What's my animation ROI?
Thursday, August 20, 2009 at 12:21PM
Lately we’ve been addressing this burning question from our customers. Your money will return first in increased brand value, then in sales. But what is brand value, how do you measure it, and what is a brand to begin with? The word brand meant “piece of burning wood” in Old English and began its history when the first farmer branded his cow with a hot iron. Today brand is what your customers feel when they think / see / interact with your business.
If it's a feeling, how can I measure it?
You can measure it with numbers, and it’s very expensive to do it. But here is a simple way of doing it with 12-18 people, a bit of printed materials, and couple hours every month - to see an increase or decrease by comparison:
- Ask 6 of your customers (statistically, that’s enough for good data) how they feel/what they think about when presented with your company’s name/logo. Is it consistent with what you think about it, or do they all say different things?
- Ask 6 strangers the same – how does it compare to your customers?
- Ask 6 of your employees (contractors, vendors, etc) the same - how does it compare to two other groups?
- Lay out all of your branded materials on a big table – business cards, brochures, print-outs of web pages, documents, storefront images, etc. Are they visually consistent? Do they tell the same story?
- For inspiration, play around with this tool to see what people think about other brands.
And how can I increase my brand value with an animation?
- It will help you differentiate, communicate your story in a unique way - as unique as your brand - from colors to fonts to music.
- It will help you be consistent with your story, from telling it to employees, to posting it on your website, on YouTube, on cell phones, on TV screens at Trade Shows, inserting into PPT presentations to shareholders, etc.
- It will help you find your true evangelists – a handful of people that feel exactly like you, think exactly like you, get excited about your product exactly like you – who will help your story spread, turning non-believers into believers.
Well, how does increased brand value translates into money?
- Most importantly, it Increases revenue through more and better customers, who're willing to pay premium for your brand.
- It also lowers your direct costs through better terms of business with your suppliers, hence lower discounts.
- It lowers your overhead through reduced staff expense and improved efficiency.
- And it reduces equity/borrowing costs due to weighted average cost of capital.
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