The Hidden Costs of Poor Branding
Build a better mousetrap, and the world will beat a path to your door. Or it should. But it doesn’t. And it never did. But there was a time when a good product (or service), great customer service, a discounted price and some fancy ads would at least get you a decent market share. Not anymore.
That’s Why You Really Should Invest in a Brand Strategy
Discussions go on and on about why consumer behaviour has changed. What’s important is that it has. Completely changed. For better or worse, it’s not changing back.
Pushy, hard-sell tactics broke the trust cycle with consumers. With online access, product research creates an educated consumer within minutes. So, entrepreneurs face the reality that in today’s economy, elements previously sufficient for success are now simply entry stakes.
Everywhere your business name appears may be the ONLY impression a prospective client ever sees. And for the next cliché – you never get a second chance to make a first impression. That brief moment you have to make a good first impression is vital. Then, within a few minutes, customers make all kinds of assumptions without either of you saying a word. A brand strategy influences those perceptions deliberately, as they are being made, so it is not left to chance or luck.
So, the investment in your brand strategy isn’t just a recommendation. It’s a core requirement for success.
Clear Core Branding Messages
Business owners who complete a brand strategy process and review it regularly report an overwhelming sense of increased confidence and clarity. The barriers to communicating with potential customers fade away as the brand strategy solidifies the core message.
There is strength in understanding your target audience, what is most important to them, and how to reach out. When you clarify both your message and your audience, you get significantly better results for every marketing dollar.
And that’s what a brand strategy does.
- Intentionally positions you apart from your competition.
- Clearly targets defined audiences to attract better customers.
- Develops a cohesive, compelling message for potential and current customers and employees.
- Creates an environment conducive to sales (which actually increases sales!)
- Reduces marketing costs.
So, why should you invest in a brand strategy? In today’s economy, you risk being forgotten, losing market share and revenue, receiving poor ROI on your marketing budget, and worst of all…becoming completely invisible! Successful small companies and massive corporations now think about business as a long-term relationship, not single transactions, because branding strategies build trust while sharing a narrative.