A strong brand will help your business, your products and YOU stand out in a crowded marketplace because it sets you apart from… distinguishes you… from the competition.
Having a distinctive difference means you don’t have to compete on price. People buy Rolls Royce and Ferraris because everything about the brand reinforces that they are distinctly different. People are prepared to pay a premium price for that difference. And customers tend to be loyal to the brand in order to retain/maintain that sense of distinctiveness and privilege that comes with the brand.
The positive associations that a brand conveys can be extended across new products and services. Take Virgin as an example. It’s also why companies protect their brands so jealously. You can’t, for example, describe a product as “the Rolls Royce of…” because Rolls Royce will take out a court order to prevent you diluting their brand.