do business with you because of the familiarity and assumed dependability of using a name they can trust.

Creates trust within the marketplace

A brand’s reputation ultimately boils down to the amount of trust that clients can have in it. The more you trust a brand, the better your perception of it, the stronger its reputation and, thus, the brand itself.

Establishing a realistic and attainable promise that positions the brand in a certain way in the market and then delivering on that promise. Simply enough, if the promise is being delivered upon, trust builds up in stakeholders’ minds. In highly crowded markets, trust is especially important because it can make the difference between intent (considering to buy) and action (making the purchase)

Thanks for reading!