Rebrand | Return on Investment
Give a little. Get a lot.
In business, many investment initiatives are qualified by determining whether the investment itself will be surpassed by the sales generated. This measurement is referred to as its Return on Investment or "ROI". For example, if a company invests one thousand dollars into developing a new widget and within the first month of sales it generates three times its return in revenue, it is easily apparent that the project's ROI makes the effort a viable pursuit.
When determining the ROI of your company's branding efforts, the same measuring process is not directly transferable. This is due to branding being solution focused as opposed to problem focused. Its purpose is not to act as a function of marketing but as a mechanism for setting the tone, message, and presence that speaks to your audience and creates lasting recognizability and loyalty. Branding creates the heart from which your company speaks from.
This does not mean that the benefits of investing in your brand cannot be measured. To properly measure the ROI of branding you need to look at several key factors:
Developing and maintaining a clear and consistent message ensures a cohesive presence which customers can depend on; reducing confusion in the marketplace and eliminating the potential of sabotaging your marketing efforts. The same identity principles ensure that every member in your organization shares the same understanding of your identity and message and can communicate it effectively.
Customer Credibility & Loyalty
Capitalizing on the brand consistency you have strategically cultivated, you can promote yourself with conviction and solidify your position in the market place. This will inspire confidence in your customers which will in turn breed loyalty, prompt return business, and increase sales.
Pricing & Sales
A consistent and confident brand which evokes loyalty from its customers can often capitalize on the resulting benefits of increased premiums. Trust of a premium brand increases the acceptance of a higher price point based on the expectation that the customer is receiving a higher quality product. In addition, conversion of potential prospects to commited customers is streamlined as purchasers are able to easily identify and align themselves with your offerings.