Get Rich: Building Your Brand Bank Account

I thought that discussing the idea of the brand bank account would be a good introduction to branding. Most of us know (or think we know) what branding is, but aren't sure if it applies to us, or whether or not we can afford a brand. The truth is, if you own a company, or are the key decision maker in one, you can't afford not to invest in your brand.

For the purposes of our discussion today, I'm going to ask you to think of your brand as a bank account. Your brand is, in fact, similar to a bank account in almost every way.

For starters, when you open an account at the bank, you are required to put some money into it. Your brand is no different. This may come in the shape of your logo (which it should), or perhaps you have forgone the logo exploration (uh-oh) for a corporate identity (meaning your business cards, letterhead, and envelopes). You may have even bypassed this and gone straight to signage, or store design. No matter where you started, you probably had to spend some money, and that expenditure was your first deposit into your brand bank account.

The good news is that you can't go too far wrong when opening your account. Obviously some logos, signs, and business cards look better than others, but the most important thing in building your brand bank account is...wait for it...CONSISTENCY.

More important than having the best darn logo in the entire world is using your identity consistently. This is what builds your brand bank account most effectively. Even if your logo is a steaming pile, using it consistently in all your communications will build EQUITY in your brand. The same way that putting money into your financial bank account builds equity for you, the consistent use of your brand elements at all consumer touchpoints will build your brand bank account.

The moment that you slip up and use your brand in a way that is inconsistent with the attributes of the brand that you've communicated to your customers, you have made a withdrawal from your brand bank account, thereby REDUCING the equity in your account. And you don't want that.

You want to make sure that you are constantly making deposits into your brand bank account. Just like with financial accounts, if you can make a habit of making frequent, small deposits into your brand bank account, this is often easier for your business to absorb, and you'll be amazed at the way the interest piles up on those deposits over time. Waiting to make a big deposit doesn't help nearly as much...it denies consumers frequent access to your brand, and does not build trust in your brand in your category the same way that more frequent contact does.

The brand bank account is an interesting concept that might deserve more explanation in a future post, but I think you've gotten the idea from my explanation here. The main point is to constantly find ways to get your identity in front of your consumer base, so that they begin to identify with the brand attributes that your organization represents. Do that with the right people, and your brand will tip and become trusted and cherished within that demographic.