“Brand” in Service of What?
We LOVE the power of a good brand. Brands have value. But brand advertising just for the sake of brand advertising is a waste of time and money.
Just like any corporate expense, brand advertising should be in service of a goal. That makes it more measurable. That makes it accountable.
Brand is a promise. Brand is a commitment to quality and purpose. Your brand is a representation of your commitments to the way that you will do business with all of your stakeholders. Your business model is your marketing.
From the practical side, a well defined brand with purpose, helps to reduce marketing expenses, allowing more investment in product, people and pricing, which further builds loyal customers and growth.
To be a good steward of your brand, be accountable. Take the extra step to measure your brand’s impact in your marketing, products and services performance. All advertising is performance based, including brand.
Six Steps to Responsible Brand Advertising:
- Plan your brand spend with its expected contribution to your business goals
- Brand advertising results can be measured, so measure performance
- Report on performance good or bad
- Learn from failures
- Optimize your brand advertising based on performance
Three Ways to Measure Brand Advertising Impact:
- Lift – When you have brand media in market, how much do your performance channel and organic volumes improve? That’s lift.
- Improved response rates – When you have brand media in market do your response rates in your performance channels increase? A “known” or recognized brand usually has more trust and therefore better response.
- Decreased cost of conversion – When you have brand media in market do your costs decrease? Along with improved response, the cost of that response usually decreases as well.
We have the privilege of helping our clients build valuable brands from the ground up by focusing on what matters.