28- Is communication expensive?
One of our strategic partners specializing in brand imaging invited us to a career networking event during which professionals introduced themselves and talked about what they were looking for: new contacts or services they need to develop and increase their sales.
After the superb presentation by our strategic partner, imagine my surprise when I heard one executive ask: “What answer would you give someone who claims that it costs a lot to publicize and develop their brand image?”
My answer was the same as our partner’s: well, how much does it cost not to develop your brand image or publicize your products and services? How many contracts do you lose every day because you don’t publicize, which means more room for your competition?
During the presentation, our partner compared certain brands, like Tesla and Ford. Why is Tesla’s market capitalization higher than Ford’s? While Ford has sold millions of vehicles, Tesla has yet to hit one million.
I really like that example, because Tesla – just like Apple vs. Microsoft – has chosen to invest in its brand and create exciting electric cars. While the auto industry giants were fighting to up their sales numbers and their market shares, Tesla invested in its brand image and designed highly desirable electric vehicles.
While the major car makers’ sales were collapsing in 2020, Tesla’s sales were up 36%.
Now why is that? Tesla has always invested in its brand and promoting its brand.
Here are four questions to ask yourself:
1- Are your users ready to pay more for your services or products?
2- What’s your brand awareness? Are you known?
3- Do your customers see the quality of your products or services?
4- Is it easy for your customers to identify with your brand?
If you answered no to any of these questions, you still have a long way to go toward making yourself known.
Success leaves its mark.
It’s your move. We’re here to answer your questions if you want to find out more about the powerful tools that PR and social media can be.
Contact us at www.natapr.com.