ROI stands for Return On Investment.
Brand is essentially a familiar and well-known name, product or service.
Apple, Amazon, Coca Cola, McDonalds, Starbucks, Nike, Adidas, Netflix, these are all BRANDS.
You see these brands everywhere, or you hear about them. They are advertised on TV, on the internet, on social media, inside movies, sponsoring sporting events, and more and more and more and more and more.
To create a brand, you spend money. You spend as much money as needed to continue and build a brand.
The Return On Investment on the advertising dollars of building a brand like that is not just about numbers within X amount of weeks of months.
I doubt the advertisers are thinking “Okay I’ll pay $500,000 dollars to get 30 seconds for a Super Bowl commercial and as a result, we should have 1 million people buy Coca Cola and we will at least break even.”
When you are paying the game of building a brand, you spend whatever is needed to build that brand. And you continue to do so over and over and over.
Of course the numbers have to make sense.
But it is very different to buying something cheap in a local store, and selling it for a premium online.
The definition and concept of ROI is different in these 2 scenarios.
The same applies to someone like me who is building a brand around their name.
It is not that I spend 30 minutes a day on Instagram posting some content, or 30 minutes on the train writing a blog, and I count all the hours, and they need to add up to $25 an hour, or I won’t do it.
If you are committed to building a brand, you do whatever it takes to build a brand.
The dividends are long term.
While I have not built a well-known brand yet, I do believe I AM a brand already. In fact, I believe every single person is a brand on its own right.
Every time you post on social media, you are communicating who you are. Every time you have a dealing with a stranger you never met, you are giving an impression for the first time. Every time you do something good or bad, you are building a positive or a negative brand – the brand of YOU.
So no matter what – you are going to invest time and effort into building the brand of you.
Might as well build a positive one.
As I am wrapping up this blog, I am thinking what book to recommend about this. There are probably lots of books that talk about this in one way or another.
There is a book that I am going to put on my list, that I believe will talk about this exclusively, and so once I am done with it, I will update this blog and give you the link. Remember I only promote things that I personally buy or I know their value personally, or that I think would be of value to my followers and readers. Comment below if you got something for me- thanks.