How Small and Medium-Sized Companies Can Acquire "Brand Power"

Suppose a brand connects its products and customers and instills trust. In that case, it can transcend the financial and human limits necessary for exposure through 'loyalty purchase' by touching and empathizing with its audience.

There is no difference between the relationship between a brand representing a product and its customers and that between humans. When evaluating a person, we frequently use three emotions: trust, love, and respect. For instance, phrases such as "He is a trustworthy individual," "He is extremely likable," or "He is a guy to be revered."

Although there is some association between the first three emotions, it is more realistic to see them as strictly autonomous. In other words, trusting someone does not necessitate affection or regard for that someone. Also, to view someone as loving does not necessarily imply esteem for that individual. Therefore, when you feel all three emotions simultaneously from someone, that is, when you trust, love, and respect them, you will consider that person to be the most valuable.

If these three emotions are missing, the relationship between two individuals is limited. For if there is trust but no love, it is as if the four seasons lacked summer. The connection will be lukewarm and will not endure. On the other hand, love devoid of trust or regard is analogous to a car without a motor. Regardless of how much effort is expended, it will always be a succession of shaky connections. A strong association exists when all three emotions exist simultaneously in a person's heart toward a particular person. Let's apply this human-to-human relationship to the customer-brand relationship. Customers have confidence in the quality of a specific brand (e.g., "I have faith in the quality of Samsung products"). You may also adore a particular brand (e.g., "I adore Godiva chocolate"). Customers may also sympathize with a brand's principles or philosophies (e.g., "I agree with Patagonia's values of 'protecting nature,' hence I greatly appreciate the brand").

If the three emotions above coexist in the relationship between a company's brand and its customers, the customer will exhibit two sorts of behavior toward the brand. These are "brand loyalty buying behavior" and "brand advocacy conduct." In other words, according to my research findings, when people feel trust, love, and respect for a brand, they continue to purchase it and suggest it to others. Therefore, these brands guarantee firms significant revenues.

For this reason, businesses exert considerable effort to instill the sentiments above in consumers regarding their brands. Through endearing commercials, companies promote brand quality and appealing designs, create confidence, and make customers feel lovely. And finally, it is to make customers aware that their brand is acting as a spokesperson for issues or beliefs that elicit social sympathy in order for them to be accorded respect. However, this task takes a substantial amount of human and financial resources. This presents a challenge for small businesses.

Then, what and how many small and medium-sized enterprises induce three emotions in their customers towards their brands?

Allow me to illustrate this issue with two examples. In the mid-1970s, I was introduced to the first real estate agent by numerous associates to purchase a home in Lawrence, Kansas. Every year at the end of the year, he created a calendar for the following year with a photo of his face and his name, giving it to consumers individually. He gave him a calendar, wished him a Merry Christmas, and inquired about his family. This method of customer care is time-consuming and physically demanding. A guy who has made a lot of money through real estate success visiting a customer's home on a cold winter evening with a calendar every year is indicative of his diligent work ethic. In addition, by receiving the calendar in this manner, clients retain a positive impression of his face and name.

His genuineness, effort, and uncompromising work ethic have gained him the confidence, affection, and esteem of his consumers. Consequently, the broker's customer repurchase rate approached 60%. (Loyalty Purchasing Conduct) Also, when I ask for a decent real estate agent, several people recommend him (brand advocacy action). Small business owners should observe the example set by this real estate agent. This is because he overcomes his lack of financial and personnel resources via his sincerity, hard work, and willingness to sacrifice for his consumers. Notable is that he did not transport the calendar to the consumers conveniently but instead visited them in person despite the chilly weather.

The second example is a brand of shoes known as Toms that has become nearly legendary. The brand concept of 'One For One' established by the company's founder, Blake Mycoskie, instilled in customers three emotions at once: trust, love, and respect. During a 2006 trip to Argentina, he reportedly observed many children living without shoes, which inspired him to devise this method.

One-to-one is a program in which the brand contributes a couple of when a consumer purchases a pair of shoes. Tom's Shoes was inexpensive and superior in quality and design compared to other well-known shoe brands. Even with items not exceedingly differentiated, this company has expanded significantly in the highly competitive footwear sector by utilizing this method. This was feasible because customers who appreciated the brand's worth continued repurchasing it and advocating for it. The fantastic brand value of 'one-to-one' instilled the three emotions of trust, love, and respect in customers' hearts, backed by the immense power of user-generated social media. Customers exhibited "brand loyalty behavior" and "brand advocacy behavior."

In conclusion, we must recall two aspects of the second illustration. One is the differentiated value of an excellent firm that puts social justice into practice, and the other is using a 'brand slogan' that expresses the corporate value of 'one to one' quickly and clearly. It has beyond the restrictions of human resources and financial resources thanks to the strength of independent social media.

Choonghwan Park / Distinguished Former USC Professor