The time, effort, and capital you put into building your brand must pay dividends.
But “dividends'' is a somewhat fuzzy concept here. How will you know if enhancing your brand improves your business? At Monomyth, we assess a brand’s impact in four vital areas: growth, culture, profit, and customers.
In terms of growth, it’s true that success breeds success. If your brand communicates that your company is thriving, prospects will naturally gravitate toward you.
Regarding culture, your brand exists for the benefit of your customers, but also your employees. When you clarify what the company stands for to team members, it’s easier to get everyone pulling toward the same business goals. You’ll also find that they’re happier and better brand ambassadors.
As for profit, people prefer brands that they recognize and understand, and brand preference drives increased revenue. Plus, an effective brand tends to “grease the skids” for both internal processes and external interactions, boosting revenue.
And finally, a strong brand can lower your customer acquisition cost, increase customer retention, and grow the average lifetime value of those relationships.
Ultimately, engaging effectively with an audience is both an art and a science. So your branding and marketing partner should be both intuitive and analytical, and focused on brand strategies that produce measurable results.