WHY IS BRAND IMPORTANT?

WHY IS BRAND IMPORTANT?

Would we all agree that one of the for sure benefits of a strong brand is reducing customer “price sensitivity”?

Why are iPhones so much more than Android phones?  Apple is king at brand building.

So how do you convince your boss, with evidence, to support brand spends?

I say the number one end all be all KPI for any for-profit business is total PROFIT.  Agree? If you agree then how do you drive profit with brand building spending? Its hard to attribute profit directly to brand spending, right?

The secrete is how you look at metrics that lead to total profit.  If you can build a bread crumb path of KPI’s that end in total profit you can justify brand spending. More on how to do this in subsequent posts.

Back to the first point. Why is “Price Sensitivity” so important?  Due to incremental costs selling at a higher price will almost always be more profitable than just selling more and certainly selling more at a lower price. 

Look at this fun little case study above

#PriceSensitivity #Branding