Present your brand consistently
33% increase in revenue from consistent branding
Warren Buffet famously noted – ‘It takes 20 years to build a reputation (or brand) and only 5 minutes to ruin it’. The point made here is – it takes a long time to establish a great brand or reputation and maintain that brand to ensure it is not lost. Just one slip-up could be enough to destroy considerable value. One study found that consistently presenting a brand can increase revenue by up to 23% while another found that consistently delivered a brand increases revenue by 30%. Either way – the importance of consistency is clear.
Consistency is important from two perspectives:
- Across channels and media
- Over time
Warren Buffet was once asked the secret to his considerable financial success. He noted three things: (1) ‘winning the lottery of the womb’ (being born to middle-class parents who valued education in a first world country); (2) compound interest; and (3) ‘living long enough for compound interest to pay dividends’. Branding is a little like compound interest. If approached in a consistent manner, the value of a brand and its contribution to the business grow over time. If a business presents its brand consistently and delivers on it consistently over time, its contribution to revenue generation, margins, and the average sale per customer will grow.
Whatever value a brand delivers today – it can deliver much more in the long term if it is presented and delivered consistently. Brands must be developed with the long term in mind.
RECOMMENDATION – Present your brand consistently across all platforms and channels. Deliver on the promise of your brand consistently over the long term.
D. John Carlson - +61 (0) 402 273 350
https://www.djohncarlsonesq.com/join/
EXTRACT FROM - THE CULTURE - BRAND CONTINUUM
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