Treat spending on your brand like your other significant assets.
Take real estate. You likely view it as an investment:
– You have a time horizon for it
– You may have different expectations based on your cost of capital and market risk profiles
– You understand there will be a period between when you sign for the property and when you have your first sale
– You recognize the need for continual maintenance of the property to be able to produce income
Or technology. In many cases, it will unlock improved productivity or better
yields. But in some cases, it has become a cost of doing business.
In both cases, you’re taking a long-term view of your business and considering the investments you want or need to make to generate your desired financial results.
Do the same with your brand.
Make enough and the right investments to stay relevant in the marketplace to attract and retain customers.
This is more than just marketing. You’ll find a better return by applying your brand to other parts of the revenue line and ensuring you are building the right associations.
Let’s use real estate again as an example. Ensure your real estate strategy is consistent so consumers know where and when to find you.
On the marketing front, the right balance of brand and activation-type activities has produced the best returns.
So, use your brand as the weapon it is. Treat it as an investment that can generate returns. Consider building your activity mix with a portfolio mindset to help you achieve your targeted financial goals with the right level of risk.