5 ways a great brand strategy will save you money and pay for itself over time.
It's often said that the best things in life are free. While that may be true, it doesn't mean you should forgo investing in your business. A great brand strategy from Quill Creative Studio can save you money and pay for itself over time. How? A cohesive and effective branding and implementation strategy can help you make the most of your marketing budget and reduce wasteful spending of your precious time and money. In this blog post, we'll outline five ways a great brand strategy will not only save you money, but pay dividends over time.
1. Brand strategies increase customer value.
One of the goals of establishing an intentional brand is to create memorable and repeatable customer experiences. Organizations that consistently impress their customers are obviously more likely to receive repeat business, but they're also more likely to have a community that recommends them to their friends, families, and colleagues. Having a consistent and meaningful brand differentiator at the core of every interaction will cause a flywheel effect, which we've outlined in an earlier blog. This organically-driven concept results in lower customer acquisition costs and increased lifetime value, and will inevitably improve your bottom line.
2. Great branding makes your team stronger.
Every hour that your team spends working costs money, so it's safe to assume that every organizational leader would prefer their team to be as efficient as possible. Providing a common goal will not only improve the impact of your employees’ time, but will also alleviate frustrations that they may feel when working for a company without clear expectations and a grand vision. Everyone has a desire to contribute in meaningful ways, and your team should feel empowered to be innovative and creative everyday. With a clear understanding of your mission and vision, they'll have guidance at their disposal to validate their ideas and iterate until the solutions fit into the brand promise framework.
In addition to efficiency gains that come with a great brand strategy, employees that understand your vision and feel as though they're contributing to the greater good will feel a sense of accomplishment and community. This, in turn, leads to lower turnover rates and higher employee satisfaction scores. Especially in today's market, organizations are looking for ways to retain and attract talent. More often than not, businesses that succeed start with a strong brand as their foundation and leverage it from an internal perspective.
3. Understand the competitive landscape through brand strategy.
Business doesn't happen in a vacuum. We research many factors during the brand strategy development process, but one that directly impacts positioning is the other options customers have when shopping for similar services or products. In order to create a sustainable advantage within the marketplace, your brand must first acknowledge competition and work constantly to differentiate. This, however, is a moving target as businesses around you change to stay ahead of their own curves. You'll be able to extend the gap between you and your competitors and increase your market share if you have a solid plan in place to protect your unique position – one that offers customers a reason to believe at every turn.
4. Know and respond to your customers better through your brand.
Every organization should be on a never-ending path to understand their audience better than their competitors. An effective brand strategy should revolve around the ideal customer. When you truly understand their habits, wants, needs, and other drivers that come into play during their purchasing decisions, you’ll be able to tailor your approach to services, products, and promotions in ways that are meaningful and memorable. Without an ideal customer in mind, campaigns are often left generic and their impact suffers. If your audience believes that you understand them at every touchpoint, you’ll inevitably resonate deeper.
5. Your brand can increase your perceived value.
Perceived value allows established brands to charge a premium for similar products and services. Customers will go out of their way to choose a brand that’s either given them a great experience in the past or appears to be equipped to exceed their expectations. Recently, many organizations provide value that exceeds their products or services by displaying how they “give back,” or use their profits for good. For example, Patagonia not only stands by their products throughout their entire life cycles to reduce the impact of production, but they also prove that they’re in business to save our planet with monetary contributions and by leading environmental initiatives. This branding resonates with their audience and creates a willingness to pay a premium to be part of something greater.
When asked how branding works, serial entrepreneur Gary Vaynerchuck said, "Part of why you love your parents is because they loved you first. Brands need to do that." By taking the time to create a proper brand strategy, you'll prove to both your customers and your team that you love them first. As with any worthwhile endeavor in business, taking a strategic approach that sets you up for success from the beginning will save you time, money, and energy in the long run. There's no better investment than solidifying your brand and pouring a foundation for years of success.
To get started, contact Quill Creative Studio and speak with a brand strategist. Let's work together to make the most of your brand's financial future.