Marketing should be Considered an Investment, not an Expense

 Steve McKee, author of When Growth Stalls: How it Happens, Why You're Stuck and What to do About It, stated that “every business lives or dies by its brand.” Few owners invest the time or money they should into their brand. "Brand neglect" can occur imperceptibly, through weak or non-existent branding strategies, poor articulation or visuals, or inconsistent brand messages. Many business owners do not notice it happening because brand neglect often happens slowly. A business’ brand is its ultimate asset and should not be mismanaged. Brands can increase in value if they are well-managed. For example, the market value of Coca-Cola’s brand is more than $70 billion. Disney’s brand is worth $28 billion and McDonald’s brand is worth more than $33 billion. While your brand may not be worth that amount, it is an asset worth protecting and enhancing.

As a business owner, brand management should be as important to you as your fiscal and product management. Set aside time to periodically review your brand focus. https://askcompetentlawyer.com/ In your branding efforts, have you developed clear objectives? Is there a clear strategy implemented? Is your tactical plan the best approach for your business? Marketing and brand building may seem like an expense, but it can be your greatest asset. If you have not already, take the time to develop and implement and a branding plan that is smart, strategic, creative and effective.