Apple iPhone XS
Whenever Apple introduces a new product, consumer expectation is unmatched by any other brand today. Apple users have come to expect nothing less than brilliant innovation and revolutionary technology in their phones and computers. This is a brand that has managed to fill us with heart-pumping anticipation as we wait in line to buy the latest piece of personal tech that will no doubt be superior to all others on the market.
On September 12, 2018, the iPhone XS and the XS Max were launched at price points starting at $999 and $1,099, respectively. A quick recap on the changes that were made with the XS:
The new iPhones have an advanced chip that improves its facial recognition feature, greater storage capacity, and a new image sensor and processor that facilitate better picture quality. The only brand-new feature is dual SIM support (meaning it can hold two different SIM cards at the same time), which isn’t quite as flashy as the introduction of Touch ID or 3D Touch.
You may have noticed that at $1,499, the biggest iPhone with the largest storage capacity costs more than some MacBooks.
Yes, that’s right. Your next phone could cost more than your laptop. Wired’s Lauren Goode reviewed the new XS phones, calling them “an evolution, not a revolution.” And yet despite this underwhelming conclusion, people are still willing to pay premium prices.
That’s because Apple has major brand power.
Brand Power
Brand power is both elusive and invaluable. It ultimately determines your trademark’s perceived worth and how much customers are willing to spend on your products. The true value of your product is influenced less by manufacturing costs (the effort it took to visualize and create the product) and more by the amount people are willing to pay for it.
The strength to compete, the sustainability of a business, and a brand’s market performance are all hugely influenced by brand power. It is a logo’s ability to differentiate itself from competitors and be perceived as having higher quality.
For the eighth consecutive year, Apple sits at the top of Forbes’ annual study for the world’s most valuable brands. They are valued at $182.8 billion with brand revenue at $228.6 billion.
While this is incredibly impressive, it isn’t all that hard to believe. We are surrounded by iPhone and Apple users everywhere we go. Whether it’s the iPhone, iPad, MacBook or Apple Watch, Apple has seamlessly saturated our daily lives and has found a way to make everyday tasks easier and more manageable. These products have become our means for communicating, shopping, scheduling appointments, tracking our health, and downloading and listening to music.
It has become necessary for companies to give consideration to these devices with their business model to stay up-to-date with consumer trends and preferences. This could include anything from ensuring a website is mobile-friendly to integrating Apple Pay in a store’s POS system.
Talk about power.
How to Create Brand Power
1) Generate Brand Awareness
Brand awareness is a very important component of brand power. Effective branding leads to being recognized and standout. This means your product’s logo and marketing efforts should be providing knowledge and a level of enthusiasm that gets people excited to try your offerings.
According to a GraphicSprings study, Apple’s brand awareness tops all other global tech companies. Their ability to keep their branding simple, aesthetically pleasing, and also marketing in an exciting and informative way hugely contributes to their branding success.
2) Create an Experience
We’ve seen a number of examples where brands like Corona have shifted toward selling an experience rather than just a product. This is done by creating a personal, emotional, memorable connection. Stronger connections to a product encourage future purchases and higher overall satisfaction with a brand.
Obviously, Apple is very effective at nurturing this type of connection. One of the biggest reasons people love Apple is because they feel like their lives will be substantially improved by their products. Their products are powerful yet inclusive. They make our lives easier while making us feel like part of a group that is sleek, stylish and elite.
3) Build Trust
Trust is key. Your brand’s influence is only as powerful as a consumer’s belief in your name. Building trust requires communication, credibility, and sincerity with customers. A wonderful way to maintain these relationships is through excellent customer service.
This is a huge component of Apple’s business philosophy. There are device support phone numbers and tech support personnel at every store to help when people are having trouble with their devices. They are patient when releasing new products to guarantee quality and consistency. Consumers trust their standard of excellence, which demonstrates how their branding influences perception.
4) Continuous improvement
A big contributor to Apple’s success is that they know that one successful product does not ensure brand power. In order to gain a competitive reputation, a company has to provide enough evidence that their name guarantees quality. This means products should evolve and continuously improve. Companies who do not continue to grow and adapt will always be left behind.
This is especially true for tech companies, the pioneers of the modern-day world. Apple is constantly planning their “next big thing”, always finding new ways to innovate and surprise. They don’t just release a new product—they release the best new product. Their strategy of push marketing tells people what they need before they even know they need it, creating a demand for something people previously had no concept of. This constant evolution leaves us waiting with baited breath for the next way they’re going to change the world.
5) Foster Brand Loyalty
This cannot be overemphasized—brand loyalty is what keeps consumers coming back. When a customer feels that a company consistently meets their expectations, they do not want to risk being disappointed by another brand. This is the element that ties all the prior steps together and generates a following of people who believe in what your brand stands for. Brand loyalty is what establishes that emotional connection. It gives customers confidence that they are investing in the best possible brand.
Apple’s business model works in such a way that the more people spend on their products, the more valuable their investments become. Apple products work best with other Apple products. Whether it’s pairing different devices, connecting with Bluetooth, or even just iMessaging/Facetiming with other Apple users, they have fostered a sense of community and status that comes with owning their products. Before people can even consider switching to a new provider, they have to consider all they would be giving up. The brand loyalty that they have instilled in their customers has aided them in becoming the industry leaders that they are today.
https://www.forbes.com/powerful-brands/list/
https://www.inc.com/stanford-business/how-do-brands-like-apple-nike-reach-iconic-status.html