How do you market without a brand?

You’ve probably heard the quote: “Half my advertising spend is wasted; the trouble is, I don't know which half.” And while most of us will nod along knowingly with this sentiment, we believe the quote is wrong — half is generous.

Research demonstrates that the average business drops somewhere between 40% and 60% of their budget on marketing solutions that provide no visible return on investment. And despite this ineffective outlay, Wall Street Journal reports ad spend is only set to rocket. Surpassing a cool $936 billion by the end of 2024.

That’s some pretty high stakes stuff — especially for those tightening their belts amid all the global uncertainty. And it feels even more questionable when you consider how much more that money could do elsewhere.

Kantar identified that the Top 100 strongest Global Brands rose 47% in value in 2023 compare to pre-COVID levels (2019). Factor in the marketing losses and it suggests something’s working pretty hard to balance the books. Reading between the lines and it would also suggest that poor marketing is limiting the potential of many businesses. And costing them a pretty penny to do it.

So where should that money be spent?

And what can you do to get as much value from it as possible?

First, invest in your brand
Brand is your first impression. It’s a business’s most valuable asset. It delivers your promise, aligns your organisation, infuses your company culture, informs your decision-making and defines every emotional reaction towards your business.

Perhaps not as exciting as a 60-foot billboard. Not as cute as a one-liner on a social post. But without it, there’s no feasible way to land any of them. Brand done well, gets other people to do your marketing for you.

Yet all too often, branding gets overlooked which is business suicide. Reduced to a nice logo or distinctive colour, people dismiss its place in the overall client experience, folding it into an element of marketing rather than it being the central spoke of their business.

Adding fuel to that fire, Forbes reports that the consistent presentation of a brand can lead to revenue growth of up to 33% — almost a complete reversal on the amounts lost to ad spend. Less quick fix, brand is a vehicle for any businesses’ growth, driving desire, cultural significance, and loyalty. 

You know, the things people come back for.

Second, stop wasting money on tools
In the ongoing fight for attention, it’s no surprise that some businesses are failing to connect with their audience. But don’t fret, there’s always someone looking to make a quick buck with a quick fix and, in this instance, that comes in the form of lead generation software.

Whether it’s the alluring promises, the ability to connect with audiences while you sleep or the likes and data for days, they weave together a pretty compelling pitch. And yet here you are months later… and that tsunami of sales has still not materialised on the horizon.

The reality is, if these tools worked you’d quickly see a return on your investment (and your competition would all be stinking rich). But they don’t have a winning formula. And unless you hand it to them, they never will. 

Because while they tout the belief that a flashy marketing solution will win you over a legion of followers, the truth is they can only achieve so much. Sure, they can create some immediate, share-worthy buzz, but what use is buzz if there’s no promise of honey? 

Third, spend smarter
Spend more. Make more. That’s how it works, right? Right?

Throwing money at a problem doesn’t fix it, and if you want your business to grow sustainably, you’re going to need a more strategic approach. You need to understand where your money is making the biggest difference and where it’s washing away down the drain.

Most marketer’s first port of call on this strategic awakening is to analyse the return rates on their latest campaign. What most will neglect, however, is the impact of their messaging, headlines, call-to-actions, landing pages… the individual brand elements which come together to form said campaign.

Without gleaning insights from this data — without knowing what works and why — you’ll never be able to create an effective plan for your marketing effort. Yes, you might strike lucky, but it’s unlikely you’ll repeat the feat time and time again. It’s like building a house without the blueprint. Not exactly the strong foundations you’re after.

So next time you think about throwing cash at a campaign, make sure your brand and its foundations are in all place? Otherwise, what is it you are even marketing?

If your marketing is failing, it’s likely not the fault of your marketing department or creative agency. It’s more likely that your business doesn’t have the clear foundational framework in place as to what your business is, what it does, how and why.

It’s likely that your workforce doesn’t understand your offer clearly enough to represent your business in the right way. Do they really know how they should be communicating and acting with each other, your customers and partners?

Does your business have the principles in place to ensure your hallmark experiences and marketing campaigns represent you in the right way?

If your facing any these challenges, contact us to see how we can help you power business growth..