What a logo does for your brand?

 

 

 

 

 

 

 

What a logo does for your brand?

By

DANE KING,DipM,MCIM

Chartered Marketer

& Chief Marketing Consultant

Chartered Marketer For Hire

 

I heard a marketing expert say recently that a logo does not have anything to do with the brand.

Honestly, that statement “raised my eyebrows” and triggered this article.

I believe that a logo has to be an integral part of a brand.

Although the brand can exist without a logo, the logo enhances the brand reputation by giving it an image that people can identify with the brand. So the brand will be better off with the logo than without it. In fact when a logo is “done right”, the brand may not be effective without the logo.

In support of my statement I refer to a well written article in the MIT Sloan Management Review entitled “The Power of a Good Logo at:

http://sloanreview.mit.edu/article/the-power-of-a-good-logo/

In their research, it was found “that the enhanced identification benefit offered by a brand logo (in other words, making it easier to identify a brand in the sea of competing offerings) has no significant impact on customer brand commitment and only a small impact on company financial performance. In contrast, when they express a brand’s symbolic, functional or sensory benefits, logos have a significant positive effect on customer commitment to a brand — and thereby a significant impact on company performance in terms of revenues and profits.”

So logos “done right” have a significant impact on company performance in terms of revenues and profits, to the extent , to the extent they express a brand’s symbolic, functional or sensory benefits.

So maybe the companies who did not experience a measureable difference in revenues did not do a good job in designing and communicating the logo or better yet may not be actively involved in brand management.

Following on from the above, a few of the important benefits of a logo are:

  1. Competitive differentiation – a brand with a logo is akin to comparing a “no name” brand with a brand with a distinctive logo and name.
  2. Expresses the brand identity – once a brand has top of the mind awareness, people easily identify the logo with the brand, which increases their memory and recall
  3. Develops goodwill with customers – if clients like your logo they will by extension like your brand if you deliver on your brand promises and help you better become a “trusted brand”
  4. Enhances the appeal of marketing material – compare a business card without a logo with one with a great logo and tell the difference
  5. Gives the impression of a mature and professional business
  6. Makes it easy to make purchase decisions when there are competing products on the “store shelf”, etc.

Investing in a properly designed logo and by extension tag line, can be a worthwhile investment to make for any size of business. A great logo can propel a small business into the same brand playing field as big corporations…the link is creativity and developing a brand strategy of which the logo is part of.

This is one of the reasons Chartered Marketer For Hire has installed the infrastructure to offer branding and graphic design services to develop effectives logos (done right) and as well taglines for professional services firms and professional corporations.

Happy marketing!

About DANE KING,CPA,CMA,CGMA,Chartered Marketer

 

 

 

 

 

Dane King is the President of Stratking Advisory Services Inc. and chief marketing consultant of Chartered Marketer For Hire.

For over 20 years Dane had been helping professionals, professionally owned businesses, services firms and major corporations grow revenue, increase profits, manage operations and reduce taxes. His mission is to make a difference in people’s lives and increase business profitability.

Dane is a Chartered Marketer, Certified Management Accountant (CMA), Chartered Professional Accountant (CPA),Chartered Global Management Accountant (CGMA), Professional Business Accountant (PBA), Chartered Management Accountant(ACMA,UK), and Financial Management Advisor (FMA).

He is an author and public speaker on a variety of business, marketing, strategy, tax and marketing issues.

He can be reached at 1-888-865-3870 or service@stratking.org

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IMPORTANCE OF A MARKETING AUDIT

 

 

 

 

 

IMPORTANCE OF A MARKETING AUDIT

By

DANE KING

Chief Marketing Consultant

Chartered Marketer For Hire

The first question I get from business owners and executives when I recommend a marketing audit is “what is a marketing audit?”. This is a reasonable question!

Let me quote Philip Kotler, “A marketing audit is a comprehensive, systematic, independent and periodic examination of a company’s – or business unit’s – marketing environment, objectives, strategies, and activities with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance”.

So it must be comprehensive, systematic, independent and a periodic examination.

It looks at all areas of marketing, follows a prescribed process, should be done by a person independent of the firm marketing department and should be done on a fixed schedule.

Executive management needs to determine if the Internal Audit department or anyone internally has the qualifications and experience to effectively perform this role and if not, it may be best to hire an external Marketing Consultant, with fresh eyes and a broad perspective.

