If you want to build brand awareness effectively, you must invest in long-term marketing initiatives. Short-term marketing can give you a nice boost in customers and sales at the moment, but long-term marketing slowly but surely builds your brand into something customers can recognize, recall, trust, and rely on.
Branding plays a significant role in purchasing decisions and leads to higher revenue in the long run. Ongoing brand promotion leads to a 23% increase in revenue, and 77% of consumers make purchasing decisions because of the brand’s reputation.
Here's why your business needs a long-term marketing strategy.
What are the pitfalls of short-term marketing?
Short-term marketing does have its benefits right now — which is why you should always invest a portion of your advertising budget into it as well. However, it does not give your business the same valuable results as long-time.
The strategies you implement for the next month to six months may bring more awareness and sales to your business right now but will likely fizzle out because it isn't enough time to impact steady sales from your audience. Think of it as one and done. They make a purchase and leave.
Much like how getting healthy, losing weight, and building muscle require you to keep going back to the gym to see results, good branding requires the same time and effort. The longer you work on it, the more powerful it will be in attracting audiences and building loyalty.
What are the advantages of long-term marketing initiatives?
The popular quote "slow and steady wins the race" isn't just relevant to running or traditional competitions. It rings true for branded businesses, too, for the following reasons:
1. Builds trust and credibility
When you take the time to build your brand to speak specifically to your audience and add value to their lives, you establish expertise and trust in the industry. For instance, many brands choose to use content marketing to provide value and establish authority over time. However, you can do this by answering consumer questions on social media (the quicker, the better) or even improving your customer experiences.
2. Nurturesmeaningful relationships
Consumers want to connect and engage with brands, but it's never quick and easy. It's just like any other relationship in life — you must build and nurture it over time to deepen the connection to elicit loyalty and repeat purchases. These relationships also lead to your biggest supporters and advocates in best-case scenarios — meaning more word of mouth and social media referrals.
3. Prepares for the future
Finally, you'll also find it easier to prepare for what's in store for your business in the future. Long-term marketing planning allows you to not only slowly build up trust and loyalty with your customers but ensure your company is equipped with the necessary tools and talent needed to continue down that path. After all, organized marketers are 397% more likely to report success.
Long-term marketing is no longer just 'nice to have'
As much as you may want to believe the quickest method is the most efficient, it just isn't the case. Nothing worth pursuing is ever quick and easy, and the same goal for your marketing. Long-term marketing is no longer just 'nice to have' when you need it — it's vital to the survival of your business.
Customers now expect a lot more from brands than just good-quality products. They expect you to:
- Speak out on important matters and align your company's values with their own.
- Contribute to relevant causes and charities, particularly in your community (local cause marketing).
- Engage with them on relevant platforms.
- Always be available 24/7 for questions, comments, and concerns.
- Make their lives easier.
You can't meet these expectations in the short term or without branding. However, anything's possible in the long term.
Develop a robust long-term marketing strategy with Meredith
The truth is consumer trust, long-term marketing, and branding are strongly correlated to customer lifetime value. The future of your relationship with a customer depends on how much you put into knowing them, how well you use that knowledge to reach and resonate with them, and how far you will go to nurture and strengthen that new bond.
The longer the relationship, the better. Existing customers are 50% more likely to try new products and spend 31% more.
For the best results, work with a media partner to develop a robust long-term marketing strategy fit for you and your brand specifically. Not every brand is made the same, so your long-term strategy shouldn't be either. Carefully curate the right strategy for your audience with our team of experts. Follow our Meredith Gulf Coast blog for more insight and resources.