Branding is a crucial aspect of any business, and investing in it can yield significant long-term benefits. In this blog post, we will explore five effective strategies that he/she/they can employ to invest in their branding. These strategies have been proven to enhance brand recognition, foster customer loyalty, and drive business growth. By implementing these tactics, he/she/they can elevate their brand to new heights and establish a strong presence in the market. So, without further ado, let’s dive into the world of branding and discover how these strategies can transform his/her/their business’s success.
In the dynamic and ever-evolving landscape of business, the value of a strong and recognizable brand cannot be overstated. Your brand is more than just a logo or a tagline; it’s the sum total of how your customers perceive your business, products, and services. Effective branding has the power to create emotional connections, drive customer loyalty, and ultimately propel your business forward. But how do you go about making strategic investments in your branding to ensure lasting success?
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Every successful branding journey begins with a compelling brand identity. Your brand identity encompasses your company’s values, mission, and unique selling points. By investing in crafting a clear and authentic identity, you lay the foundation for consistent messaging and a strong market presence.
High-quality content that resonates with your target audience can significantly enhance your brand’s reputation. Whether it’s through blog posts, social media content, videos, or other forms of media, investing in a robust content strategy can position your brand as an authority in your industry.
The experience customers have with your brand directly impacts their perception. Investing in exceptional customer service and support, as well as optimizing user experience for your website and other platforms, can create positive associations and foster brand loyalty.
Allocating resources to innovative marketing strategies can set your brand apart from the competition. Whether it’s through influencer collaborations, experiential events, or cutting-edge digital campaigns, investing in unique marketing approaches can lead to increased brand visibility and engagement.
Consistency is the glue that holds your branding together. Every touchpoint, from your website to your packaging, should reflect a consistent brand message and image. Investing in maintaining this consistency demonstrates professionalism and reliability to your audience.
Investing in community engagement initiatives, such as partnerships, sponsorships, or charitable contributions, can demonstrate your brand’s commitment to social responsibility. This type of investment not only enhances your brand image but also fosters a positive reputation in the eyes of your audience.
Investing in data analytics and market research allows you to gain insights into customer preferences and trends. These insights can help you refine your branding strategy over time, making it more effective and adaptable.
Finally, consider branding investments as part of a long-term vision. Branding is an ongoing process, and the returns on your investments may not be immediate. However, the cumulative effect of strategic investments over time can result in a brand that stands the test of time.
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– Dude, check this out.
(light music) We work with so many brands
that do Super Bowl commercials, I kid you not, in almost all cases, There's not a positive ROI
on a Super Bowl commercial, But they do it for branding. And they do it because they're big, And they can afford to do it. (gentle ambient music) – Neil, on the topic of, you
know, agencies and talent, How should brands be
approaching the decision To use an agency versus having
their own in-house team? (bell chiming) – Honestly, almost a majority Of our customers have a bit of both. They have some internal resources
that are doing marketing, And then they have an
agency that specialize In certain areas that helps them fine tune And grow and scale faster. – Cool.
– It's just about ROI. You can do either approach.
There's no right or wrong. I'm not here to pitch anyone
saying you got to use an agency Or you got to do in-house. You got to figure out what's
best for you as an organization. But it's basic math. You spend a dollar, you better
be making more than a dollar. If you're not, there's
something wrong in the long run. Short run, sure, you're
going to have some losses. But in the long run, it
should be profitable for you. – And you probably can
bring up a team of people And move a brand forward much
quicker than a company can With in-house talent, especially
if they don't have any. – Bingo, especially for large corporations And even for small companies,
we can not just do it faster, But we can do it more efficiently.
And what I mean efficiently, for example, If you need something
very specific for TikTok, If you're a small business,
it's really expensive To just hire two or three people like, "Oh, I specialize in TikTok ads." "Oh, I specialize in creating
organic content for TikTok." It starts getting really expensive While we have a lot of people That specialize in different things, And you may only need a
fraction of their time, So it's also more
practical and economical. – Speaking of the social
marketing, you know, I follow you on LinkedIn and Instagram, And you put out a lot of content there And you have over the years. I'm just curious, you know, What do you think is the
most valuable for business To business like you're doing now? Is it which channel? Is
it the type of content? Is it, you know, the topics? And I'm curious, how do
you track the results From things like, you know, I don't know, The insane amount of Instagram Reels That you put out every day? (chuckling) – Yeah, so I film the Reels, And my team publishes them for me. I'm on a plane most of the time anyways, So I don't even look at my own feed Or log into Instagram on a daily basis. I like checking the direct messages When people ask for help. That's one of my favorite
things to do is to help them. I'm a big believer, the
key is not necessarily The platform you're on,
it's the type of content.
