How Much Branding Does Your Business Need?
rob • September 25, 2019
Sorry, it's not a simple answer....
Today I'm referring to branding because it's one of those things which a business can alienate and forget the importance of in terms of value in owning market mind share. As opposed to "Call To Action" (a reason for consumers to buy from you ASAP because they need what your selling ASAP), branding is all about your business name and identity in the marketplace that you service.
Not all businesses are created equal. The buying cycle for every business vertical varies depending on the cyclic need in the marketplace.
E.g. I may be in the market for a pizza once or twice a month, however I may be in the market for a house once every 13yrs (Stat from Data from the national assoc. of homebuilders). As we may know both products are marketed quite differently. The need for your product or service could be anywhere in-between or close to the Pizza Buy - Home Buy scale range of branding.
Your customer could make their decision to do business with you based on the possible following criteria combinations:
1) The Need (Can Supersede Price But Not Always Quality)
2) The Price (Can Supersede The Need But Not Always The Quality)
3) The Quality Of Service (Supersedes Price)- This is where brand power and reputation kick in
To that end businesses which thrive on selling based on the need and quality of their services should include a higher percentage of branding in their marketing mix.
Why?
Because there is a greater pool of tomorrow's customers vs. today's customers especially during seasonal or economic down times. Studies have shown businesses who brand during down times exponentially reap more rewards than those business who have rested on their laurels and have done nothing at all have a more difficult time when the economic climate improves because they haven't waved their brand flag to any audience in particular.
For those businesses who have maintained consistent awareness throughout the year, even during their off peak times and in economic down times, they are the ones to garner more market share when things turn around. Guaranteed.
Why?
Because they invested in mind share in terms of getting to the top of the mental shopping list of consumers... whether they need you at that time or not. Watch my video here on how to advertise which includes the power of branding.
Call To Action (CTA)
CTA is great for business who want to garner more market share while they branding. Usually there is a compelling reason outside of the business standard service and quality which would typically be
included in a brand message. The CTA message or campaign comes down to a promotion or offer to drive those consumers to reach out to you as opposed to your competitors because the offer is positioned with great value.
That's not to say some businesses who thrive on promotion and regularly advertise based on deal don't do well...this could very well be part of their branding agenda of ongoing promotions. Some Car and furniture dealers typically use this strategy with their over all messaging. (Some not all).
Not all business vertical models can survive based on promotions. Service driven verticals such as plumbers/electricians/dentists/roofer/contractors etc., typically depend on branding to build market share awareness as their services are based more on an immediate need rather than a consideration. (Typically).
If you want to learn more as to how much branding and what type of branding your business needs call us today to schedule a one-hour free needs analysis meeting at our office!
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