“If this business were split up, I would give you the land and bricks and mortar, and i would take the brands and the trademarks, and I would fare better than you” — John Stewart, Former CEO, Quaker Oats.
Your brand is a powerful asset to your business. Whether or not you believe me, consider that branding is YOUR ACCESS to getting results faster, improving relationships with clients, and attracting abundance into your business. If you were to take away your website, business cards, Facebook page, or PowerPoint presentation, the ONE thing that you always count on is your brand — that is, the perception people have of you.
However, most entrepreneurs are strategic about creating the desired perception that will create a lasting, powerful effect regardless of an tangible aspects of your business.
More importantly, entrepreneurs do not treat their brand as an “asset.” Rather, they relate it as an expense that they spend ONCE they make a certain amount of money. Most entrepreneurs don’t relate to branding as THE thing that will allow them to make money faster and effortlessly.
Even more scary, entrepreneurs don’t even have a budget allocated for branding. It could be because they aren’t that aware of branding. Or, they don’t have the right resource to help them with branding. Or, they simply just don’t see it (yet) as a pathway to achieving unprecedented business results.
For example, Suzanne Evans, a successful business and marketing coach, was already doing well without branding. After re-branding, her web traffic increased 468,000%. Yes, that’s right, 468,000%. Need I say more?
SO, HERE’S A SIMPLE 3-STEP FORMULA TO HELP YOU CREATE A BUDGET FOR BRANDING.
- Step 1. Write down how much money you want to make in your business this year. This is your target gross revenue. (We’ll use an example of $150,000)
- Step 2. Multiply the target gross revenue by 15%. (Using our example of $150,000, 15% equates to $22,500)
- Step 3. Then, create a budget to allocate resources for a branding strategist, graphic designer, web designer/web developer, social media expert, copywriter, marketing expert, or other professionals who can help bring your brand to life.
By using this formula for your branding budget, you can ensure that you will set yourself up to achieve your business goals, AND at the same time, you will also get into the habit of managing, building, and expanding your brand as your business evolves.