All too often it seems business planning fails to consider brand planning as a part of the complete process.
At Future Point 4 Business we believe that brand planning is an essential part of business planning. Why? Because the building of brand and customer loyalty to brand is key to getting new business from existing customers who in turn are far more likely to recommend the services they have received to their family, friends and other contacts. It is said that it’s 50% easier to sell to existing clients than to new clients and that 80% of future revenue will come from just 20% of clients.
In such plans there will be statements about the market sector in which the business operates combined with market research findings that result in a clear competitor analysis. All of these open the way to a costed marketing strategy principally designed to win investment. Business plans are as varied and as simple or as complex as the businesses they represent. However, it seems that in many instances, in smaller businesses at least, brand plays a minor role. This when, in fact, brand should be seen as a winning component that determines much of the success of the business with brand being crucial to the kinds of qualitative and quantitative returns on investment speculators want to see.
(Sources: Marketing Metrics and Gartner Group)
Author: Phillipe Avery
Founder Director, Future Point 4 Business