How a Great Brand Strategy Both Saves and Makes You Money
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Branding is one of the most important tools in a modern business. The consumer climate has changed a lot with the advent of smartphones, easy internet access and social media. This new infrastructure allows consumers to build strong relationships with brands.
This developing relationship can be invaluable for a business. Just a little planning and preparation in creating your branding strategy can be very lucrative and save you a tonne.
One of the best ways to connect with your customers is through a clear and consistent brand message. With the abundance of media available today, it’s more effective than ever before.
Here are four ways a great brand strategy both saves and makes you money:
A good strategy ensures your brand message is consistent. This reinforces the connection between a brand and a consumer. Studies have directly linked high brand-awareness to high brand-loyalty.
It’s no secret loyal customers make businesses money. They have great trust in the brands they love and are willing to pay higher prices those products.
Loyal customers also save you money. Retaining existing customers is far cheaper than attracting new ones. Indeed, it costs five times more to attract a new customer than to retain an existing one.
Employees are your most valuable asset. They are the life-blood of any business. Implementing a well-thought-out brand strategy conveys the values of your business to not only your customers but also your employees. It strengthens your connection with them and gives them a sense of purpose.
People want to be a part of something larger than themselves. Happy employees are loyal employees. This is hugely beneficial because it saves money spent on recruitment, and time spent on the selection and training of new employees.
A well-communicated brand has a strong effect on consumers. People naturally relate brands to products. Generally, a strong brand is presumed to have a higher-quality product compared to a generic competitor.
So, consumers are more willing to pay higher prices for these products, even if they don’t have any personal affinity towards the brand. The awareness of the brand and its identity is often enough to sway the buying decision.
Time is Money
An exhaustive branding strategy ensures that your actions are pre-planned and coordinated with other departments. It allows marketers to ideate and develop copy well in advance. A detailed strategy also makes handovers between employees and teams easy because a definite structure and plan are already in place.
This forethought and planning of all your brand communications save a lot of time; time that both you and your employees can spend on other worthwhile tasks.
Today, when competition is so high, maintaining a detailed and comprehensive brand strategy is essential. Brands are getting more and more valuable in many ways. Good branding is important for not only your business but also your employees, your customers and your shareholders as well.
Don’t miss out. Get started with your brand strategy today!