Some Ways Branding Can Drive More Revenue
Branding is everything a company does to present itself to its target audience. Organizations that don’t constantly evaluate their brand may miss thousands of dollars in revenue and savings. A well-managed brand delivers emotional, financial, technical, and legal benefits to the organization. Here’s why:
- Emotional – Memorable photographs and images, consistent messaging, and a strong logo all help customers recall and prefer your brand.
- Financial – If customers prefer your brand, they often pay more than similar products, resulting in increased sales and margin.
- Technical – When customers search for your brand name online, your site will rank higher than if they search for a generic description. When your site appears high in organic SEO rankings, you save money instead of spending as much on paid media to drive traffic to your site.
- Legal – Having a strong brand name and properly marketing it can protect you from improper use by competitors or counterfeiters. Google, Amazon, and online marketplaces allow you to register your brand and you may be able to take action against those trying to trade on your good name.
If you are not actively managing and tracking results against these four things, then you need a branding agency.
Get Started with a Brand Agency
While it sounds as painful as a tax audit, a branding audit is the opposite. This process will actually uncover new sources of revenue for you. Start by hiring an agency with branding expertise. As an independent 3rd party, a branding agency can look at all the places your brand appears: website, online searches, catalogs, social, paid media, and more. Then the agency will prepare a succinct report which will include recommendations on everything from technical fixes (e.g. broken links on a website, fuzzy logo art) to visual improvements (e.g. logo design, colors, font, and photography). Acting on audit recommendations can deliver immediate benefits.
Invest in Brand and Creative Research
Asking customers why they buy and what they plan to buy is another way to uncover revenue opportunities and risks. Occasionally a company’s brand is no longer perceived in a good light and customers might consider competitors. Here are some of the types of research an agency can help you with:
- Competitive differentiation
- How is your organization and brand perceived? Too expensive? Out of touch? How loyal are your customers? Or will they quickly switch?
- Does your product or brand stand out from the crowd of competitors? Are you highlighting the differences that make your products and brand unique?
- Emotional impact and creative research
- In a recent Forbes article, creative testing is described as something that gives you more details on your audience and what works for them.
- If you know customer likes/dislikes, your can improve your organizations’ customer acquisition and retention.
Why Is a Branding Agency Different Than Other Agencies?
Not every advertising or media agency can deliver great branding advice. Some agencies are focused on media and analytics, while others specialize in website technology. A great branding agency understands how to create emotional impact and all the ways to leverage it. They have special skill sets in graphics for logos, fonts for digital or print needs, and most importantly, the messaging that resonates and is authentic.
At James Ross Advertising, we have developed strong branding for new companies and refreshed established brands. Contact us here, and let’s start discovering how you can enhance your brand’s emotional, financial, technical, and legal impact.