Short Term Sales vs Long Term Brand
If you have a small business, then it is likely you are focused on sales. It is natural to home in on the bottom line and be driven by one’s ROI. While it is understandable that immediate and quickly attainable goals would be a focus point, you must also consider long term brand.
In doing so, you would be more likely to see growth than if you were to only concentrate on the former.
What is Long Term Brand?
Long term brand refers to how your brand is viewed by your customers, and how they react to said brand. For example, if I were to ask you the difference between Wal-Mart as a brand versus Target as a brand, you could immediately think of adjectives of how each brand is represented. Moreover, you would also be able to give me information on how these brands are marketed as well.
In a similar vein, it is imperative that you consider how your customers view your brand. Do they see your products or services as luxury items? As necessities? As affordable? Furthermore, would your brand be considered insightful, encouraging, etc.
Consider Your Customers and How They Interact with Your Brand
When you build upon your brand in the long term, your customers will respond accordingly. On the reverse side of the spectrum, if you if you only focus on sales, then you may meet your sales goal, but what happens to the customer? They have no dedication to the brand. They’ve already gotten the product or services, and thus, your customer retention is lowered considerably.
However, by building out brand identity, your customer retention goes up. Customers who can connect with your brand are more likely to engage with it in the future.
Need help building out your brand, or utilizing marketing that gets your brand noticed? Let us know how we can help!
