Thinking about brand strategy versus making a sale makes a lot of sense in today’s chaotic environment. Companies need to create a brand relationship with prospects and customers – more than ever before.
95% of web visitors are tire kickers; it’s harder than ever to reach the right people; and earning a sale or conversion is more difficult than ever.
Is It About Us or Them?
So, why do we expect sales to increase (usually, with unreasonable expectations in a short time) simply because we “want” them to?
Do we really put the customer first or do we say that so we can feel good about the fact that we just want to sell them something now?
Put on your customer hat for a minute, and do your best to take the same steps your prospects and customers take in their respective journeys. Truthfully, you can never really do that because you are already “in” your business with your own biases, goals, and partiality. But it is worth an attempt, because it frames-up what customers are facing, as well as what your company is up against.
Brand Strategy: Give Them a Reason to Choose Your Brand
Having said that, in today’s very crowded and noisy environment, it is absolutely overwhelming from a prospect or customer’s perspective, and at the same time, empowering. There has never been a moment like today that allows someone with a need, want, problem, or opportunity to seek and find myriad solutions from countless companies.
So, creating a “relationship” with your brand is a lot different than simply “selling” a product or service. The amount of choices that prospects and customers have dictates that you must take a different approach, which presents both challenges and opportunities.
With patience, some resources, and a “strategy,” this environment can help you foster “brand” relationships with prospects and customers fostering growth and value creation.
What does this mean?
Establishing relationships at the “brand level” can translate to differentiation, trust, loyalty, growth, and profitability.
So, what’s the deal? Why do we let unrealistic expectations and short-term revenue goals keep us in a place of “sameness” and undifferentiated “beige-ness”?
Ever think about how the very thing we want is often what holds us back? Read that sentence several times, please.
Short-Term Thinking Impedes Value Creation
Here it is, and this will (or should) make many of us squirm if we are being honest: we want and need sales this month, this quarter, this year. So, we often just “do stuff” to make a sale, get a customer, or put a check in the revenue column. But, it’s often short-term thinking with tactics executed in silos; not tied to a larger strategy that brings longer-term customer relationships, competitive advantage, and brand value.
Short-term thinking drives short-term results. Short-term focus drives short-term value.
Let’s look at a hypothetical scenario: “X” company sells products in a competitive space (what isn’t?) and management is dismayed at the results despite considerable resources spent on marketing (money, people, time). So, what gives?
Many companies default to execution that is about selling a product; not forming a relationship, educating a “person” (as opposed to a prospect or customer), or nurturing an investment in something that could pay potential dividends down the road (CLV, or Customer Lifetime Value).
So, a company’s “marketing spend” may yield some conversions and sales, but it’s not “moving the needle.” Too often, the strategy is to sell product to meet the current revenue goal.
Investing in the Relationship Just Makes Sense
What if Company X’s strategy was to build the best “customer experience” in their space first rather than sell product?
What if a prospect was engaged and educated on a level like nobody else in their space is doing? What kind of results could that elicit? What kind of growth, brand value, and competitive advantage could that stimulate?
What if the long-term view was, “If we educate prospects on ‘why’ our brand rules, they will buy our product or service, continue to purchase for years to come, and become brand advocates who will spread the gospel to their friends, families, and colleagues.”
Brand Strategy Helps Sales
Let’s face it; we are all selling something. But “why” and “how” we are selling something is as important if not more important than “what” we are selling.
What if the focus was building brand relationships through our brand strategy versus selling product?
The brand transcends the product. Even if your product or service is the best, the “best” is relative and fleeting. Respect matters. Trust lasts. Differentiation differentiates. Investment in a relationship is “give” and “take”; that’s why relationships are reciprocal. Otherwise, your customer is simply a “buyer.”
The differences between a “Buyer” and a Customer with whom you have a relationship are many. Buyers are often neither long-term or profitable, but customers are. Buyers are often disloyal, jumping ship at the first competitor offering a compelling discount, whereas customers typically do not. Buyers are usually not brand advocates, but customers are. And the list goes on and on.
Sticky Point: Goals and objectives are critical, but they need to be realistic. A brand strategy that focuses on relationships can actually help companies sell a product or service.
Tactics that are executed to support a sound and focused brand strategy build value, create lasting relationships, and improve marketing and sales performance.
Tactics that are executed in silos without supporting a brand strategy often bring inevitable disappointment, regrettable performance, and negligible ROI.