How to Increase Revenue with Branding
Sometimes from the outside branding seems like it’s just about the way things look. The truth is it’s a lot more than that. When used strategically and with intention, it’s one of the most powerful tools there is for growing revenue.
Even small investments in branding can have a huge return. In a study of over 200 organizations, Lucidpress found that:
“For organizations with brand consistency issues, the estimated average revenue increase attributed to always presenting the brand consistently is 23%.”
Can you imagine what a 23% increase in revenue could do for your business? That’s just from doing the bare minimum of keeping things consistent. With an even more strategic approach, the possibilities are HUGE!
Strategic positioning can be the difference between being one brand in a crowd and being the leader of the market.
When Tesla hit the market there were already electric cars on the market. Rather than compete with Chevy and Toyota for a third of the existing electric car market, they positioned themselves as a high end, sporty electric car, and owned that entire market. By defining its own market Tesla took a shortcut and became number one in its category instantly rather than fighting for market share.
Improving package design is a great way to boost revenue.
A study by Nielsen on consumer packaging showed that simply following the basic principles of good package design predicted a 5% increase in product sales. In some cases, the results are much more dramatic. One wine brand in the study jumped 13x the year following a packaging redesign. Imaging growing 13x in one year simply by redesigning your packaging. Talk about a great return on investment!