January 1st is the beginning of the year for individuals in the West. This is when all of the taxes from the previous year are capped. Hereafter, all of the income earned will accrue to the new tax year.
When you look at your total annual income, it can be a bit astounding. How did you make that much money? Tax time involves facing cold, stark realities. It can also teach you a couple of valuable lessons for implementing a successful branded marketing strategy.
Corporate Brands Learn Valuable Tax Lessons
Mother Theresa emphasized small acts of kindness. Sometimes, corporations want to make a big one-time splash. They hope this will put their brand on the map.
While this is very important, they also must determine how these five-star events fit in with the everyday development of their brands. Although, much time is spent before brand marketing campaigns, it is also important to measure customer reaction after the campaign has been completed.
Tax season is kind of your “financial assessment period.” You will crunch the numbers and write out a check to the government. You also might want to get some help, if you are not an expert in tax law. Here are some invaluable lessons, which brands can learn from tax time.
A Penny Saved is a Penny Earned
During the regular work day, you can become exhausted, not feeling like you are productive. Some experts suggest you concentrate on very productive 15 minute intervals. You might be like an NHL line – work hard for a short period of time, then take a quick rest.
“A journey of a thousand miles begins with a single step.” = Lao Tzu.
Every moment, you must be focused on promoting your brand. If you can’t do it yourself, then purchase promotional pens, mugs, shirts, cell phone protectors and the like. These will promote your brand for you.
Out of Site, Out of Mind
With brand marketing you must stay uppermost in the minds of the consumers. It is not easy, but the Fortune 500 corporations are paying for print, television and Internet, every day. You must also make sure that your corporate brand is being advanced, every single day.
You Get What You Pay For
If you work hard, when it comes time to calculate your income, you will owe more taxes. It is a bitter sweet result. But, the same can be true for successful brand expectations.
When you first start out, people don’t know you and can’t expect much from you. As your brand becomes more popular, then people will expect more from you. They might expect frequent updates on Social Media, fast customer service responses and new cutting-edge brands, launched every year. Can you keep up?
Successful marketing will require you to find the largest audience. You will pay for these larger audiences, just like the million-dollar Super Bowl spots. Did you get what you paid for? You must continually assess if your brand promotion results are worth the investment in different media channels.
Everyone Pays the Piper
“Nothing is free in this world.” Just as you need to pay your taxes, you need to do the grunt work to get your brand noticed. You might need to put out numerous press releases and respond immediately to any consumer concerns.
At times, brand marketing might not be fun, but you still must work hard. Eventually, the sun will come out and you can rest on your laurels. But, for now, you must “pay the piper.”
Tax time also closes off one year. Sometimes, you need to close old doors and open new ones. This could include marketing channels, technology or even brands. The brands, which were the most popular in the 1950s might not be as popular today.
Goodwill for a Rainy Day
The world of marketing involves short-term sacrifices for long-term success. The goal is to gradually build up your brand through hard work and determination. Every year, you calculate how financially successful you have been at tax time. You must also do regular assessments of your marketing strategy.
After doing your taxes, you might consider loopholes, credits and exemptions to make your finances more efficient. The same is true for your branded marketing strategy. How can you optimize your budget for the most bang for the buck?
What is Your Bottom Line?
A successful branded marketing strategy takes time to develop. The best strategy will concentrate on reaching short-term steps, in order to help you gradually rise up the long-term ladder of success. Just as tax time teaches you to focus on the bottom line, brand marketing success is accomplished with real measurable results.
William Doonan is a Tax expert located in NYC. Before entering the Tax industry Mr. Doonan was a teacher in New York.