A marketing audit usually entails an audit of the marketing environment, marketing strategy, marketing organization, marketing systems, marketing productivity and marketing functions.

These will be rated as poor, good or excellent.

The current situation will be documented and strategies recommended to improve deficient areas. This will result in tangible benefits:

  1. Marketing re-alignment
  2. Better customer satisfaction
  3. Marketing effectiveness and efficiency
  4. Higher Return on Investment for your scarce marketing dollars, etc.

To me, a marketing audit is very important and should be done before you prepare your next Marketing Plan or Business Plan. You should not do your Marketing Plan or Business Plan until you have done a Marketing Audit.

In my view it is more important than a financial audit, systems audit, tax audit etc. The reason being is that these other audits relate on historical transactions and systems after money has passed through the organization.

Without revenue the business will not survive. Without profitable revenue, then sales efforts would not be worth it.

Marketing satisfies customer needs profitably and results in sales and cash flow, key to the survival of firms of all sizes. It is the key leading activity that must be gotten right all the time and marketing systems and messages must remain aligned to the market, trends and customer dynamics.

Sales or personal selling is one of the elements of the marketing mix. Yet many companies focus only on sales or more on sales and less on marketing, when marketing results in more sales. Customers won may be lost as fast as won, because the marketing infrastructure is weak.

When was the last time your business or company performed a marketing audit? Are you comfortable with your results? Would you like to take your business to the next level? Are you flatlined? Do you need a fresh injection of ideas from a fresh pair of eyes?

Then a Marketing Audit is necessary! Get one today!

Marketing Audits are offered by Chartered Marketer For Hire a division of Stratking Advisory Services Inc.

About DANE KING,CMA,CPA,CGMA,Chartered Marketer

Dane King is the President of Stratking Advisory Services Inc., principal accountant with ProfitPAT Accounting and Tax and chief marketing consultant of Chartered Marketer For Hire.

For over 20 years Dane had been helping professionals, professionally owned businesses, services firms and major corporations grow revenue, increase profits, manage operations and reduce taxes. His mission is to make a difference in people’s lives and increase business profitability.

Dane is a Chartered Marketer, Certified Management Accountant (CMA), Chartered Professional Accountant (CPA),Chartered Global Management Accountant (CGMA), Professional Business Accountant (PBA), Chartered Management Accountant(ACMA,UK), and Financial Management Advisor (FMA).

He is an author and public speaker on a variety of business, marketing, strategy, tax and marketing issues.

He can be reached at 1-888-865-3870 or service@stratking.org

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Location is key!

Location is key!

In marketing terms, place is one of the Ps in the Marketing Mix, so crucial for satisfying client needs.

It is important that potential clients can easily find your place of business. If it is difficult to find your business or if your signage is not visible then you may end up spending much more on advertising your business.

In choosing a business office or storefront consider:

  • Vehicular traffic
  • Pedestrian traffic
  • How important is coming to your store to your target client
  • Whether there would be space for signage
  • The best place to erect signage
  • The demographic factors of the population in close proximity to your proposed location
  • Ease of access to people with disabilities
  • Competitors in close proximity to your business
  • Zoning regulations
  • Parking accommodation on or off the street, etc.

It is important to get it right the first time, especially if you are starting a new business.

If you are unable to do the market research and evaluate a location on your own then consider hiring a market research firm, marketing or business consultant.

Hoping this post was helpful and best of luck!

Dane King is the President of Stratking Advisory Services Inc., principal accountant with ProfitPAT Accounting and Tax and marketing consultant of Chartered Marketer For Hire.

For over 20 years Dane had been helping professionals, professionally owned businesses an financial services firms grow their wealth, increase profits and reduce taxes.

Dane is a Certified Management Accountant, Chartered Professional Accountant, Chartered Global Management Accountant, Professional Business Accountant, Chartered Management Accountant(UK),Chartered Marketer and Financial Management Advisor. He is an author and public speaker on a variety of small business, tax, wealth management and marketing issues.

He can be reached at 1-888-865-3870 or service@stratking.org

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Free email marketing campaign design from Constant Contact

Open a new Constant Contact email marketing account today through Chartered Marketer For Hire and get a Free Email Campaign Design from Constant Contact.

Call us today at 1-888-865-3870 as Campaign closes today.

