When you have successfully branded your business, consumers are often willing to pay more for your products or services because your business is perceived as a status symbol. Even if you’re selling similar or the very same products as your competitors, consumers may be willing to pay a premium to purchase the product from you just to be able to sling a shopping bag with your logo around their arms.
You can create an increased perception of value to your business by associating your business with other high status companies, individuals, or local events. Consider sponsoring a fashion show of an up-and-coming local designer or making a generous contribution to a high-status event in your area, such as a black-tie charity ball. Ideally, you’d be able to get a high-status celebrity, model, or even a local celebrity to appear in an ad for your business. Though it may present a challenge, it is business branding at its best because increasing the perceived value of your business will directly put money into your pocket.