So I don't post generic content like, "If I was 20 years old, "here's how I would start
my life all over again." Because I'm focusing on trying To close Fortune 1000 companies, right, Or Global 1000 companies
to pay for our services. That kind of content is going
to convince them to buy from me. But if I posted the type of
content that says, you know, "If I was 20, here's how I would start "my life all over again," That kind of content would go more viral, Get more followers, and do
well from all our tests. We are big believers, if you
want to generate revenue, You got to post the right type of content, Going after the right audience. And that's done really well for us, And then just put it on all the platforms. Because even though LinkedIn
may be the B2B network, There's still a lot of people who work At businesses who use Instagram or TikTok, And there's revenue to be
generated for all of them. Especially if you've
already created the content, Might as well repurpose it. It doesn't really cost you much more. It doesn't take much more
of your time either way. – All right, I have a question. When you're going through
the sales cycle with some Of these Fortune, you know,
500 companies, whatever, How long does it typically
take like from introduction To getting a contract signed? What's like the longest you've seen And what's like the average? – Sure, and to go back
on your other question Before I answer that on
how do you track the ROI,
We believe in just a lot of
campaigns are for branding, And we don't worry about ROI. And some campaigns are
for ROI and we track them, But social media, we look at
it as just brand building, And we don't worry about the ROI. And it's worked out really well for us And a lot of our clients. The question on sales cycle
that you're asking, Harrison, Pre the economy really
getting crushed more And more and more, I would say
our sales cycle was anywhere From three to six months. And now, we're lucky if it's
a three-month sales cycle, Six months to maybe up to a
year right now in this economy. And we still do get some of them. Like here's a great example. My team got introduced to the CMO Of a 20-plus billion-dollar
company four months ago. We're now starting to have
good conversations with them. We haven't even got to proposal stage. We're just diving in And figuring out how we
can help them, et cetera. So you're looking at If we can close the deal,
maybe three, four more months. – That seems pretty typical.
– Long sales cycle, But big contracts. Or if they're not big contracts, They're tiny with the division Of a really large corporation, And then you have the potential To sell into many different
of their divisions, Which are massive businesses
in themselves, right? Like some of these
divisions do like 3 billion, 4 billion in revenue a year, right? And they're like a small division
For some of these corporations
or a mid-sized division. And then, you also have the opportunity To sell not just multiple divisions But multiple regions as
well and countries, right? So a combination of both, Those really make the
campaigns scale up really fast. It's land and expand. – Neil, oh, go ahead, Adam. – Oh, I was just going to agree with him. When we sell to Fortune 500s, It can take six months, 12 months. – We've seen it takes years. – Yeah, the legal is always messy. Takes forever, the back and forth. I mean, we sell software,
so our contracts might be A little bit more sensitive around data. But yeah, it can take a long time. – It's similar, and some of our contracts, Some people have hit us up two years ago, Never signed with us. And then, two, three years
later they come and sign. But I would say the averages are, If we're lucky, three months. If we're unlucky, a year. – I was really happy to hear
you say that you do some Of the work you do for branding
and you don't track the ROI. And it's funny, it seems
counterintuitive to hear that From someone whose roots
are performance marketing. But we learned- – No, but let's go back on
this, right, for one moment. Sorry to cut you off. – [Adam] No, it's all good. – [Neil] If you want a car,
what brand comes to mind? (air whooshing)
– [Adam] Ferrari. – [Neil] Okay, are you going
to Google for a Ferrari Or you just know you want a Ferrari? (air whooshing)
– I just know I want it. – Okay, if you want to get a new
credit card, where do you go? – [Adam] I have great Credit anywhere.
