5 Ways Investing In Your Brand Makes You Money
So why don’t we do more to invest in our brand? Or invest in it once and consider the job done?
If you’ve spent the last few years nurturing a beautiful garden, and then stop tending and watering it, your garden will become untidy, overgrown, and some of the plants you stopped watering will likely die. (We can’t count on rain to do all the work on its own.)
The same happens with brands. They need attention, upkeep, and – most importantly – a strategy to keep them blooming.
What is brand strategy?
First, let’s start by clearing up the biggest misconception about brand strategy: your brand strategy is not your product, your logo, your website, or tagline. (Read more about what that means here.)
Brand strategy means forming a clear plan that feeds into your specific business goals and long-term objectives. It’s about acting with a clear purpose.
I often meet clients who have great branding and a fantastic website, but they’re not attracting the right audience and not achieving what they’d hoped in their business, and don’t understand why. The reason is most often, you guessed it, the lack of a well-formulated brand strategy.
A well-formulated brand strategy does 5 things that genuinely boost your business, and ultimately your bottom line.
1 – It helps you communicate with your customers more clearly.
Having a clear strategy means you know what you’re doing and what you’re trying to achieve. Your customers can tell when this is the case, and it makes them trust you more. (And if transparency is part of this brand strategy, then all the better.) Building trust is one of the biggest keys to earning loyalty.
Clear communication also helps you connect with the most relevant audiences – if you don’t know who you are trying to reach, how to provide them with the things they need, and (finally) how to communicate that you are the perfect brand to solve their problem or give them something they want, then you will have trouble connecting with the people who could be funding your brand.
The message should be simple, to the point. Pinpointing the right message can be trickier than it sounds; it may take an investment, help from an expert. But, ultimately, it’s the key to boosting your bottom line.
2 – It separates you from the competition.
The advent of the internet has lowered the barrier to entry for many businesses, and given even more easier ways to reach new customers in new places. This also means more competition. A lot more competition.
So how do you stand out from the crowd? You guessed it: a good brand strategy. More specifically, a strategy that identifies and leverages what makes your brand unique. What you offer that your competition doesn’t. This isn’t always easy to determine on your own – sometimes you need the insight of an expert.
But the payoff is a consistent brand with a purpose, giving you more confidence in your business and your customers more confidence in you. A reason to seek you out, no matter how many other brands are clamoring for their attention in their inboxes or search results.
3 – It will make you more attractive.
Confidence is sexy. And nothing gives a business owner (and their brand) more confidence than a solid, well-thought-out, targeted, and personalized brand strategy.
Put your sexy brand strategy out there for the world to see, and you will find you have people knocking at your door to work with you and for you.
4 – You’ll save money on marketing.
A clear brand strategy also includes clear marketing goals, broken down into concrete steps to reach specific targets. No more throwing money into a marketing hole, waiting for the benefits to spill over. Blanket “marketing” efforts are frequently misguided, leading you to promote the wrong things.
If your strategy is to become the biggest tomato exporter in Europe, then you’re wasting money promoting your brand to banana growers. Without a brand strategy, though, you might find yourself accidentally doing just that.
Having a defined strategy helps you dramatically boost the efficiency and effectiveness of your marketing efforts. With a cohesive brand strategy, your marketing efforts are effortlessly integrated, since each of your initiatives supports the others.
5 – Your employees will be happier.
A clear strategy also provides more focus for employees. It helps ensure everyone is working toward the same goal. When people understand their purpose, they work better because they’re tuned in and turned on. Their work feels more satisfying.
And we all know that more satisfied employees are more dedicated employees, less likely to cost you money by quitting and forcing you to invest in training a new team. More likely to go the extra mile for your company, and feel like they’re reaping the benefits, too.
How to invest the smart way (and ultimately save money)
The most effective way to invest in your brand strategy is to turn to an expert – someone who has worked with many brands and understands what works and what doesn’t. What customers are looking for, and how to build a tailored and targeted marketing plan.
Building remarkable brands is what I do. If you’d like to talk about how you can invest back into your brand and build a brighter future, I am here to help you brandstorm. Get in touch to set up a (free) virtual coffee date to brainstorm ideas on how to transform your brand. I think you’ll find it will be the beginning of a beautiful relationship – not just with me, but more importantly with your customers.
Who am I?
I’m Gina Dunn, Brand Strategist and CEO of iGina – and my mission is to help business owners all over the world to break through their business barriers and realize their brand potential, sometimes for the very first time.
Did you know that brand-led businesses outperform their competition by 83%? Get started by mapping out your very own brand strategy yourself with our Brand Canvas – get it here.