Are you challenged with decreased revenues?
Are you considering making some cuts in order to better manage your cash flow?
That fix you are considering may be the last thing you should do.
“Stopping advertising to save money is like stopping your watch to save time.”-Henry Ford
You may overlook the importance of branding, and if you do it is to your peril. Understanding the role branding plays in your business, the strategies behind it, and the pillars of successful branding will vastly increase your chance of success despite the challenges of the economy that were precipitated by the Global Pandemic. Branding is an important part of your overall marketing efforts to increase the visibility and profitability of your company even with the current challenges which we all face.
While it is our instinct to contract, and conserve resources in times of great uncertainty, I am today going to challenge you to resist the urge to cut your marketing expense budget. This budget may seem discretionary, but in contrast it is vital to your survival, and should not be dispensed with all together under any means. Instead you need to find creative ways of engaging your audience that can reanimate your brand without jeopardizing your bottom line .
Let's add the lemons-Your Brand
Jamey Bolter describes your brand as “The sum total of all visual and non-visual, verbal and nonverbal, tangible and intangible elements that help to form, create and influence unique and positive associations for a product, service or entity, that differentiates it from its competition, creating meaning, value and preference in one’s mind.
To be clear, your brand consists of elements that are seen and not seen, what is said and not said, what you can touch or feel or not….essentially it is omnipresent even if you are not conscious about it. These things help the customer to form, create and be influenced through unique and positive associations for your product, service or entity.
Lemons are special
This is the unique combination of your Mission, Vision and Core values, visuals, personality and voice that align with the identity of your target customer. But an often overlooked area, are the behaviors which are expected and synonymous with your business.
This is what differentiates your business from the competition, and when you stand out you create meaning , value and a preference for who you are and what you do in the customer's mind.
Your brand takes what are ordinary products and services and makes them special. Your brand must live beyond function, it must provide promises and deliver on those in a consistent way.
Building your brand increases customer recognition. If you create a highly visible brand customers are more likely to subscribe to your services or purchase your products even though they do not know your company. Your brand gives you a competitive edge by differentiating you from the rival businesses in the market. The more recognition you receive and the more you build your brand, the more you will find that your brand elevates and is competitive with other well-known brands. This is the pay-off for your distinctiveness.
Enhanced credibility and loyalty gives customers a sense of ease when purchasing your products. The more visible your brand appears to be, the more the customer will be inclined to be associated with it. This the beginning of a loyal relationship. We all know where loyal relationships with customers can take us- to the stars and back in the business world, and on an emotional thrill ride for the customer, who associates the business with positive emotions. Purchasing from you will become easy, and interacting with your business will become something that they look forward to.
Remember that your branding does not have to be expensive to resonate, and especially with the economic downturn, you have to be smarter for your money to go further. Strong brands are built over time, but the consistency of your personality, voice, imagery and purpose is key, even with a limited budget.
We will love to hear from you, Walter Landor once said that ”Products are made in a factory but brands are created in the mind. “ Do you think this is true? Comment below to share your thoughts.