Entrepreneurs are no different, and one of the most common ways to measure business success is by financial profitabilityâ€¦ how much did you make last year versus how much you spent.
When youâ€™re looking at profitability in your business, you look at the return on investment.
But what do you do when youâ€™re measuring the profitability of a piece of your business that doesnâ€™t just lead directly to moneyâ€¦ like your brand?
Itâ€™s pretty unlikely that someoneâ€™s going to just see your logo and like it so much that they will be inspired to just give you money.
On the other hand, a good logo can help your ideal clients trust you and to like you more, and this can trigger them buy your services when you make an offer.
If youâ€™re looking at the profitability of your brand, then that sort of situation should be taken into account. Otherwise, youâ€™re not getting a full picture of the value of your brand.
And each kind of profitabilityÂ that your brand can bring can become a cycle â€“ one that generates more and more money for your business.
Hereâ€™s what to look at when youâ€™re evaluating your brandâ€™s profitabilityâ€¦ beyond money.
- Is your brand bonding with your ideal clients (and, getting you more clientsâ€¦ and more money)? As I mentioned before, you want your brand to help you build trust with your clients. That means that you need to build your brand in a credible, consistent way that demonstrates that youâ€™re worthy of their trust.Thereâ€™s also the likeability factor. If your ideal clients like your brand, theyâ€™re more likely to spend more time looking over and reading your marketing materials â€“ so you have more of their attention. That â€œlikeâ€ can also easily transfer over to you if youâ€™re an entrepreneur â€“ because, where does your brand end and the interaction with you begin (theyâ€™re probably pretty close). And when your ideal clients like you, theyâ€™re more likely to buy your services because of that emotion.Finally, consider the role of personal taste â€“ especially when it comes to your brand image. If they like your brand and feel like it matches their personal tastes, then that can make them feel like you understand them and their needs â€“ and that you can serve them well.See how the money cycle is starting to take shape?
This is the first of 5 ways you can experience profitability beyond money.