Nov 28, 2019
If you want to succeed in the business world, then brand switching is an essential concept that you should take seriously. It is widely known that acquiring new customers is generally more expensive than spending to keep your old ones. In other words, if you know how to keep your customers, then you have a higher chance of lowering your cost while maintaining or increasing profits.
As a customer develops brand affinity, the chances that they are going to stick to your brand increases. Thus, there are higher probabilities that they are going to buy products from your brand, even if your competitors are offering exciting deals and discounts.
Brand equity is the added value that a brand endows a product. The difference between the value of the brand to the consumer and the value of that product without that branding will provide the brand equity. For example, imagine that you are shopping for a bottle of water.
Global brand spend for sports sponsorship is expected to reach $44 billion this year and is projected to only continue growing in the years to come.
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