A great article just came out on FindLaw.com’s professional site discussing branding in a down market.

Many corporations and law firms are making the decisions, and have been making the decisions over the past two years to decrease their marketing dollars along with other budget cuts – but this may not be the best move. A branding program can have a greater impact in a downturn economy for some key reasons.

Less competition

Business 2.0 show that six months ago, it was next to impossible to stand out when all of your competitors were advertising, now with ad rates slashed, magazines thinner, online websites filled with their own advertising… now is the time to set yourself apart for a fraction of the cost.

This isn’t only true for advertising – take a look at trade shows, organizers are seeing a reduced participantion as well, prime time for your new business venture launch!

Show of strength

A branding program in this downturn reinforces that your company is thriving and not giving up. It sends a positive message to your customers that  you’re not going anywhere and helps them feel confident in investing in your product or services long term versus your competitors that have made so many budget cuts they already look closed. By improving brand strength also increase internal morale by showing your team that you are invested in the company long term as well.

Training opportunity

It’s no new information that a companies employees and leadership never decide what the brand is – it’s the clients and customers that make that decision. They need to believe in the product or services which in turn develop the brand into what is true. The slowdown offers time for your team to invest energy into training your clients and customers about the type of company you are, what sets you apart, and in turn, strengthens the brand… you want.

Business retention

Building a strong brand that customers relate to build retention – customers have no reason to switch products or service providers if they believe in you and what your company is achieving. Make sure your new branding program connects with your current audience, even if the effort is to gain new ones. Obtaining new clients is far more costly than retaining current ones.

Why it works

The article “Why a Down Market is a the Right Time to Brand” on FindLaw’s Lawyer’s marketing section ends by saying “Branding works because buying decisions, including decisions about legal services, are as much emotional as rational. At the moment of decision, the brand provides a reason that goes beyond the firm itself. It is the bridge from what we know to what we feel.
If you want to increase mindshare and get into long-term memory, make the branding investment now. Remember, mindshare is a measure of a position in the minds of buyers. Holding the top position gets you on the shortlist more often — and that’s important at a time when there are fewer shortlists to get on.
Elonide Semmes, a Principal at Greenfield/Belser, Ltd, specializes in developing marketing and sales strategies for law firms, accounting firms and software developers. With nearly 20 years’ experience, she has developed niche marketing plans, direct mail campaigns, visibility programs and individual attorney marketing plans.”

If you’re looking for a re-brand or new website development in Minneapolis St. Paul, Laguna Beach or virtually anywhere around the country, NADA advertising has the infrastructure and technology to work with clients from around the world to improve their business. Get a quote today or check out our latest branding projects and website developements.