Your brand is who you are. It's your business's face to the world. And though it can feel a bit abstract and hard to quantify or measure, it has a dramatic impact on your bottom line. If you (or your leadership team) is ever debating whether investing in brand is worth the trouble, consider the multitude of ways it can positively impact your results.
Here are just a few of the many ways brand affects your business's bottom line.
Improving Your Output
Your products and services are best ideated, created and executed by a staff of true believers. A strong brand can inspire your crew and help yield a resulting product that is more thoughtful, useful and enjoyable to your end consumer. When your employees believe in your brand (and when they feel it's also their brand) it has positive effects on the work they're doing. Bring them into the vision - let your brand reflect who you are as a company, rather than appointing it from on high.
Bolstering Your Consistency
Strong brand isn't just about building your messaging in one medium. Cross-platform consistency is wildly valuable to your overall brand strength. Think of it this way - you could see an incredible ad for a given product, excitedly navigate to the corresponding website to purchase said product and then be disappointed at how disconnected the company's website is from what it purported to be in the originating ad. Don't drop the ball on consistency - 90 percent of consumers expect brand consistency across all mediums of marketing.
Enabling Your Markups
One of the surest signs of brand strength impacting your bottom line is in the margins you're able to charge for products housed under a particularly powerful brand. Once you've built the brand equity, you can charge premiums for your products and services - because people are willing to pay more for a brand they desire, trust and believe in. Think of how quickly you shell out a few extra bucks for a name-brand product when it's something you truly care about or with which you need reliability.
Empowering Your Evangelists
One of the strongest ways you can spread the word about your brand isn't paid - it's organic. And audible. Word of mouth remains one of the most powerful tools at your disposal when it comes to keeping your brand top of mind. Google identified that 74 percent of consumers see word of mouth as the most important factor influencing buying decisions. But if your brand isn't strong enough, how will your most relentless brand devotees pass along your message? In order to enable word of mouth and grow your customer base, you need an impactful brand that has memorable elements and has something to say so the passing on of information is simple and effective.
Sources: Google, New Jersey Institute of Technology