Ambition in business: An important intangible asset you need for your business

Ambition in business: An important intangible asset you need to keep your business going.

Ambition in business: An important intangible asset you need to keep your business going

This is not just one of those ‘I have heard it all’ blog pieces. Ladies and gentlemen, you just got into a rich content zone. Stay tuned to find out more about this particular topic. I understand that you have so many questions and if you are like me, you are seeking every probable answer to the uncertainty surrounding us. I don’t have all the answers but I can tell you for free that my aim is to ensure that you gain as much knowledge to apply in your business as possible. This way, you can adapt to the new normal and apply an informed approach in the way you conduct business. You have probably read one too many articles on how to sustain your business while maintaining competitiveness during these times. However, very few talk about those intangible assets in your business that do not necessarily come with monetary value but elevate your brand. In this blog, we are going to look at brand affinity as a crucial part of your business. Brand affinity refers to values that enable you to build that fundamental emotional connection with your customer, in a bid to boost customer loyalty in the long run.

Why is this emotional connection so important? This is why; If a potential consumer believes that a brand shares common values with him/her, chances are, the client will take the product or service up, repeat the purchase again and even refer several friends. If brand affinity isn’t a gem, I don’t know what is!

If you are still not convinced, let us jump right into a great example. Have you ever wondered why you keep purchasing a certain brand in your household over and over again? Think about it, why do you keep purchasing these items despite the availability of alternative brands that suit the same purpose? Most likely you have invested your emotions in the brand and their associated value proposition resonates with your needs.

That said, what do you think top brands both in the local and worldwide context have in common? They maximize on their ability to connect with their customers on an emotional level, as a matter of fact this bond is so strong such that it can be described as a ‘gut feeling’. This invaluable asset emanates from their ability to deliver mind blowing customer experiences. Imagine having such power to drive repeat purchase! I can picture you already naming a few brands in your mind.

Therefore, there is no gainsaying that brand affinity is the ultimate intangible asset you need to attract a loyal customer base, especially during this pandemic. So, the question is, how do you build brand affinity? Here’s how:

• Great customer service – Add that personal touch to satisfy the needs of your clients. Tend to their needs, listen to what is being said about you in the market environment and do the needful, based on the feedback you receive. A great way to get this feedback is through surveys. Remember your that they chose to do business with you because they believe that you are on their side, so work on retaining them. In other words, don’t preach wine and take water.

• Credibility – Trust is a universal key in every relationship. It all starts with a promise. Keeping a promise then builds relationships and ignites the emotional connection spark! Now that is trust. A great way to maintain credibility is to: delivering value propositions, be consistent in communication, share customer testimonials, use your logo in communications to customers for the purpose of maintaining your brand identity, etc.

• Quick complaint resolution - Resolve complaints within a reasonable timeline. Time and efficiency go hand in hand. A great way to get started is to invest in Customer Relationship Management (CRM) systems that are make it easy to retrieve customer information, therefore, resolving issues faster. Imagine having to wait for hours to have an issue resolved; not a great feeling.

• Easy access – Ensure that customers can purchase or consume the product/service conveniently.

• Great communication – It is important to keep clients updated regularly across relevant channels.

• Corporate Social Responsibility – Society is a backbone of any business. Giving back to the community really elevates the reputation of a brand. Acts of goodwill especially during this epitome will go a long way. Let us uphold that moral obligation and assist when we can.

• Customer centricity – ensure that the products and services you provide are customer driven. How can you do that? Foster positive customer experiences, personalize your messages to clients, offer after sale services, think ahead of the customer – this will help you to anticipate their needs, etc.

You are now set with the toolkit to take your business to the next level. Make good use of the indispensable assets to drive that necessary ambition in your business!

Thank you for choosing us.

We are on your side!