In today’s ever increasing global economy, the importance in developing a strong brand has never been more important. Just think about it, a strong brand, once established and positioned well, can reduce your overall marketing investment. That’s right, reduce it. In almost every client we have worked with over the past thirty-five years, after the first two to three years of intentionally investing in all elements of the brand and revenues continuing to grow there becomes less a need to raising the marketing investment thereby reducing the percentage of gross revenue allocated to marketing; unless you are moving into a new market where your brand is not as well known.
In addition, building a strong brand means build something that people can come to trust, rely and find a comfort in purchasing or partnering requiring a lot less strain on the selling (or convincing) process. But make no mistake, developing a strong brand does not just happen; it takes a great deal of effort to begin and a continued effort to make sure that your initial investment is not waisted. In addition, as I have said in previous articles regarding brand development, it relies on a great deal of commitment from the inside.
For instance, I have a client, that while we have been working together for over twenty years, I am back with his staff in three locations conducting customer service training; what it is, how it has changed and how to be better at it. This is a business owner that knows that building a brand is intentional and it begins with the people that represent the brand every day; his team. That doesn’t mean they don’t know what to do or aren’t doing t well but that he recognizes he has new people on staff, and that those that have been on staff for awhile need to be reminded as to the importance of this area in maintaining and supporting this element of the brand itself.
Building a successful brand also brings value. Our company has always understood that even if the company has no plans in ever selling, it is our job to help them build such a strong brand that if approached the company will get top dollar because of the value it brings to the market. After all, all businesses and industries change so why even think about starting a business that is has no plans in growing in value?
So, if you haven’t spent any time developing your brand maybe you should start. If not, ask yourself what are you building? If it is just about making an income, you may find that for the long haul, that wont be enough.