Your brand really means more than you think it does. Yes, I’m talking to you. The business owner that’s reading this blog. Some of your peers don’t think that logos and brands mean much at all. They couldn’t be more wrong.
Lots of studies have been conducted since the days of Don Draper painting his kidneys with twelve whiskeys a day and huffing his way to an early grave with Lucky Strikes. But hold on for a minute. When you read the words ‘Lucky Strike’ – what popped into your head? Most likely it was the Lucky Strike logo or probably something associated with a man smoking a cigarette in an advertisement...and that, folks, is why your brand matters.
When someone can see your business, without seeing your business, then you’ve accomplished what many businesses have failed at. You’ve created brand recognition that carries across a number of platforms, media, and the imagination. So when someone mentions your business or product – they immediately think about the carefully crafted brand persona that you or your team have worked very hard to create AND maintain. In our office, we reference this fun matrix that illustrates the effect of brand awareness and the tipping point of brand retention.
The matrix shows the importance of building brand awareness to the point where it actually positively affects your marketing budget – and it becomes more cost-efficient to generate an acquisition, and even easier to retain that customer two, three, or even infinite times over the course of a consumer’s lifetime.
So when you think about branding, rebranding, brand marketing, or awareness advertising – it’s important to remember that it means more than just flash and art. It means retention of past, current, and future clients.