Beyond the 5%: Why Ignoring Brand Building is a Business Blunder
Imagine brand building as crafting a fine wine. Initially, it's all about planting the vines and ensuring they survive – much like a new business focusing on sales to keep the lights on. But as time goes by, the focus shifts to nurturing and aging the wine, allowing it to develop a character and a reputation that's unmistakable. That's your brand.
The Brand Building Journey
The Early Days
In their infancy, businesses are like scrappy street performers, hustling for every dollar to survive the day. Branding? That's often a luxury thought, reserved for when there's breathing room between the endless sales pitches and the struggle to stay afloat.
Growth and Evolution
But as the business stabilises and grows, like a performer gathering a crowd, it’s time to think about the show you're putting on. Your brand becomes the stage for your business, setting the scene for attracting more customers and, crucially, the right talent to grow your team. As the Ehrenberg-Bass Institute reports, only 5% of B2B customers might be ready to buy at any time, so where are the rest of them? Don’t you worry, they’re there. The bystanders, the passersby, the onlookers.
The Power of Brand in Attracting Customers and Talent
Customer Attraction
A well-nurtured brand starts to whisper to potential customers long before they're ready to buy. It's about planting seeds in their minds, so when they are ready, yours is the first name that springs up.
Talent Attraction
And then there's talent – the lifeblood of any growing business. A strong brand doesn't just attract customers; it acts as a beacon for the best and brightest, those who seek not just a job but take pride in the business they represent. After all, pride is conducive to productivity, and productivity is fundamental to profit.
Enhancing Marketing Efficiency and Margins
Marketing Efficiency
As your brand becomes more familiar, your marketing starts to feel less like shouting into the void and more like joining a conversation. This isn't just easier; it can be more cost-effective as the brand garners mouthpieces beyond what’s in the marketing plan.
Margin Improvement
A strong brand can command a premium, not just in prices but in reputation. It's the difference between selling a commodity and selling a promise.
The Long Game – Building Brand Preference
Now, it’s about the long game. Consistent brand building is like keeping your garden flourishing all year round. You're not just playing for the immediate 5% ready to buy; you're cultivating a brand that’s in the consideration lineup, every time the opportunity arises.
Conclusion: The Race for Market Share
In the race for market share, the early days are about survival – making those sales to keep your business alive. But as you grow, your brand is what sets you apart in a crowded field. You have to be in the race, to have a chance at winning it.
Call to Action
Think about where you are in your business journey. Are you still hustling for survival, or is it time to nurture your brand into the powerhouse it can be? Does your brand make you feel proud or does it still look (and act) like it was a slap dash attempt in PowerPoint? Building a strong brand isn't a sprint; it's a marathon with a prize that compounds over time.