{"id":566,"date":"2020-12-08T14:42:58","date_gmt":"2020-12-08T10:12:58","guid":{"rendered":"https:\/\/crenov8.com\/blog\/?p=566"},"modified":"2020-12-08T14:47:48","modified_gmt":"2020-12-08T10:17:48","slug":"the-importance-of-brand-perception","status":"publish","type":"post","link":"https:\/\/crenov8.com\/blog\/the-importance-of-brand-perception\/","title":{"rendered":"The Importance of Brand Perception"},"content":{"rendered":"

A brand, beyond being described as a person\u2019s or organization\u2019s identity, is also a description of the relationship between an individual or organization and its customers.<\/p>\n

It keeps up with the ever-changing market situation by adapting the relationship to the changing customer needs, redefining the relationship to a certain demographic of the market, and create new relationships to replace lost ones where they cannot be restored.<\/p>\n

Brand perception is the sum of feelings that customers have about a brand.<\/p>\n

It spans across multiple business processes through which some level of interaction takes place between the internal and external business stakeholders.<\/p>\n

Perceptions are defined by the customers not the organization and they influence their decision whether to patronize a service or product provider.<\/p>\n

They are usually the first point of reference for potential customers when making a buying decision from user feedback, online reviews, and ratings of previous customers.<\/p>\n

The importance of having a positive brand perception is further highlighted below:<\/p>\n

\u2022 Recognition and Loyalty: A satisfied customer would always remember how they were treated and then go the extra mile in sharing their experience and perceptions to refer prospects to the organization. 48% of consumers say their first purchase or interaction is the best time to earn their loyalty and 60% of customers will refer friends and family to their favorite brands.<\/p>\n

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\u2022 Differentiation: Organizations get to benefit from a positive brand perception by adopting a service quality that stands them out in a crowded marketplace with many competitors. 59% of shoppers are said to prefer buying new products from brands they trust.<\/p>\n

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\u2022 Premium Pricing: The benefit of premium pricing is another advantage an organization enjoys from a positive brand perception.<\/p>\n

Service and product pricing are justifiable and better acceptable by customers and statistics show that 91% of consumers would rather buy from an authentic brand.<\/p>\n

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It is therefore essential for organizations to develop strategies towards building a positive brand perception by analyzing their current brand perceptions, knowing their customers better, and acting on their knowledge.<\/p>\n","protected":false},"excerpt":{"rendered":"

A brand, beyond being described as a person\u2019s or organization\u2019s identity, is also a description of the relationship between an individual or organization and its customers. It keeps up with the ever-changing market situation by adapting the relationship to the changing customer needs, redefining the relationship to a certain demographic of the market, and create […]<\/p>\n","protected":false},"author":1,"featured_media":567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[181,81,180,175,182],"tags":[187,186,189,179,188],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\t\n\t\n