This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/07/09/six-ways-a-strong-brand-makes-your-company-money/
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by Lindsay Pedersen, author of “Forging An Ironclad Brand: A Leader’s Guide“
Many company owners go about their business without thinking much about brand. They either ignore it altogether, hand it off to marketing (or maybe a talented graphic designer), or make strategic decisions based on an incomplete understanding of what brand really means. If one of these describes you, you could be making a big financial faux pas: A strong brand can be a huge money maker.
Your company’s brand may not be a dedicated line item on your P&L, but your profit will absolutely increase based on the strength of your brand. It’s too bad so many leaders think brand is ‘squishy’ or insubstantial, because it serves a very pragmatic economic purpose.
In fact, a recent study found that 87 percent of business value among the S&P 500 is intangible value, including brand equity. Another study valued S&P 500 companies’ intangible assets at 74 percent, with brand comprising 20 percent of that.
So, what exactly is brand? While the concept can be tough to pin down, I define it as “the interconnected web of what our business means and how we deliver that meaning, all made possible by our special position in our customer’s universe.”
Brand should be a company’s North Star. Every decision you make should be filtered through it. Forging what I call an ironclad brand lets you occupy the single best position in the hearts and minds of your customers. When you pinpoint this optimal position, you’ll be able to create value, maximize scale, and lead with purpose.
That said, here are six ways a strong brand creates immediate value:
1. It creates a high “willingness-to-pay” factor, which… Read More
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