I think the main reason more companies don’t put a priority on brand building is because they see it as just another line item in a marketing budget: just another expenditure, one that won’t have any measurable impact on the bottom line.
The reality is that brands are more than just the sum total of logos and ad slogans. When they’re properly managed, they become assets for companies, assets that can and do deliver real revenue. Let’s look at just a few of the ways that a strong brand impacts a bottom line.
– Products issued by strong brands command premium prices. Consider how much a cup of Starbucks coffee costs relative to a cup from the corner diner and you’ll get what I mean.
– A strong brand creates loyalty, which means more repeat purchases and increased profitability for the lifetime of the customer.
– A strong brand gives you negotiating power. Think about the leverage a company like Walmart is able to exert over its channel partners in exchange for the privilege of doing business with the king of retail. Need I say more?
– A strong brand helps you attract and retain the best people, maintain high employee morale, and create a culture that fosters excellence.
Add up these revenue-generating, cost-saving and asset-building benefits and you can see why leading companies place such a premium on building and protecting their brands — and why, increasingly, companies are being valued on the overall strength of their brands. Kinda makes you want to work on yours a little, doesn’t it?
If you’re like most people, you probably spent more time on social media during 2020 than in previous years. And while the pandemic affected everything