– American Express. (everyone chuckling) – [Neil] Why'd you pick American Express? (air whooshing) – Because they have a hell of a brand. They've done the branding. It came first to mind to my brain Because of all that branding. I didn't think, "Oh, just
because I want these points. "I just thought Amex." – If you want running
shoes, basketball shoes, Football shoes, soccer
shoes, where do you go? – [Harrison] Adidas. – Yeah, a lot of what
people pick is because Of the brand they see and
these companies being out there For a long, long time, right? One is age and two is brand. And a lot of times, you build a brand By just being in business long enough And having a good product or service. But it's how most people
actually make their decisions. The performance marketing side, the SEO, Affiliate marketing, pay
per click, social media ads, Email marketing, et cetera,
conversion rate optimization, It's all great. It helps you generate more sales. When you generate those sales And you create amazing experiences,
It also helps you build a brand. Does it mean that you
should only do branding? No. Does it mean you should only
do performance marketing? No. You need a mixture of both. And eventually, the majority of your sales As you become an old
corporation, I'm not talking About five or 10 years old, I'm talking 20, 30 years
old, ends up becoming Because people are just
familiar with the brand, And you've created a good product
or service over the years. – It's not exactly the same, Adam, But it's not too far off
from our trade show strategy. We've built a brand. People see the logo on their badges, On their lanyards, the big booth. And then, eventually, they
need to track their calls And we come to mind. It's not quite an Adidas-level scale, But Neil's exercise kind
of highlighted that for me. Like it's a different goal But it's kind of the same process. – It's the same thing,
you're just doing it In a different vertical. And Adidas is always going
to have a bigger brand Than you guys or me. And not to track crap on you guys or even- – No, no, it's fair.
– None taken, yeah. – We're in B2B. They're in consumer. Everyone can wear Adidas
shoes from a little kid To an adult before they pass away, And hopefully people live for a long time. Little superstitious and knocking on wood. But we're in B2B. You're not going to have the
branding that Adidas does.
And the reason being
is because the majority Of the world is not the ideal customer. So it doesn't make sense for you To got to spend that kind
of money in branding. – We don't need a Super Bowl spot. Yeah, that's not the same.
– Yeah. You, have the super Bowl, cool,
more people know about you. But you just spent a lot of money And got very little results
from it for how much you spent. Dude, check this out. We work with so many brands
that do Super Bowl commercials. I kid you not, in almost all cases, There's not a positive ROI
on a Super Bowl commercial, But they do it for branding. And they do it because they're big, And they can afford to do it. Doesn't mean you should do
a Super Bowl commercial. I think there's probably
better ways to spend money On a performance end for sure. And from a branding end, I also believe there's a way
better way to spend money Because the cost for a Super
Bowl ad is so expensive. When you buy Super Bowl ads, They don't just make you
buy the Super Bowl ad. In most cases, they make
you buy airtime on other, For other programs. Like this year, when people bought money, For the last Super Bowl, Or was it this last one
or the one before that? They wanted people to start, Or technically not the last
one, the one before that, They wanted people to start buying ads For Olympics and all this kind of stuff. So you're spending whatever
millions on the Super Bowl.
You're spending another six, $10 million In ancillary stuff for branding. And when you start looking at it, There were just better ways
to spend that money even If it was for branding. – I'm curious on the branding front Or just marketing in
general for your clients. How does your strategy
generally change when you look At a client who's doing six,
seven, eight, nine figures? Like obviously, they're
going to spend more money As they get bigger. But are there any key
milestones as to the size Of your client where
you adjust the strategy? – Does it become less performance focused And more branding focused? Or does it really depend
on the goals of the client? – It depends on the goals, And if they're publicly traded or not, And if they have quarterly earnings, And all those kind of things. But keep in mind, we really don't see The six-figure clients that often Or the seven-figure clients. Our clients are typically much larger. And majority of our revenue probably comes From multi-billion dollar organizations. So for us, what we see is
mainly just a scale thing. Even when we look at like
eight-figure, nine-figure, And multi-billion dollar companies, It typically is just a scale thing. And depending on your goals, One quarter over another,
you may just shift how And where you're spending the money. – That makes sense.
