I’ve always loved Ted Lasso and some of the philosophy linked to the show. The importance of belief and perseverance.
People are naturally impatient. (personally guilty for sure). We all want immediate results and we all want it yesterday.
It can be hard for small and medium sized businesses to fully ‘BELIEVE’ in the benefits of brand strategy and marketing. All too often it feels like a cost not an investment. As soon as things get a bit tight it’s always the first thing to be reviewed and often cut.
When working with SMEs and talking about the benefits of brand strategy it can be hard to get them to ‘BELIEVE’
A question I often like to pose is…..
Why do big corporate companies invest so heavily in brand?
Large corporates have teams of Brand strategists, use Big Brand agencies to help develop the brand look and feel. Have pages of Brand Guidelines with exacting fonts, colours and rules that must be adhered to. They work relentlessly on Brand Execution and Brand Experience (for both colleagues and customers). Marketing spend is often ring fenced purely for ‘Brand’ The Brand performance and metrics are reported religiously at board level. The list goes on. The effort and investment is immense.
Only last week a fellow marketer could not comprehend when I explained that when I worked in the Lloyds Banking Group Brand Team there were over 30 people full time working purely on Brand Strategy.
You could argue it’s simply because corporates have too much money! Brand and advertising is just something they love to spend on………
But the real answer is that Brand investment drives long term value for the business.
Companies with a clear brand strategy have been shown in many acclaimed studies to drive 3 TIMES MORE GROWTH than those without.
A strong brand means that customers will pay a premium for a service or product offered by a brand they know and emotionally connect with versus a competitor. The perceived value is higher even though a product can be identical.
Customers have a stronger preference for a brand they know vs a brand they don’t
A strong brand increases the overall value of a business. It’s an important asset especially if you want to sell or franchise your business.
It’s quite easy to think that a small business can’t afford to invest in brand. There’s so many other demands on cash flow….
But as with many investments – it takes time to realise the benefits.
If you invest time and money to get your Brand Strategy right then the benefits are huge and they will materialise.
I help small businesses step out the day to day. I use my unique framework, to create a bespoke brand for their business. A brand that’s aligned to their business and values, but more importantly that creates connections with their customers to ensure they stand out in their market.
Big businesses have not got this wrong. SME’s just need to ‘BELIEVE.’
I now support SMEs with Brand Strategy – reach out for a Brand Zest Session to discuss your brand.
