26 Mar How branding can translate to financial results
As told by a business coach
By Clare Wood
Today I’d like to tell you a little story; it’s about a coaching client of mine. This client was looking to freshen up her business and one particular area we decided would be a smart way to up-level her business was in brand. She was in a position to be able to invest a chunk of money in order to do so. Said client of mine spent $10k on a rebrand and within only one year, her already strong sales had DOUBLED.
While these results certainly wouldn’t ring true for everyone (in fact, I’d say such a fast turnaround in results off the back of a rebrand is more of a minority than a majority!) branding (as part of an overall marketing strategy) is an absolute essential for business success.
So, what is branding?
Branding will determine how your business looks and feels and also what type of customer your business will attract. Brand can be a little tricky to quantify so let’s try and break it down somewhat.
Branding is your why, your how, it’s what makes you special and what you value. Of course branding includes the logo (as well as copywriting, business name, website etc.) but it doesn’t stop there. Branding is every touch point a customer has with your business- your phone message, the videos they see of you, even the clothes that you and your staff wear!
What does professional branding include?
If you feel like you’re in the market for a re-brand the things you should hope to walk away with include: a new name, logo, brand identity, brand values and a style guide. Basically, you’ll have your tool kit which can then be brought out each time you work with a creative or anyone else who needs to align with your brand.
How much should you spend?
Unfortunately there’s no magic number for this. What you need to spend will depend on your budget, your needs and your ideal client. For example, if you’re a plumbing business, then something simple is perfect for you but if you’re a high-end fashion designer, your website will need to look and feel amazing. My advice here: 1) Set a budget that you can afford 2) Connect with someone whose work you love and who will help attract your dream clients 3) Ask HEAPS of questions to ensure you are a good fit!
How often should you re-brand?
While you want to remain fresh, consistency is equally important. Again, there isn’t a magic number but you wouldn’t want to update more than every 2 years and definitely don’t let it go any longer than 7…we’ve all heard of the dreaded 7 year itch! In order to remain relevant your business needs to be, look and feel modern.
And finally, the big question: How do I know if I need a re-brand?
Essentially you need to consider a few factors in making this decision. Think about what your budget is and how much you’ve spent on branding in the past. What have your competitors been doing and do you have a regular flow of clients?
Remember, branding is just one piece of an overall marketing and sales puzzle. Often a rebrand can be the motivation to update and refine all your other touchpoints in your business to help propel things to new heights. And if all the pieces of the puzzle fit together perfectly, your business will thrive!
There you have it, my take on how branding can translate to financial results. Is your brand working for you? Or have you recently re-branded and had some success? I’d love to hear your stories!
If you would like to learn more about how Clare Wood can help grow your business with less stress,
please drop her a note via https://clarewood.com.au
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