Reilly Newman | The thing about “brand” is that you are going to pay for it one way or another. As a business you have two choices: To allow uncontrolled, bad impressions to run amok of your business OR manage these impressions and increase perceived value.
The latter option is obviously the one you want for your business (and sanity). Your audience is going to form their perception and opinion about your business, whether you invest in it or not.
The crucial difference is that managing your brand through the proper positioning of your business and developing a brand strategy, you focus your brand and transform this ongoing “expense” into an investment that is going to benefit your business for the longterm. (If you’re financially familiar with the term “compounding”— then read this)
Think of bad impressions like an expense. A constant tax on your business that only grows with your business. You’re going to have to pay that bill. It simply comes with the territory of having a business. It truly is a liability.
The good news is you can turn this expense into a true investment instead. An asset you can be proactive about by investing in early. Remember, all great investors know the best time to plant a tree was yesterday. But the second best time to plant one is today.
What’s the key for turning this liability into an asset? To be deliberate in anything we do is key to growth and success. This type of outlook and approach to life is just as important when it comes to business. The power of being deliberate with our time, money, and resources is obvious.
For example, managing time makes you more productive. Telling your money where to go (budgeting) helps save money and even makes your money work for you. Managing resources or leveraging the lack of resources (debt) can help accelerate growth in creative ways. Yet, when it comes to brand, some businesses let this simply just happen. They are not deliberate about managing or building their brand. Much like not being deliberate about a budget when spending or simply just being neglectful in their proactive efforts.
The key steps to converting this ongoing “expense” into an investible asset are:
Get a Grip: Understand what you’re investing in.
Getting a handle of as many touchpoints as possible and their variables. What does this mean? Well, one good example of doing this is to outline your customer’s journey when they work with you. Whether it is your telephone interactions with the customer or you how you place products in your storefront, what are the “touchpoints” (Read About Touchpoints here) along the way where your customer interacts with your business. These are opportunities for your business to create special moments of engagement with your brand. Gain a better grasp of these different moments and you’ll be steps ahead of others and ready to level up.
Example: When at Disneyland, there are countless touchpoints, but they have very meticulously mapped out how their audience interacts with their park. Whether a ride, gift store, line, restroom, etc.
Add Some Magic: The best investments are ones with leverage.
After getting a proper handle, then hop in and take control of these variables. Your brand empowers you to be able to make these many touchpoints more special. Imagine instead of just printing off a regular receipt or invoice for your client, you’re able to make it more branded. Different than others and more special. You just took a very neglected and standard touchpoint and made it into a moment of brand building. Your brand not only helps envelope the business and its many moving parts, but gives you the throne to govern your business. To truly work on your business and enhance how it engages with your audience.
Example: Those same touchpoints Disneyland has mapped out, they have also made special moments within each. From adding the iconic Mickey to handrails to exaggerating wait times so lines seem like they go faster. They successfully create experiences with their brand (Disney) that improves your perception and memory of them. These aren’t added expenses, but are investments that have an exponential return.
Stay on it: Consistent investing overtime creates compounding.
It’s your responsibility to not only get in control, but stay in control. Your business is like an animal (Read full article here). It’s going to want to do its own thing and follow the herd. Your brand is what will allow you to show others that you are different. That you offer more. The trouble comes when you stop working on your business and just let it do its own thing (Read About Working on Your Business here) — this means always looking for new ways and refinements to your touchpoints, to your business, to your brand. Like a thriving fruit tree, it must be maintained and pruned in order for it to produce at its highest potential.
By staying in control through your brand, you are able to work on and refine your business. This naturally will increase profitability and turn this ongoing “expense” of impressions into opportunities to surprise and delight. Your ability to create moments that propel your brand further and translate to business success.
