Why Building Brand Wealth is Important

The business of marketing is very tough, complicated and very competitive. I started my business in 2001 because I recognized an opportunity that the firm I was working for at the time simply was not interested in filling. I recognized that in business, marketing is essential but very mis-understood to the point that attention is paid only when they have nothing better to do.

Let's understand what "Building Brand Wealth" is.  Why do we need to have this discussion in the first place? When a business owner forms their business, they have recognized how they can provide a product or service within a niche they have identified. They can do it better, faster or cheaper than others. Before they start their business, they see their niche as significant with its marketability being very clear. They feel so strongly about their opportunity they invest everything they have in their business, some invest their retirement, their homes equity, and in some cases money from friends and family. This is a deeply personal level of investment only they can understand. Unless you have been there, you cannot speak to this with the kind of clarity as those that have.

As my business evolved, it took a different persona than I had anticipated back in 2001. I began to understand that a business is either an asset or liability to the person or persons that own that business. But no one council those from the beginning about the value of the brand they wish to create. A brand they are not even aware of that they are creating. The attorneys, CPA's, Insurance Brokers and banker do not even make a mention to the business owners they work with. The reality is simple, if they do not have a strong brand, none of those other people are not even necessary. If the business has not learned the value of building the right value in their brand, they are leaving money on the table at the time they wish to step away from the business.

Now that we have established why the first thing a business owner needs to resolve for him or herself is the value of the right brand manager. Why is the right brand manager so essential and the key to this equation, lets discuss who the right brand manager is. It seems that there are hordes of people with their hand out ready to take your money. They make their presentations are generally very serious about their craft. The traditional agency will provide the "by your side" process, but will place you on retainer and charge you for every consultation and phone call. Then there are those that take only a piece of the marketing plan to deliver your direct mail or place your radio commercials. But they know nothing about how that brand needs to be positioned outside their media. It is very difficult find the kind of marking professional that will provide that: by your side" service on a transactional basis. It has been my experience that the Mid-West holds most of these kinds of thinkers. So it does not have to be cost prohibitive.

These are questions we in the business must face every day. As I ponder the purpose of what I have chosen to do as my vocation, I champion ethics in the process of building a successful branding effort. I have come to understand that what I do for my clients is considered an essential part of their business. This has become the essence of what my profession represents to the business world and makes what we do essential in the life of a business.

My fellow marketing colloquies that have clearly established their credentials will see who that this is aimed at and will embrace this conversation as spot on for the benefit of their clients. The business owners, which will become the primary benefactor, should see the value in reviewing for themselves what they have done in considering of their own "Brand Wealth" proposition.

Not every business owner is a branding opportunity; they do not carry the commitment to their branding necessary that will allow your agency to be successful. The grit necessary is rare and difficult to recognize at a first meeting. This grit will come out at some point in the relationship, it is only then you will know it this is the right client.

As marketing professional, the first thing I do, which is very difficult to do, is qualify that business by understanding who you can help and who you cannot. Many times that first time business owner is ill prepared and generally is not a qualified branding client. Simply to ask for an RFP is not enough for me, I need to know something about the business ownership more so than the business itself.  Don’t mis-understand me here, I can recognize and opportunity for what it is, I can process a transaction with the best of them, but few can manage a brand properly.

If you are a business owner, I speak to this issue of your brand. I have lived through this process of building my own brand value after the fact. I did not have a single, Accountant, Banker or Attorney talk to me about my brand value. Perhaps they assumed I was handling that because that’s the business I was in. That was a safe assumption but an incorrect one.

As it would relate to your business, evaluate your past meetings with the advisers you have met with, consider the content of what they seek to and then consider the concepts of your band value. How will that affect your ability to walk away and retire, or will you struggle with you bank to keep current on your loans? Most experts will agree that the reason most business fail is because they fail to have a committed and consistent process in place to market their business. Thinking about your marketing is not enough; you must execute and know how to gain residual value from your efforts. That’s what your brand manager is in place to do, deliver for you "Persistent-Consistency"

We will carry on with this discussion, it is essential for the business owner to first coming to terms with this concept of why they started their business in the first place. My first advice would be to put this in writing; you must understand your business plan and have the ability to articulate to your branding manager why you started your business and what your objectives are. Once you have done this, you will be ready to begin the process of "Building Your Brand Wealth".