Building brand equity can be time consuming and expensive—look at Coca-Cola and Nike, for example, who spend billions of dollars every year to get their brand in front of you. A big business, however, recognizes and understands the power of a brand’s exposure and works to make those advertising dollars go further by using the brand itself to generate business. Here is a look at two of the ways that big businesses use their brand to generate business.
Providing a high-quality product, service, or experience
Great marketing is, of course, centered around a top-notch product or service. When advertising dollars go towards marketing a product or service that will provide consumers with a highly positive user experience, those advertising dollars go even further in the form of referrals and repeat purchases. Nike, for example, is well known for athletic wear that is not only worn by athletes out of sponsorships but is also freely chosen by athletes as preferred athletic wear. Providing a truly great product or service means that your company will reach key influencers like celebrities and bloggers and enjoy the domino effect of revenue that stems from company trust.
Free giveaways are also utilized by big businesses because of how they can trigger an emotional response and lead to more sales. Giving away free pens or hats every time a consumer interacts with the business, for example, offers the consumer the valuable experience of receiving free goods while at the same time turning that consumer into a traveling “ambassador” for the brand, so to speak. A branded pen or shirt makes a tremendous amount of mileage while in the possession of a potential consumer, giving the brand behind the free product a virtually limitless amount of exposure. Those who come in contact with the individual with the branded product might even assume that that individual is a regular consumer with the brand. These free branded products also have the added advantage of working on a person’s emotions. An individual who takes possession of a free branded pen, hat, or shirt will slowly grow in attachment to the brand by virtue of sheer ownership. Companies like Coca-Cola who have been the most successful with this tactic are even to the point where outside apparel and home goods companies are creating products with the brand trademarked to them—products that people pay for in order to make the brand a part of their everyday identity.