Strong Branding, Strong ROI
If you’re a business owner eager to jump into operations and start generating sales, investing in your company’s branding might seem like an abstract concept with unclear returns. Trust us, we get it! But we’re firm believers that the return on investment (ROI) of a well-crafted brand strategy goes beyond immediate financial gains. Following the steps below will help reinforce your brand and drive profitability for your business.
GROUND YOUR BRAND IN CORE VALUES
Identify your core values and lean in! A brand that’s built on authenticity and core values will resonate more strongly with your target audience. It helps build trust between you and your customers over time, and gives you something to anchor yourself to as you scale your business.
BUILDING BRAND RECOGNITION
In the digital space, you only have a few seconds of your audience’s attention (if that), so you need to make an impression fast. Brand recognition helps you cut through the noise of advertisements, since 46% of customers tend to buy from brands they recognize. Achieving brand recognition takes time, but consistency is key. Through consistent messaging and visuals across multiple touch points, you can reinforce your brand’s value proposition and stay top-of-mind for your target audience. Taking the time and resources to build and maintain brand recognition is worth the effort – it’s even been shown to increase revenue by 10-20%.
FOSTERING CUSTOMER LOYALTY
A strong brand builds loyalty by consistently delivering on its promises and aligning with its customer’s expectations. When your brand becomes synonymous with quality and reliability, customers are more likely to come back, refer friends, and explore other services you might offer. Reinforcing trust and loyalty throughout your marketing can also increase your brand’s overall value among customers. In fact, 46% of consumers in the US are willing to pay more for a product or service when it’s coming from a brand they know and trust.
HARNESSING THE POWER OF WORD-OF-MOUTH
Never underestimate the power of word-of-mouth! A recommendation from a friend or trusted acquaintance carries more weight than an advertisement ever could. In fact, 92% of consumers trust recommendations by friends and family over any type of advertisement. Leveraging word-of-mouth is an organic, inexpensive way to maximize the work you’ve already put into gaining your existing customers.
DRIVING INCREASED SALES
At the end of this cycle, the ROI of your branding efforts will become abundantly clear. It’s a slow burn compared to other aspects of your business, but no less important. Build a strong brand strategy, stick to it, stay patient, and watch the magic happen! We promise it’ll be a worthwhile investment.
