This question came up recently in a call with another founder as we discussed a shift in their business. By asking this question, I was able to unlock a different mindset. It took us from a scattered conversation to a focused one — immediately.
It's a question worth asking in various contexts. In general, it forces you to evaluate whether you want to act and, more importantly, whether that action is essential.
And — surprise, surprise — this question is powerful when thinking about your brand.
What's the cost of underinvesting in your brand?
Hint: it's similar to underinvesting in your car maintenance. You'll find yourself in the breakdown lane while other motorists whiz by.
If you're a founder, take a minute and ask yourself this question; if you're a marketing lead, etc., ask your C-suite.
You'll be surprised how you or the members of your team feel about a brand investment when the conversation switches from, "This feels like a nice to have for marketing," to, "We could fall further behind in our market, continue to struggle with recruitment, and suffer an overall lack of momentum as a result of a scattered narrative, confusing products, and misalignment with our future ICP." The future ICP (Ideal Customer Profile) point is the scariest, in my opinion. That's the cost of doing nothing, and without a simple question like this, you might never arrive at it. It's too easy to get caught in the challenges of the day. Again, a question like this pulls you out of the weeds so you can see the greater picture.
"If I had an hour to solve a problem and my life depended on the solution, I would spend the first 55 minutes determining the proper question to ask." — Albert Einstein
If you find yourself asking this question in any context and your wheels start turning, let me know (you can just reply to this email). I'd love to hear that this newsletter's opening thought made an impact.
Principal Analyst Karen Tran explains, "Brand investments are like retirement investments. The idea is to invest regularly and consistently starting as early as possible, knowing that by the time retirement hits, the value will have accrued over time and the investments will have compounding returns. [...] Consistent brand investments over time build lasting relationships — and trust — that influence buyer behavior and drive business growth."
Although tempting, your brand should go beyond your products or services because "effective branding is crucial as it differentiates you from competitors, builds trust, and can influence pricing."
“Only about 5% of buyers are in the market at any given moment.” Measuring marketing and brand by leads-generated means all efforts have to focus on that tiny 5%. Instead, marketing and brand awareness need to be measured differently: staying top of mind for that remaining 95% when they’re ready to buy. “The goal is not to get them to do something but to remember something.”
"Embracing creativity and daring to be different do not undermine professionalism, directness, or a focus on benefits. On the contrary, by differentiating, we amplify them."