Chartered Marketer For Hire is a Solution Provider for Constant Contact.

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10 things to consider when selling your business

Dane King

By

Dane King

Recently I successfully concluded the sale of the wealth management division of Stratking Advisory Services Inc. as part of a restructuring plan.

Here are a few points I learnt from that exercise:

1. Ensure you are selling at the right time

It is said that we should “buy low and sell high”. Timing is everything. Are you selling high or low? Is this the right time? If it is not, what are you doing to prepare the business for sale? Maybe you have never reached that high in your gross revenue yet? Maybe the markets and economy is good and so you may fetch a better price? It is also said that time in the market is more important than timing the market..so should you continue the business a few more years to the extent that the price should go up the longer you hold it? Consider these things carefully.

2. Ensure you are selling to the right business or person

You have to take your time and do lots of research of your potential buyers. Are they are good fit for you and your clients? Do you like the owner of the other business? Would you be able to get along with him or her as a client or employee? Do they bring new technology, know how, distribution channels and access to markets that would enhance your business going forward so that they do not fail and destroy what you built. If the buyer is successful then you are successful.

3. Get your books and records in order

Have your completed your last years financial statements? Have you filed your tax returns? Have you completed your annual filings? Are your corporate records in order? In this regard seek the services of a professional Accountant and Lawyer.

4. Get your business professionally valued

You may have an idea of what your business is worth from your knowledge of your industry, but you may be short changing yourself without getting the independent opinion of a professional business valuator.

5. What are you selling?

Are you selling the inventory alone, clients alone, assets or everything?

6. What is the Plan B?

OK, you are going to sell the business, but then what? Are you going into retirement? Do you have enough money to retire now? Are you going to start another business and have you done a business plan for this? What would be the cost of starting the new business and before it becomes profitable?

7. Do you have time to stay around for a while?

Well you may be thinking of selling your business and retire to the Caribbean! Would that be nice? The only thing is that many buyers require you to hang around a bit to assist with the transition. How long will that be? Is the cost of that time factored in the price? You need to factor this in your plans.

8. Have a communications plan in place

You need to put in place a communications plan pre and post sale to address issues your clients, employees, suppliers and business partners may have. So there need to be an internal and external communications plan. Hire a professional marketing consultant if you do not have the expertise in this area.

9. Have you factored in restructuring costs?

You have to take some time and compute what your selling costs would be. This needs to be deducted from your estimated disposal proceeds to determine your net cash flow arising from the sale. Your Accountant should be able to assist in this area.

10. Risk assessment

Selling a business can be a risky process. You need to do a holistic risk assessment of the financial, reputational,career, marketing, tax and business risks of proceeding with the sale. Unsure, then bring in a risk management professional to give you an independent assessment.

These are a few of my top of the mind ideas worthy of sharing with you and I hope they were beneficial.

Dane King is the President of Stratking Advisory Services Inc., principal accountant with ProfitPAT Accounting and Tax and marketing consultant of Chartered Marketer For Hire.

For over 20 years Dane had been helping professionals,professionally owned businesses an financial services firms grow their wealth, increase profits and reduce taxes.

Dane is a Chartered Global Management Accountant, Registered Public Accountant, Chartered Management Accountant(UK),Chartered Marketer and Financial Management Advisor. He is an author and public speaker on a variety of small business, tax, wealth management and marketing issues.

He can be reached at 1-888-865-3870 or service@stratking.org

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10% discount on Marketing Plans, Marketing Support and Graphic Design

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  1. Marketing Plan preparation
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Until December 31st 2014, to help you grow your business in 2015.

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Why I love soccer so much?

Find out why I love soccer so much?, in LinkedIn. Whilst there let’s connect in LinkedIn!

http://www.linkedin.com/today/post/article/20140801154820-13074649-why-i-love-soccer-so-much?trk=object-title

Dane King -soccer 1

 

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Stratking Insight Q4 Newsletter is now out!

Subscribe to and view the Q4 version of Stratking Insight Newsletter:

  • Financial and Economic Outlook
  • Fear can limit financial breakthrough
  • A vision to withstand the test of time and more!

http://myemail.constantcontact.com/Stratking-Insights-Newsletter-Q4-2013-courtesy-Stratking-Advisory-Services.html?soid=1107377459059&aid=53kFeVTPJpo

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