Entrepreneurs, if you don't have a brand strategy, here are four reasons you could be leaving money on the table.
Spending on brand strategy can seem like a big investment at the time, especially versus hiring someone on an app like Upwork or Fiverr to create a $20 logo for you. But in most cases, a cheap logo will be just that, a cheap logo.
Think of it this way: What is your time worth? If I were only spending $20, I would not get much of your time, right? It's the same thing here.
Great logos and branding take time, research, and thought. Your brand is an incredibly valuable asset, and when you put actual strategy behind how you present it to the world, you get something much larger, something intangible that resonates with customers and builds on itself. If that isn't enough, here are four reasons why having a brand strategy is worth the money.
1. Talk To The Right PeoplePhoto by John Schnobrich on Unsplash
A brand strategy is much more than a logo or brand guide. Strategy is bringing your vision of your brand to life. This helps ensure that your product meets the right people, because not only is it speaking their language, it appeals to them on multiple levels.
Your product can't be all things to all people. It just can't, and that is ok. But it can be the right thing for the right people.
2. Make Them Want To Share
A solid strategy should take into account all of your customer touchpoints to create a consistent and great experience, from browsing a retail store, to web presence, to goods arriving on their doorstep. Each of those moments is an opportunity for your brand to connect. Implementing a solid strategy will help you make the most of those moments.
What happens when people have a great experience with your brand or products? That answer is pretty simple: they share it. And what could be better than that? Whether it is telling a friend or unboxing for the world on their social feed, a great experience with your product can bring you new customers. Just remember, people also share negative experiences, so even if you don't get it right, (and sometimes you won't) be sure to hear the feedback you are getting and take the opportunity to make it right.
3. Own The SpacePhoto by Sticker Mule on Unsplash
Creating a consistent, unique brand will allow you to charge a premium for your products. Seriously? How? A solid brand strategy will find your brand differentiator. This is one of the keystones to becoming THE product people think of in your space.
If you have a product that has carved out a unique space in your customers mind, they will view your product as something they need because it solves a problem for them or makes them feel a certain way, and sometimes both. People don't shop at Whole Foods or buy Gucci because they want organic carrots or belts. It's a feeling the brand has created that customers identify with. This feeling also solidifies the notion in their mind that it is something they can't get from competitors. Do this for your product and it becomes the best and really the only choice in their mind, and THAT is a great place to be.
4. Control Your Pricing
Lastly, If you are looking to move from a web only presence and break into the IRL retail space, it can be tough. Stores have limited shelf space and being a sought-after brand is one of the best ways to not only get your foot in the door, but also command a better pricing structure.
If retailers are eager to have your brand in their store, you have more flexibility with the terms of the agreement with those retailers. Having favorable terms really can impact your bottom line. Sometimes, it can be the difference between making a profit and selling at cost.
All four of these reasons to have a solid brand strategy ultimately add up to mean more money for your business. Your brand is one of the most valuable assets to your business, so please, don't hang it all on just a logo.
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