Your brand can help set your company apart from its competitors. With today’s technology, you are competing not only with the companies near you, the competition also includes companies all over the world. Customers will pay higher prices if your brand can offer something different from a competitor that they perceive as valuable. For example, there are some people that prefer to purchase items from Amazon compared to a brick-and-mortar store. Some consumers may be willing to purchase something if a brand is more sustainable than its competitor. Branding shows customers what makes your product or service worth their time and money.
When purchasing something you typically go with a product or service that you know what to expect when purchasing it. People know what they like and will typically stick with a product when they finally find one that satisfies them. By being able to do that, brands are able to keep a large number of customers that are loyal to them. There are customers that will always choose Apple over Android because they know they are going to get a similar looking device that has all the same bells and whistles as before with possible design and layout changes. The same thing happens with Pepsi and Coke products. Some people will not have soda at a restaurant if they don’t have the right brand. Having a brand and being able to build up that trust with customers is very important because it will keep them coming back and staying loyal.