What is the ROI of Branding?
Sometimes branding gets a bad wrap. People wonder, "Why should I invest in my brand? "Like, what is it actually going to do?" "What is the ROI of my brand?" My name is Bipul Barnwal and I am a brand strategist by profession. I'm going to share how and why your brand can get significant results for you and your business.
Before we do that, let me make one thing clear. Your brand is so much more than your visuals. It's not your logo. It's not just your colors. It's not just your fonts. It's not what your website looks like, and it's not just your website and social media. It's really the accumulation of all those things put together. The impression that each touch point your ideal client comes in contact with. The impression and the belief about your business that influences a potential client.
So whether you "do branding" or not, you have a brand because your ideal clients are coming into contact with you and forming opinions about you. And through the process of defining your brand strategy, you get to influence that perception. You get to attract the right clients to you, and perhaps even more significant, you repel problem clients away so they don't even want to work with you. So they're not wasting your precious resources or causing problems down the road.
Recently, I was watching a video with Elon Musk in it. Where he's talking about his new Boring Company. If you haven't heard of The Boring Company, what he's proposing to do is to essentially build tunnels, to start in LA in the United States, where cars can go under the ground and use a tunnel system to get where they're going, much faster.
As of this point, his company is executing that project on the ground in LA and wowing the world with his vision. The part that turned a light bulb on for me when I was watching that video is when he was describing the process to get to the point where technology will make it possible for human beings to travel in an underground tunnel using automated pods.
So he was saying, "Well, we only need a two X improvement in how fast we dig." We can actually reduce the size of the tunnels by two X, and then all of that put together improves the output by 10X.
So in other words, by improving systems piece by piece, instead of just trying to get a 10X improvement in one place, which is nearly impossible, the outcome of becoming 10X better becomes that much easier 'cause you're multiplying your improvements over time, and I realized that's exactly what your brand does.
So instead of just trying to improve your sales funnel by 10X, which probably isn't going to happen, or at least not unless it's really bad right now. Or trying to improve your sales conversions by 10X. Or trying to get people to stay on your website for a 10x amount of time, build your audience by 10X.
All of those things individually are really hard, but if your brand can get you a two X improvement in all of those places, which is completely doable and completely within the realm of reality, then you see a 10X improvement in your business overall. And that is why improving your brand is so powerful.
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