7 reasons why you should invest in your brand
We’ve said before that branding is so much more than your logo; it’s your business persona and what sets you apart from the competition.
But investing in your brand – marketing, advertising, online and offline communications – doesn’t get you tax breaks and isn’t written off over time. So is it worth the money?
We like some of the points made recently by Chartered Accountant Dawkins Brown. His over-arching point is that time and money spent on branding “comes back many times over”, and here’s why:
- Memorability. If customers can remember you, they’ll buy from you
- Loyalty. If their brand experience is positive, they are more likely to buy from you than a competing brand
- Familiarity. According to psychologists, familiarity induces liking – so even those who have never purchased from you are more likely to recommend you to others (and we all know the power of recommendations and reviews on social media)
- Price. Purchasers are happier to pay a premium for a branded product
- Respect. Brand respect will be extended to new products or services making those an easier sell
- Lower marketing costs. Once your brand is established you’ll reach will be amplified against your spend
- Equity. If your business has an established brand it’s probably going to be worth more if (or when) you decide to sell.
Building a brand is a slow burn but, in our experience, it does pay dividends if you know where to look.