The Marketing Spectrum - 2 of 3

Yesterday I wrote about how every company’s marketing falls somewhere on The Marketing Spectrum. Read that post real quick if you haven’t. Today, I’m writing about the pros and cons of each end of the spectrum, and how you can leverage both for your business. 

Brand Marketing

What It’s Good For

Brand marketing makes your company meaningful to customers. 

No one can deny a great brand. Brands are embedded in our cultural psyche. Americans have been enjoying Bud Light commercials during the Super Bowl for decades. Brands help us decipher the choices we make. One brand means quality, another means value, another means great service. In a world of unbranded products, our choices are endless and impossible. A good brand humanizes a company, bringing a specific reputation to the marketplace on which customers can make informed decisions. 

Good brand marketing lets customers know what they will feel if they use your product, and in many cases, it helps them feel that way when they use it. Think of the Lincoln car commercials with Matthew McConaughey. The man is so suave, so cool. He doesn’t just help sell Lincolns to potential customers. He helps current Lincoln owners love their car even more. 

What It’s Not Good For

Brand marketing always costs money. It’s a long term investment with unpredictable outcomes. Even in the modern age of trackable advertising, it’s difficult to know whether brand marketing made a difference in ROI or not. While the power of a strong brand identity is undeniable, the pathway to achieving it is often unclear. Brand marketing is never a short term strategy. 

Performance Marketing

What It’s Good For

Performance marketing drives sales that are essential for a sustainable business. 

A business with an amazing brand but no sales isn’t a business at all. It’s an art project. Performance marketing asks for the purchase. It drives scarcity, increases tension, and offers immediate solutions. This is the gasoline in a business’ tank. No business can progress without it. There’s no shame in asking customers to buy. If your business really fills a need, their lives will be better when they do buy. Nudging them to do so isn’t a bad thing. 

What It’s Not Good For

Performance marketing can get old. It’s the fraternal twin of sales. There’s a difference, but they’re cut from the same cloth. The same way a pushy salesperson can ruin your day, too much performance marketing can ruin the experience with a company. There’s a fine line for every company, and with every customer. Find where yours is and learn to be ok with a few lost customers. 

Which is Best For Your Business? 

If you’re just starting out, put the first 10% of your focus into brand marketing. Make a decent looking logo, website, and typographical hierarchy. Then put the next 90% of your focus into performance marketing. Do this until you have money to spare. So many great businesses started off with half-baked logos, and poor brands. Guess what? They made money, got a better brand, and no one cares. On the flip side, countless businesses started off with a great brand, never made a sale, then had their Facebook page removed for inactivity. Get the picture?

Next, consider if the value of your business is objective or subjective. Is there an objective market rate for what you do? If so, performance marketing should be more of your focus. Drive people to a sale. Help them see the quality, the service, the difference. 

If your business is more subjective, focus on brand marketing. Highlight the priceless elements of your product. Is there a community your customers can connect with? Will it make them feel accomplished? Could it help them find love? All of these things don’t have a market value, and are really important to our human experience. Brand marketing helps people see how your product is priceless. 

Finally, does your business depend on repeat customers? If not, brand marketing is less important. Once someone buys, their problem is solved. Hit performance marketing hard to find new customers. If your business does have repeat customers, brand marketing is very important. As a freelancer and advertising guy, much of the work I’ve created in the past is subjective, and relies on repeat customers. Creating a priceless experience for my clients has been essential in the growth of my career. 

Hopefully this helps you make some important decisions about your business. Need a second opinion? Hit me up.