4 reasons to build your brand
Nic Ricketts
Expert brand consultant, helping scale-up organisations grow sales and market share. My practical approach creates empathy with your prospects and generates referrals from your customers.
As a brand consultant I often run up against board members sceptical as to the value of brand building. But rather than fight head on I have a tendency to empathise, after all it is often difficult to see the measurable effects of brand-building - in increased revenues or reduced costs of acquisition – in the short-term.
The logic is obvious. Selling your product or service into a brand vacuum is going to be more difficult and costly than into a market that is already attuned to your brand values. Competitor incursion, copy-cat incomers and price erosion are all symptomatic of weakly communicated brands. Not to mention the challenges of cross-selling and up-selling within existing customers or markets.
1 - You owe it to your customers
Every successful sale is a result of careful nurturing by marketing and sales. If you expect referrals, then it makes sense to cherish and support those customers proactively. Referrals are so much cheaper to convert than other new business. But so often the very customers who could be introducing you are not given the tools to do so. Clear brand messaging can help them articulate your value to others.
2 - You owe it to your salespeople
Part of what really brings a brand to life is adoption by sales. If salespeople understand the value to customers and get behind your brand, they cannot help but use it. It makes it easier for them to sell-up through the organisation via the buyer or recommender. This is particularly important when the product you are selling is aimed at a department seen as a cost centre rather than a fee earner.
3 - You owe it to your employees
Demystification of brand values creates an overall feeling of belonging and well-being for staff. Ultimately this will result in greater loyalty and reduced churn. Everyone will become an ambassador for the business, describing your brand to the myriad touchpoints that they interact with. And an attractive and dynamic brand makes it easier to compete for talent when recruiting.
4 - You owe it to your investors
Lastly, and not leastly, your investor community needs to succinctly understand what your brand is all about. When it comes to a trade sale or a merger this value will be a powerful attractor and push your valuation higher. View your brand as a corporate asset and invest in it.