On a recent discovery call a potential client provided insights into their pain points and methods of operation. I listened with the intent to help them solve their problems through a custom branding and marketing solution. The first question I asked was, “what is their budget for branding and marketing.” The dreaded, “I don’t have a budget”, was uttered. This was a red flag that this business leader doesn’t have a full understanding of what is involved in running a successful business. So I pivoted and asked if they were willing to disclose their annual revenue so we can determine a fitting budget. $5 million was their answer. The average branding and marketing budget for B2B (their audience) should be approximately 2-5% of a business’s annual revenue (5-10% for B2C). At 5% $250K should’ve been the budget but instead, they said $50K is what they wanted to spend. Then they began to share that their desired projected earnings for this year were $5.5 million, followed by $7.3 million in 3 years, with a long-term goal of $32 million by 2032. Based on this year’s branding and marketing budget of $50K with 50% going to creative and the other 50% to ad spend the growth projections wouldn’t become a reality because the budget wasn’t adequate. This is where the adage comes in that it takes money to make money.

We continued the conversation with my desire to help educate them on what it takes to grow through branding and marketing as a business in the current climate. I continued that people don’t buy the product or service but instead buy the emotions based on a brand’s story that is bigger than the tangibles offered. Their mindset was outdated which caused them to deflect solutions and rely on old programming of how things used to be done.

Marketing science tells us: when faced with two similar products or services, consumers make an emotional decision. They choose the brand with the better story. For a company to be successful in today’s market, it must engage in brand storytelling, and ensure that the story resonates with the intended audience. Doing so is essential for success.

They continued that consistent branding and marketing were essential to them and wanted to rebrand their website, brochure, and unified messaging so when their salespeople are on the road they all sound consistent. Boom! There it was confirmed that old programming was at play. When you have a great marketing strategy you can focus less on sales and instead utilize that team as account executives/representatives to handle the leads coming from the various marketing channels. The next insight they provided was that no one contacts them from their website or social media. They rely solely on their sales team to bring in revenue. Again, old programming of how business was done in the past. 

I gave it one last go and shared with them the process of how we would help achieve success in chronological order of specific strategic steps. 

1. We start with a Psychometric Branding Narrative Starter Kit created by our award-winning psychometrician and partner, Michelle Raab Ph.D. The kit includes a conversation with the key people in the organization, a review of their business, demographic research, and an in-depth white paper that concludes the research with the next steps to apply to a branding and marketing strategy.
2. The research results are then considered and applied to the branding strategy to develop a brand image and message that is precisely who and what the brand represents above and beyond the company’s tangible offerings. The brand story is what people buy not the actual product or service.
3. Further applying the research to the marketing strategy the best channels to get the highest ROI are then selected.
4. Once the branding and marketing assets are in action we monitor the results and provide monthly reports, and the best actions to improve on those results.

Branding and marketing don’t have to be difficult or mysterious when following a structured system. But there are keys to success that many brands already use today by following a system that works. By using creative and scientific strategies, tactics, and assets brands can increase their awareness, customer loyalty, and revenue. By not embracing the latest and most cutting-edge technology and solutions you’re sabotaging the results ultimately compromising the branding & marketing efforts.

Are you or someone you know compromising branding and marketing efforts? Apply the mindset and strategy offered here and watch your brand and revenue grow exponentially.