Budget season. Don’t hate us for bringing it up. We know it’s only September and summer is still in session even though most schools are too. However, soon it’s time to start thinking about your 2019 budget. As you begin to align your spending with your goals, we encourage you to consider adding these brand-related projects to your plans:
Brand Evaluations. In our 2017 white paper, “The B2B Brand Strategy,” we found that a remarkable 98.7% of companies believe they have a long-term brand strategy in place, but that doesn’t mean organizations aren’t evaluating and changing their strategies. In fact, 62% of companies evaluate their strategy every year, with another 20% judging them every five.
Those evaluations often result in companies making major brand strategy changes, as 42.7% adjust every year and another 32% switch things up at least every five years. This constant brand strategy juggling is keeping marketing executives on their toes, as 68% expect a brand strategy change this year or next, and nearly everyone sees a change coming within five years.
Verbal Identity. Just as a visual identity gives a brand its face, a verbal identity gives it its voice. Despite 93.3% of organizations in our study believing a distinct voice is important, only 56% of them think they already have a verbal identity in place. This gap presents an opportunity for companies. For good reason: the white paper’s research found that companies with an established verbal identity also fared better. Those companies with a verbal identity see a 12% increase in shareholder value as compared to those brands without a distinct voice.
Brand Governance. When it comes to brand strategy infrastructure and implementation such as style guides and brand education, the results were similar, with 79.9% or participants spending a significant amount on the brand’s infrastructure.
If any of these ideas resonate with you, your brand, or your budget, let us know. We’re happy to start a conversation.