Have you considered what impression your brand and story are telling about your business?
Every small detail of your branding, from your font choice and the application of colour theory to the graphics used in your visual designs, including your logo and marketing collateral, will tell potential clients a story and directly impact how they see your business and ultimately influence their willingness to pay.
What is Willingness to pay?
Willingness to pay, or WTP, refers to the maximum amount a potential client is willing to pay for a product or service.
Willingness to pay, or WTP, refers to the maximum amount a potential client is willing to pay for a product or service. For example, in most cases, buyers will often spend more money on a known brand that they are familiar with, than that of an unknown one. That is because of the perception they have formed regarding the brand which has developed over time, from casual visual encounters to engagement with the brand.
If a business brand seems less desirable, outdated or looks like every other business in the industry, they are underutilising the opportunities to simply be seen and recognised, not to mention they are likely to be forgotten about, because they did not make the right impression or connection!
They are underutilising the opportunities to be seen and recognised
How do you increase potential WTP?
Branding needs to capture attention, indicate professionalism and be memorable. Your business needs to embrace the power of brand storytelling to connect with its audience and evoke emotion. In doing so, clients come to know, like and trust the brand and their perceived value of the offer increases – so does a potential clients’ WTP. Looking and acting in a way that connects with your ideal client in business will ultimately help you to see the benefit on your bottom line.
To achieve this you need branding that is based on a firm strategic foundation. This ensures an authentic and unique brand presence that resonates with your ideal clients while giving you a professional edge.
Your business foundations will underpin your brand landscape, highlighting your differentiating factors from your competitors and strengthen opportunities.
Understanding who you are, and how you are different, will play a major part in how you represent your business not only through your identity (logo, symbols, colours, fonts and templates etc) but also how you communicate and in what tone of voice you speak, as well as what sort of personality your brand has. All these factors work together.
When you look at developing your brand identity, reflecting on your voice and personality will be a key aspect to the creative direction implemented. Let’s take a look as an obvious (and slightly ridiculous) example – If you ran a Gym for Mums in the suburbs, it’s highly unlikely you would use overly corporate style font or dark colours, because you want to speak to and attract a specific target audience. If this Gym was for a Male Body Building facility in the city, that approach would have probably been more in-line with those clients.
Everything that makes up your branding will in some way influence client perceptions, and it’s a good idea to always put your best foot forward.
Even though we assume we are rational thinkers, we a more influenced by emotion and perception than we often realise and will believe an offer is worth its premium price tag based solely on its branding.
With this in mind, what story does your branding tell?
How does that impact your audience’s willingness to pay
Ready to be seen, recognised and remembered?
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