“A brand is the set of expectations, memories, stories, and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.” – Seth Godin
Let’s begin with this: branding is a tough task for many businesses. And this area of business building is so critical in many aspects that it can’t be emphasized enough.
Do you remember the last time you acquired an inferior commodity or service simply because you loved the advert, the logo, and maybe even the melody of the brand’s name? That’s just an obvious display of branding’s power.
At A Glance
What Does Branding Really Do?
Branding has a way of speaking to the hearts and minds of customers, and building a solid brand is the most effective way to convince them that your product or service is great and that they would enjoy using it.
Providing your company with a voice and presenting your company’s identity to your market is the goal of branding. Because without a proper presentation and tone, how would you convey your message?
Therefore, in order to get the greatest results for your organization, you must have a thorough knowledge of how branding can build your company’s performance.
This way, you would clearly see how your brand’s positioning influences your target demographic and the attention they give your commodities, as well as how this can be the deciding factor over whether or not your business succeeds.
In order to better understand brand positioning, Squadhelp conducted a poll of several brand positioning methods to discover how people react to organizations that have a modern brand position over those with a more traditional positioning.
What Is The Purpose Of This Research?
This research aims to see which type of business customers of various demography are likely to patronize and how this varies by age group.
When building a brand, knowledge of your brand’s identity and your target audience are very critical, as both will help you build a compelling brand.
This would help you in knowing the kind of branding that would appeal to their needs and desires which increases your business’s chances of success.
And, we’re confident that the facts we’ve compiled will enable business owners who are restructuring or improving their simple, midsize, or big businesses to have lesser trouble knowing the type of branding that fits their consumer base as well as also help them make smart business judgments.
This information will also come in handy in helping them get a clearer understanding of how to come up with a business name and develop their brand’s image.
So, to reach the study’s purpose, Squadhelp polled Americans as to whether they appreciated doing business with old and recognized companies or with unique and new ones.
Why This Survey Is Essential
It’s important to understand that establishing an attractive tone is among the most vital choices you’ll make while creating or improving your business.
The proper tone is essential for every business as it not only strengthens it’s brand identity but also influences how people regard them.
Imagine how different the business world would have been if:
- Caleb Bradham chose to keep ‘Brad’s drink’ as the name of his business instead of ‘Pepsi.’
- Tokyo Tsushin Kogyo’ had chosen to remain traditional and not be renamed to ‘Sony’, a modern and simple name.
- Larry and Sergey had insisted on ‘Backrub’ as their brand name rather than rebranding to ‘Google.’
Your company’s tone has an effect on your business image as well as customer choices. Your tone is crucial in establishing your company’s identity, and you can’t afford to neglect it when you’re just starting out.
As explained previously, this study aimed to assess which customers appreciated modern businesses over traditional ones. And they chose to dwell on this since one of the really essential choices every business must make is whether to give their brand a traditional or modernized tone.
What We’ve Discovered About Positioning From Our Research
Despite the fact that our results were not overly amazing, the feedback received was intriguing.
They divided the customers into several age groups to get a better picture.
Here’s what they learned from the 301 people that took part:
1. Customers aged 20 to 30 are far more likely to appreciate new and rising firms than those that have been around for a while.
2. Consumers between the ages of 35 and 45 prefer new and emerging brands to well-known companies. However, this age group was rather open-minded, with a 50/50 split between the two possibilities.
3. Consumers aged 45 to 54 opted for older, well-known firms.
4. Reputable and trustworthy firms appealed to those between the ages of 55 and 65.
5. According to our findings, men have no inclination for either new or traditional brands.
6. Women prefer well-known and reputable brands to fresher versions.
7. 153 of the 301 respondents chose established enterprises, while 148 chose new businesses.
Our study shows that as long as your brand matches the demands of your target clients, you’re free to represent it as either a modern or conventional firm.
How To Get The Most From Our Survey
Branding is a challenging process. And the best way to make it work is to gather and apply vital information that helps you find the perfect name.
This way, you can build a great brand that your target audience would enjoy. But if naming becomes challenging for you, using a strong brand name generator is a great way to get the best traditional or modern business names.
As shown in the information gathered, millennials seek fresh, contemporary, creative, and bold businesses, while boomers and Gen Xers tend to favour long-standing and respected firms.
Therefore, if you ever want to connect with a younger crowd, give your business a lively, modern, and creative brand image; if you want to connect with an older demographic, ensure your firm has a clear traditional identity.
Following this path would save you the time and consequences of errors you might make from not having proper knowledge of the brand tone that fits your target customer base.
Questions might arise, like how do you, as a new business, connect with an older crowd that has been shown to prefer established, renowned firms? One way to get around this issue is to represent qualities like trust, professionalism, and testimonial values that older, respected firms in your industry have.
