Rent is escalating, competition is increasing. You’re drowning in outstanding accounts to chase, salaries to pay, and to top it all off, your employees and customers are increasingly fickle.
“I don’t even know if I have enough cash to make it through the next quarter and you want to add to my expenses with $xxx on a brand strategy?”
If this feels familiar, rest assured we’ve been there and we feel your pain and exasperation. Maybe you feel you can’t afford a brand strategy when you spend your day putting out fires just to keep the business afloat. But we firmly believe that a tough business environment calls for more investment in branding, not less.
Here are 4 reasons why we think the above factors make it imperative to focus on your brand.
1. Strong brands attract better customers
When prospects get who you are, recognise you right away and care enough to buy from you, it gives them a reason to choose you over competitors, builds trust in your business, speeds up the purchase cycle, bolsters credentials when entering new markets and justifies you charging higher prices.
2. Strong brands gain more access to partners & vendors
When you boost credibility and authority with business partners and vendors, you gain greater access to new business opportunities, become a desirable, trusted partner of choice and have easier access to credit.
3. Strong brands attract top employees and recruits
When employees and potential employees believe your brand values and promise, you attract and retain top talent, enhance employee morale and loyalty and make your company a more desirable workplace.
4. Strong brands have healthier bottom lines
With a well-positioned, differentiated brand you create real economic value, helping you close sales more easily, earn premium pricing, creating a higher valuation of your stock or company.
In summary, your brand and how it lives in the world supports—or hinders—your success. A strong brand sets the stage for growth, influence and profitability. These results are measurable in awareness and perception; customer acquisition and loyalty; and financial performance.
Branding isn’t just another line item in your marketing budget, it is the foundation that, when done properly, can pay dividends over the life of your business.