And every time you say to build a brand you need money spent in marketing and advertising – I will say that’s not enough. Brand without purpose is like a person without principals, ideals or personality and it’s just fitting they go together because alone they makes little sense.
Incidentally small business can also give it a shot. A purpose driven brand is guided by core value proposition, characteristics identifying a business. And even without pots of money bet on it, and just by passionately promoting ideals and core values is the key to building a brand for your small home based business. It does not necessarily involve whole lot of resources- just smart and judicious usage of the few you have access to. SO you should know what to invest and how.
- What product or service should you invest in? Which are the ones, that’s contributing more towards sales. Changes in revenue percentages can signal not only changes in customer spending habits but also broader trends in your industry and market. Changes in the contribution percentage each makes can indicate problems are ahead. The measuring year for this factor is called Revenue Percentage. It measures contribution of revenue from each of the different sources of income in your business- products, service, subcontracting etc.
RP = Revenue from product A or Service B in a month X 100
Total revenue for your business in that month
2. How to invest : Create the right Brand image online.
A group of metric together measures performance of the entire social media plan. These metrics are together called Virality. So if creating brand image online is your final business goal then the measuring yard to use and check how far you have progressed in your endeavors is Virality.
So, for your brand name or brand keywords it can tell –
- > How much are people talking about it?
- > What is the reach of your influence?
- > What is the average sentiment you’ve generated- good, bad or neutral?
One tool that can be used as a measuring yard is: www.socialmentions.com
SO with business goals to create a brand around purpose, a brand that breathes the core identity of your business, that represents the core values you need to use a cost effective media , virulently but before that you must know which or what services / product will generate maximum return on your investments.
About Hedgehog Insights– We are data analytics service provider . We offer analysis of business data. Be it daily operations, cash flows, website data or ones from social media, we analyze all of them together, on one platform, draw, connections, correlations, causes and offer our clients set of easily actionable insights. Tools are really in abundance and we are not selling another expensive one, all that we are sellingis a promise that our analysts will offermodern and conventional analytics , work with you and help you see hidden opportunities from your business data.Schedule a free consultation