August 16, 2021
How to Maximize the ROI of Your Branding Project
It takes the right kind of effort to unlock the potential of your brand. And even if you make all the right decisions, it can be hard to measure the return on your efforts. Put these tips in your pocket to maximize (and measure) the ROI of your branding project.
Define the problem(s) your rebrand is meant to solve
No matter how you end up approaching your branding project, defining the exact problem you plan on addressing is a requirement if you want to effectively measure the project’s success.
The more specific, the better. “Our logo is outdated” is a valid reason to reconsider your brand, but when it comes time to deem your project a success or failure, you’ll be left with nothing more than a subjective opinion.
Maximizing the ROI of your branding project is often about making an inherently subjective process more objective. Think more in terms of concrete business metrics—Lifetime Value, Donation, Owned Audience Size, etc.—and you’ll be much better off.
Once you know you want to increase your Owned Audience Size in a target demographic, then you can set a strategy and choose tactics that will focus on that goal.
Research, strategize, and execute—in that order.
One of the most common mistakes organizations make when investing in their brand is making decisions based on feeling alone. It’s like building a house without a foundation.
The best brands start with research and build their strategy based on this research. They only craft their final brand identity once they have a solid foothold based on the first two steps.
The complexity and depth of the research can and should scale depending on the maturity of your organization and size of your budget. Assessing the goals of your branding project is a good place to start, and will help dictate how much and what type of research should be done.
Incorrect assumptions are reason for hope, not worry.
The people within an organization have assumptions about that organization’s brand. You may think you have a solid understanding of how your brand is perceived by the outside world, and why people love (or don’t love) what you do.
Don’t be surprised if a branding project cracks those assumptions wide open. In fact, be grateful about it. Those assumptions could be standing in your way! Having them removed could lead to growth, and will certainly lead to a better understanding of your own brand.
…just one more thing to keep in mind
A branding project can be a huge undertaking. Knowing how to maximize the ROI of this kind of project matters more than with other marketing tactics. Part of this is because of how many different touch points there are for a brand to succeed or fail. Chances are, your audience is engaging with your brand in more than one way. Doing an “easy” calculation of ROI might miss the impact a rebrand is having over time and over multiple channels.