Can a good brand identity help your business make more money?
This is a great question, and a great one to ask your potential designer, because no one wants to spend money for nothing.
And while it may not seem obvious, having a good, strong brand can have a great ROI (return on investment) for your business.
Good branding builds trustworthiness, can create differentiation and accelerate a buying decision.
It can even help with attracting and retaining top quality employees!
But what is the actual dollar value of a branding package?
Calculating Branding ROI
Calculating the ROI for your business’s branding package is pretty straightforward.
But, it will be different for every brand and business.
ROI depends on what your business is, whether you sell a product or service, and the lifetime value of your clients or customers, amongst other factors.
When I calculate the potential ROI on my branding packages, I like to ask my clients the following:
- – Who is your ideal client?
- – What does the average client spend per visit / service / package?
- – What is the lifetime value of a client? (ie. how long do they stay paying this amount)
- – What is your average monthly revenue?
- – And, where would you like your monthly revenue to be?
These questions give me clues to what volume of clients your business can (and wants to) have, how long you want to keep them for (and whether there is a natural lifetime for the product/service), and whether clients have multiple products / services at the same time (or not).
I also get great insight into the types of customers your business wants to attract, and how big that ideal client pool is.
From there I can work out what are some potential outcomes and ROIs that can arise from the various services I provide.
By discussing ROI right at the beginning of the design process, it opens up the conversation about which package is right for you and your business.
And it pretty much always works out that an investment in good marketing pays for itself by multiples.
If you would like to discuss your brand and the potential return on investment for your marketing, let’s chat!
If you would like to build a stronger brand for your business, please book a call. I’d love to chat with you about your business growth strategy.