– You know,
I know we only have a few
more minutes with you. I want to make sure we get
this question in as well, But what are your goals for 2023? How do you set those goals,
and how often do you adjust? – Economy's crap. Expand more globally. It's cheaper to expand
and hire in a bad market, Although it's very painful cost-wise Because business is not
as good in a bad market. And that is our main goal. So 20 plus countries this year,
get the leaders ramped up. And next year, by the end, I want to be in call it 30
to 35 countries in total. And then, eventually, get to 50. Because it's land and expand. We may close a really small deal With a large global
1000 brand in Singapore. We actually recently did,
I won't mention the name, But everyone here and probably everyone In the world knows the brand. They don't do like a
10 billion in revenue. They do tens and tens and
tens of billions in revenue, And they're consumer. But when we look at that, we do well, We can get many more divisions
and many more countries. And when I say it was a tiny account, I'm talking about less than
six figures a year in dollars Because you have to convert the currency. But even in their currency,
it's less than six figures. And I believe over time,
we can grow that account To a five, $10 million account, right? So it's just more land and expand. Because we're dealing
with a lot of big brands. Like massive brands that spend, you know, Hundreds of millions,
billions on marketing.
A lot of times, they
don't want to test you out In major markets like the United States Because it's risky if
something goes wrong. So they'll test you out in a small region. You do well, they'll keep giving you more. And if you outperform the
incumbent, eventually, They'll give you the majority of it. – That's a hell of a backdoor The way you just described it there. To open in a much lower tier
country, provide great service To a giant company, and then
sell through the company As opposed to trying to land
them in the first-world market. That's a slow- – It's very long too. We've only been around for five years, So I think it'll take
another five plus years To really see it in fruition- – No, I like that you're
thinking that way. I think most entrepreneurs, you know, They're always hustling,
worrying about today. But it's that type of strategy
that you just described That allows someone to- – [Harrison] The long game. – Yeah, to take a
bootstrapped organization And turn it into a
billion-dollar business, You really got to think
five years, 10 years out, Even even from the early days. – [Neil] Yep. – Neil, we got one more question for you Before we let you get out of here, And it's another loaded question. How can somebody generate
more website traffic? – You're going to have to
take an omnichannel approach. And let me be clear on this.
Being on Facebook, Instagram,
Twitter, your own blog, And SEO, and email marketing, et cetera, That's not an omni-channel approach. That's a multi-channel approach. When the channels start working together And you're creating a congruent experience From the different channels And creating a great customer experience Where they know what they're going to get And they know how the brand's going to be, The services and what to
expect no matter where they are Or what channel they're
interacting with you on, That's a omni-channel experience, right? You got to create that
congruent experience. And the way to get the
web traffic is you have To be on all the channels. You know, I've known
Harrison for a long time. When we started out in the industry, Businesses were built on one
channel, a lot of them were. Like you could just do
SEO and do really well. Or you could say, "Hey, you
want more space on Dropbox? "Tweet it out and share
it on the social network. "I'll give you more free
space," and they would blow up. Or Facebook, email blast, just you know, Scrape the address book of
anyone in your Gmail inbox, Your Outlook inbox, and
then send that email out To everyone to just get
more people to sign up. Those strategies don't work
as well as they used to. Doesn't mean they don't work, They just don't work as
well as they used to. – [Harrison] The same. – Yeah, and all these channels That work eventually get competitive. Doesn't mean they're dead,
it just means they're harder
To produce results from. So the only way to really
do well is you got to take An omni-channel approach
and be on all of them, And do it consistently for many years, Which is probably what
people don't want to hear, But that's the reality.
Introduction:
In today’s competitive marketplace, establishing a strong brand is crucial for business success. Investing in your branding can yield long-term benefits, enhancing brand recognition, customer loyalty, and ultimately driving revenue growth. In this article, we will explore five effective strategies recommended by marketing expert Neil Patel to invest in your branding. Let’s delve into these strategies and learn how they can help elevate your brand.
Heading 1: Develop a Clear Brand Identity
Your brand identity is the bedrock of your branding efforts, shaping how customers perceive and connect with your business. To invest effectively in your branding, start by crafting a clear and cohesive brand identity. Here’s how:
Sub-heading 1.1: Define your core values and mission:
- Identify the values that define your business and what you stand for.
