Some people think that building a meaningful brand is not worth it and it doesn’t have a high return on investment.
Here’s a tangible example: I need to do a half Ironman for my training a month before I do my full Ironman. I booked accommodation a long time ago but I didn’t book the race.
The cost of Half Ironman is £430. I don’t want to pay it as it feels like it’s too much, since I already paid for the full race in July and because the half IM is a “training” one.
A friend told me to do another triathlon that is much cheaper.
I looked at it and was kind of put off. Their branding looks cheap, their video is sloppy, you could see that whoever did the video made mistakes so I didn’t even watch it until the end or bother to explore it more.
The cost to do that triathlon race with that brand is £235. Ironman is double the cost.
The worst part of the other triathlon is that on their website they say that “They are UK’s favorite triathlon”. It made me cringe.
First off all it’s a lie — they are not the UK’s favorite triathlon and everybody knows it. Second off all that’s a lot of ego in your marketing. Branding is not what you say, it’s what others are saying about you.
A lot of things that we see are messages that our subconscious mind takes in and forms an opinion. A ‘normal’ person that is not in marketing psychology will never tell us that because they have sloppy branding they won’t buy from them.
We form opinions within seconds when we see something.
Branding matters if we want to build something meaningful. The reason some brands charge double is because they have brand equity. The reason you look at one of IM videos and you see that all their races are packed and the other races are not as full for a reason.
It doesn’t necessarily mean that the product is better or worse but we assume it is better because the small details matter and our subconscious makes a decision and feels safer and better.
The reason why some brands can charge double is because they build brand equity.
The reason we pay more for something is because it makes us feel a certain way. People buy things based on emotion and justify it with logic.
PS: I did book IM 70.3