The #1 Thing You Need to Know About Branding | Dynamic Marketing 2017
Branding is one of those components of marketing that will never go away. I would say that Branding is the grandfather of marketing tactics and everything else should seek refuge under his wing. Branding your business sets the stage for your marketing efforts. It solidifies a feeling in your customers. It perpetuates recall. It builds loyalty in a marketplace where you can confidently choose between 12 sticks of butter.
Before the 1960’s, you really didn’t have to worry much about branding. The market wasn’t crowded or saturated. You could run 1 advertisement and the phones would ring off the hook.
Not only are we inundated with brands and countless options for every purchase, we are even more distracted by our digital social lives. Thus, branding is here to stay. And I’m not the first marketing expert that will confidently say that you should spend a bulk of your marketing budget on building and refining your brand.
What is the #1 thing you need to know about branding?
I’d say, without a doubt, the #1 thing you need to know about branding is you should forget the ROI.
That might sound bold to some business owners reading this. But it’s true. There are many marketing tactics that you just shouldn’t worry about your return on investment. Not only is it difficult to calculate, but it’s a waste of your time.
I’m not saying that because I’m some overpaid consultant that wants to take your money and set the expectation that you’ll get nothing out of it.
Why does Nike still run TV commercials? Why is Coca Cola still promoting their “share a coke” campaign on the radio? Why do you still see billboards for Svedka?
When you’re craving something to drink, you’re not going to google it. When you’re looking for a new credit card, you think of MasterCard, Amex, Visa. Why? Because these companies have invested extensively in their branding. You see them everywhere. Nothing is more priceless than being top of mind.
I must say that I don’t recommend TV, Billboards, Radio for everyone. Those are traditional mediums that can be costly. I should know, I spent 5 years selling TV commercials. And my old TV clients would stumble over trying to measure the ROI of their TV spots. There isn’t a crystal ball when you put your brand out there - it’s tough to calculate how many people saw your ad and how many purchased your product as a result. Hence, why I moved into the digital marketing realm and started my own business… But that’s another blog post for another day.
With digital marketing you can track impressions, clicks, even conversions to come up with an estimated ROI for your marketing efforts...which is why I'm such a fan of digital advertising. But what you can’t track is brand recall. That is something that builds over time and only be measured by an increase in sales, web traffic, etc.
When you’re putting your efforts into branding, spend your time and energy on these areas versus worrying about what ROI you are getting. Save the ROI calculations for your targeted online advertisements and let your branding do its thing.
+Is my branding consistent?
This means across all marketing/advertising platforms as well as your team members. Make sure your sales reps and employees understand your brand story and are able to articulate your business the same way.
+Is my branding focused?
It’s hard to get the message across to consumers that you’re innovative, have the best customer service, unbeatable prices, and use the highest quality materials. Really think about the #1 message you want your customers to know, and stick with that. Less is more, people.
+Are my core values expressed in my branding efforts?
You can focus on refining your key differentiators above, but make sure that you’re not leaving out what your company stands for. Consumers want to connect on a deeper level. Get human with your audience and share your core values with them.
Do you have questions or tips regarding branding? Please leave me a comment below! I'd love to open up the conversation.
Thanks for reading everyone :)
-Michaela