Is Brand Image too expensive to invest in?
In my experience, many under-performing companies see investment in brand image as less critical to other business drivers. Because it seems intangible when compared with investment in things like better products & services, technology or machinery.
If you look at the most valuable brands in the world however, it’s clear how important investment in brand image and identity is. Companies like Apple, Coca-Cola and Nike (just to name a few) have clearly invested heavily. So as in building their unique and powerful brand images on a foundation of world class design and creativity.
When talking with small & medium business owners however, I sometimes wonder whether these brands are great examples to use because they might not seem very relevant or obtainable within the context of their businesses.
From a size and budget perspective that’s certainly true. None of my companies have the budgets of Apple or Nike to invest in their brand image. Yet the fundamentals are the same, no matter the size of the brand. ‘Don’t judge a book by its cover’ might apply to humans. However in a highly competitive business environment, those businesses that demonstrate they care about their brand image rise above the rest. Perception is powerful, and perceived value is a huge competitive advantage.
Lets discuss a latest scenario
We recently spoke with a potential client who didn’t feel they could justify to invest in creating a better brand value. And experience at one of their most important customer touch points. Their website – until they understood how much new business it might generate for them. So they could calculate the ROI on their investments.
I was thinking about it differently though – how much new business were they losing without a brand identity online that effectively communicated the real value of their offering, and positioned them correctly in the minds of those potential customers who have made it this far to their website?
How many businesses are failing to meet their potential. Because they don’t see their brand image as business critical as it really is? I’d say plenty.
Your brand image is the gate keeper to your company’s products and services. That’s how critical a business driver it really is.
The ROI might be difficult to calculate initially in tangible terms, but investment in brand image creates a valuable business asset long term and will put daylight between you and your competition at every ‘moment of truth’ when potential customers come in contact with your brand.
Having the wrong brand image is more expensive than having the right one.
If you need help with your brand identity, write us at : firstname.lastname@example.org