- Draft a concise mission statement that encapsulates your purpose.
Sub-heading 1.2: Create a compelling brand story:
- Share the story behind your brand, highlighting its origins, vision, and unique selling proposition.
- Connect emotionally with your audience by showcasing your brand’s journey and values.
Sub-heading 1.3: Design a visually appealing brand image:
- Develop or refine your brand logo, color palette, typography, and other visual elements.
- Ensure consistency across all brand collateral, from your website to marketing materials.
Heading 2: Establish a Consistent Online Presence
In today’s digital age, having a strong online presence is essential for brand success. Here are the strategies to establish and maintain consistency across digital platforms:
Sub-heading 2.1: Build a user-friendly website:
- Create a well-designed website that aligns with your brand identity.
- Ensure it is mobile-responsive, easy to navigate, and optimized for search engines.
Sub-heading 2.2: Leverage social media platforms:
- Identify the social media channels where your target audience is active.
- Develop a content strategy that reflects your brand voice and engages your audience.
Sub-heading 2.3: Engage in content marketing:
- Produce high-quality content, such as blog posts, articles, and videos, that showcases your expertise and resonates with your target market.
- Share this content across your online platforms to build credibility and expand your reach.
Heading 3: Embrace Influencer Marketing
Influencer marketing has become a powerful tool for brand promotion. Leveraging the reach and impact of influencers can significantly enhance your brand’s visibility and credibility. Here’s how to effectively invest in influencer marketing:
Sub-heading 3.1: Identify relevant influencers:
- Research and identify influencers who align with your brand values and target audience.
- Take into consideration their follower count, engagement rates, and content quality.
Sub-heading 3.2: Collaborate with influencers:
- Reach out to influencers with a well-crafted proposal that outlines mutually beneficial objectives.
- Provide them with creative freedom to authentically showcase your brand to their audience.
Sub-heading 3.3: Track and measure the results:
- Monitor the engagement and conversions generated from influencer collaborations.
- Analyze the return on investment to optimize future influencer partnerships.
Heading 4: Prioritize Customer Experience
Investing in your branding goes beyond external marketing efforts. Creating exceptional customer experiences is fundamental to building a strong brand reputation and fostering customer loyalty. Consider these strategies:
Sub-heading 4.1: Personalize customer interactions:
- Tailor your communication and offers to individual customers’ preferences and needs.
- Use customer relationship management tools to track interactions and provide personalized experiences.
Sub-heading 4.2: Respond to customer feedback:
- Actively listen to customer feedback and address any concerns promptly and transparently.
- Implement feedback loops to continuously improve your products, services, and overall customer experience.
Sub-heading 4.3: Provide consistent brand touchpoints:
- Ensure all customer touchpoints, from initial contact to after-sales support, reflect your brand values and messaging.
- Train your employees to embody your brand identity in their interactions with customers.
Heading 5: Measure and Adapt
To make informed decisions about your branding investments, it’s essential to measure the impact of your strategies and adapt accordingly. Use these strategies to effectively measure and refine your branding efforts:
Sub-heading 5.1: Set Key Performance Indicators (KPIs):
- Define clear KPIs that align with your branding goals, such as brand awareness, customer acquisition, or online engagement.
- Track these metrics regularly to assess the effectiveness of your branding strategies.
Sub-heading 5.2: Utilize analytics tools:
- Leverage web analytics tools to gain insights into website traffic, user behavior, and conversion rates.
- Use social media analytics to understand engagement levels, audience demographics, and content performance.
Sub-heading 5.3: Stay abreast of industry trends:
- Continuously monitor industry trends and competitive landscape to identify emerging opportunities or potential threats to your brand.
- Adapt your branding strategies accordingly to stay ahead of the curve.
Conclusion:
Investing in your branding is not a one-time effort but an ongoing commitment to building and nurturing a strong brand presence. By following the strategies outlined by Neil Patel, you can develop a clear brand identity, establish a consistent online presence, leverage influencer marketing, prioritize customer experience, and measure your brand’s impact. Embrace these tactics and watch your brand soar to new heights in the competitive marketplace.
