What are the benefits of a successful brand?
Organizations receive many benefits from implementing a successful brand.Once a brand has achieved "brand equity," an organization experiences many benefits. Some of which are the following:
- Leveraging power
- Cooperative marketing/promotional ventures with desired partners
- Loyalty drives repeat business (repeat byway travelers)
- Strong brands allow for greater shareholder and stakeholder return (economic impact for byway communities)
- Brand-based price premiums allow for higher margins (packaging your byway experience)
- Strong brands lend immediate credibility to new product introductions (new designations)
- Strong brands embody a clear, valued and sustainable point of differentiation relative to the competition (travelers will always choose America's Byways and not other packaged routes)
- The more loyal the customer base and stronger the brand, the more likely customers forgive the company in the event of a mistake (bad byway experience such as high incidents of road construction during their travels)
- Brand strength is a lever for attracting the best new byways
- 70% of customers want to use a brand to guide their purchase decision.