Branding doesn’t HAVE to be expensive. Today there are resources like Fiverr.com, Elance, Upwork, and other online communities to produce the brand assets. The key is to have a brand that’s crazy beside and tells a story. Picking the clip art off your online printer site or dropping in icons on the drag and drop build a site tool doesn’t count. A brand is like a retirement account. Ever deposit (each time someone interacts with your brand) you increase a balance and earn compounding interest called brand recognition, trust and recall. These things decrease your marketing and cost of sale over time. But a brand needs a little effort.
What benefits/ROI will the average small business owner see from
an investment in branding/re-branding?
Let’s break down the benefits mentioned in our brand "IRA" : recognition, trust and recall.
Recognition – overtime your brand starts to be attributed to iconography as well as broadly in its product or service category. You spend less time explaining yourself and can just flash an icon and people know.
Trust – with this recognition people start to trust your brand and trust is a major influencer in purchase decisions.
Recall – tied to trust and recognition, recall is the holy grail. When consumers, in prompted, recall your brand when prompted by something that triggers your brand it could be a catchy jingle that lingers in their head, a slogan etc. here’s how recall plays out in a real world scenario. A car dealer invests Ina catchy slogs and jingle. Their ad dollars are spent saturating their local market. Overtime, surveys reveal that citizens in this market have found them selves humming the jingle everytime the drive by any car lot.
Why should small business owners prioritize an investment in
branding when there are so many areas of their business that
require focus and attention?
Why do we invest in retirement? It takes time, but the benefits are great.