Branding in Lean Times: Luxury or Necessity?

There is an unfortunate tradition in business that when financial times turn difficult, marketing and advertising budgets are the first business expenses to be cut.

Of those perceived expendable costs, branding may be seen as the most expendable in a budget reduction move.

Branding is often thought to be a luxury in the marketing budget. When times are tight, lead generation advertising is seen as a necessity to generate revenue.

But that belief stems from a misunderstanding of what brand development is and its value to an organization’s bottom line.

Developing a brand is not a luxury. It is a necessity in difficult economic times because a well-developed brand forms the foundation for the successful marketing campaign to follow.

Branding is Lead Generation Advertising

So, what is a well-developed brand? And how does this image advertising approach transcend the imagistic and crossover to the more actionable lead generation and new business development?

It starts with knowing and understanding your market. Who they are. Their wants and needs. What problems they need to solve. How your product or service is perceived by the market and why they do or should do business with you. How do you, or how can you better solve their problems.

Then this information leads to the formation of your corporate identity. It becomes what people think when they see and hear your name or see your logo! In essence, a well-conceived brand is the soul of your business.

Build It Right and They Will Come

Creating an effective brand is much more than developing a logo. It is about creating the identity for your company with which you will go to market.

There is a comprehensive process called the Keller Brand Equity Model that outlines a four-part brand building process based on using logic and analysis to understand your brand and then design the most effective identity that captures your business strengths and satisfies market needs. (See my Linked In article entitled, “Four-Part Process to Build an Effective Brand.”)

Building a brand that transcends image and ascends to lead generation and sales, providing several key features that lead to success:

·??????? Analyze your market, prospective market and how they relate to your business.

·??????? Stand out in a crowded marketplace and be known for positive strength in meeting customer expectations.

·??????? A strong and easily recognizable brand makes it easier for people to remember you and differentiate you from your competitors.

·??????? Builds trust and credibility about your brand promise.

A Powerful Brand Sets Your Business Apart

A research-guided brand development process creates an in-depth awareness or your market, their needs and how your brand best satisfies them.

This leads to developing a business and a brand that is recognizable for its quality and effectiveness.

So, the unique benefits of doing business with you are an immediate incentive to customers.

Your brand creates a recognizable promise that reliably meets your customers’ needs and gives the confidence in doing business with you.

Attract & Retain Customers

A brand that is recognized for trust and credibility for meeting customers is a brand that attracts customers.

Creating a positive brand image that resonates with your customers creates a positive emotional mindset that makes them comfortable in buying from you.

Helps You Expand into New Price Points and Product Lines

A successful brand identity is not only good for lead generation and your bottom line, but it can also help you expand into new product lines because customers already know and trust your brand.

A trusting customer can become a customer for life. And they can tell their friends, who also becomes your customers.

So, an effective image is more than a logo and a tag line. It may also be your best sales tool! And it is well worth being included in a reduced marketing budget!

Written By C. Rick Jourdan

President—Jourdan