You’d be hard-pressed to find someone who wasn’t in some way impacted by the events of 2020, and it could be said that the average brand might be just as torn and ravaged as the average individual.
The PNAS (Proceedings of the National Academy of Sciences of the United States of America) reported that 41.3% of businesses experienced some sort of temporary closure from 2020-2021.
The same source reported that 1.8% of businesses closed their doors permanently during this time of trial.
Marketing and Advertising Budget
Even before this past year, your business/brand might have been trying to do too much.
The U.S. Small Business Association recommends utilizing 7-8% of your gross sales for your advertising and marketing budget.
However, that doesn’t mean that these funds get used ideally and spread out across all of the vital areas you should focus on.
Many brands fail to prepare a proper strategy that engages men and women each on their own terms, adopting a one-size-fits-all mentality that is crippling to successful branding.
Not only that, many brands just try to be everything to everyone instead of being what they really, truly are.
This reminds me of a great quote: “the riches are in the niches”.
Getting back to brand basics will help you learn more about your business, where your brand has been, and, most importantly, where your brand is going.
Moving forward, companies are going to have to define strategies for branding when it comes to men and women, to adults and children, not to mention contending with ever-changing consumer behavior.
Shifting from Strictly Technical Solutions
Brands have had to make remarkable technological shifts to stay in operation and let their customers know they’re still here and in operation. They have also had to determine what the “new” messaging is moving forward in light of the ever-changing consumer sentiment.
However, as the tide continues to shift and the world gets back to some semblance of regular activity, brands are still going to have to compete to win the business and trust of consumers as they continue to build and engage with their target audiences.
Understanding Your Brand Basics
No matter what the external conditions and circumstances are, it remains true that only 78.5% of small businesses survive through their first year of operation.
One primary reason that any business might fail is due to shoddy marketing and poor online presence.
Now is the time to make an effort to understand your brand better. Whether you’re defining it for the first time or even if you’re currently conducting a brand reset.
Your brand has to deliver a clear, concise, and consistent message to your target audience, which requires an effective strategy.
Make it your strategy to build more trust and loyalty, which tends to require a shift in tone and messaging.
For instance, it’s essential to have a specific strategy for marketing to female demographics. Women have a distinct set of expectations and desires that need to be met to inspire and delight them.
Generally speaking, females might be looking for the style aspect of a brand, not to mention a product’s practicality.
Females have a way of responding to a brand’s personality rather than simply focusing on brand names in particular.
Do some work to define and accentuate your brand’s personality and ethos. This will go a long way in building brand recognition that will ultimately convert to brand loyalty.
Defining and Carrying Out Your Brand Purpose
Many marketing experts stress that “Purpose” will be of pivotal importance for brands in the rebuilding or reset phase. Still, I would argue that this aspect of branding and operating has always been of central importance.
Think of your brand purpose as the reason why your company exists. It’s usually something streamlined and straightforward like “To help people!”
If you want your brand to stand out, your company has to be about more than just products and services. I remind my clients all the time to ask themselves questions such as:
- Why did I start this whole thing?
- What makes my company unique in the marketplace?
- Who is my ideal customer/client, and why would they choose me over my competitors?
Getting back to thinking about how your brand makes people feel, both male and female. This is a surefire way to get back to brand basics.
As you create a clear, concise, consistent, and clever message to put out there, you will begin making a recognizable appearance for your brand.
Taking a few of these measures will help you create a culture of consistency that will build new and lasting trust. I would be happy to discuss your brand strategy or reset and help you see it through to success. Contact me today!