Tag: fiu conference

Why Is Building Your Brand So Important?

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Brand building should be one of the first things you do when marketing a company. Consumers purchase from companies they know and trust. Think about this, you’re in a different country and you want coffee. There are two brands to choose from, Starbucks or Coffee Bean Coffee. Which would you choose? What factors of each brand would influence your decision? I would say that the main deciding factor is that the company has built a relationship with you. You personally trust the company, and you have built customer loyalty. That in turn means consumers are more likely to purchase from a brand that they know. According to Hector Hernandez, CDO of McCann World group, he states that un branded stream of revenue, return of investment (ROI) is on average -255%, which is the reality of an un branded item. Which makes sense, because most startups aren’t known by consumers, so how likely are consumers to purchase from a brand they aren’t familiar with.  On the other hand, Hector Hernandez later explains during his presentation at the Digital Branding Analytics Miami 2019 Conference (#DBAmiami), that if your brand is well known and well branded, you can receive an extremely higher ROI of 1049%.This all boils down to properly branding your company or product to make sure you build customer trust, and loyalty.