Which should you go for?… BOTH! When it comes to a business, both of these aspects are crucial to the success of your position in the market. Granted, you might focus more of your attention on one, but each should be a vital key point in your overall campaign strategy, specifically your budget split.
Say you just launched your new bikini brand and you are at the stage where you need to figure out if you should focus on position the brand first or trying to make a sale. While sales are important to your revenue and are the main driver in deciding if your business blooms or caves, branding is also super important. Branding alone is what helps you make a sale, this is a long-term process unlike sale activation which is a short-term process, but in the end, a customer will make a purchase in regard to how they feel about the brand, which comes from your branding.
Most brands apply a ratio budget between both in order to decide the best strategy and how much to invest in each the branding and the sale activation. A budget ratio split of 62:38 is the most favorable when it comes to your campaign budget, making brand building the most favorable. Here you can get the best of both worlds by selling the items needed to make revenue and also working on the branding aka “your brand image”.
Working on your brand will not just shape the mind of your target audience but it will drive sales once your customer’s perception of you becomes positive, increasing your overall brand equity.
It is important to focus on your overall and long-term goals when you first open a business and not focus on a quick sale. Brand equity is just as important as sales.
If you missed my last blog check it out here!