Having brand authority means becoming an expert in your niche that people (both customers and competitors) gravitate to you, your products or services to solve their problems.
With all the benefits of being "the man" we've discussed above, there is still more. One singular major value brand authority add to a business is in the area of marketing. This form of marketing is known as Authority Marketing.
Authority marketing is a form of marketing where a business or most often a business owner is positioned strategically based on knowledge and experience in order to establish influence and overshadow competion in a field.
Positioning yourself or your business as an authority and leveraging it for marketing can prove to be an invaluable asset to your business. Especially when you combine authority marketing with other equally effective marketing strategies such as digital marketing.
Being an authority in your niche means you are an expert in that field. Your brand automatically gets an iron clad reputation built on the back of the authority you have developed. Hence, your business operates on a higher level, with a measure of influence over your niche. This would effectively reduce if not overshadow any competion in your niche.
Return on Investment for marketing significantly doubles. Because people believe you are an expert in your field, whatever thing you say, will be taken as the gospel truth. For instance, on the 29th of January this year, Elon Musk changed his Twitter bio to #bitcoin, within an hour after this, the price of Bitcoin climbed from $32,000 to $38,000.
Referrals would come naturally as an added bonus to authority marketing. Although other businesses can offer rewards for referrals, it's reurns would pale in comparison to that of authority marketing. Whenever anybody has a problem your business can solve, they would be referred to your business.
Once you have been established as an authority in your niche, people would gravitate to you to solve their problems. They would be pushed by your content, referrals and the knowledge that you are the best in your field (even if you aren't).
A good example is Dr. Ben Carson. Anybody who has read his books or seen the movies about him and can afford his services would definitely come to him if they have a brain problems (lol). Why? Because he is an authority in his field.
Your products and brand are believed to be of better value than that of others. So, you can offer your products at a (reasonably) higher rate than others and your target market would still accept it and even recommend your business to others. Because they believe your business offers higher value of products.