Failing to recognise the importance of brand could be costing your business — and Deloitte has worked out exactly how much.
In a new report commissioned by Facebook, the firm found that businesses whose brands stagnated over the past year also saw their revenues fall by 13%.
“For a business with annual review of $1 billion, this represents a potential fall of $130 million in revenue,” it says.
The whitepaper, titled “Shared stories: building brand in the digital age”, explores the changing marketing landscape and critically analyses the marketing trends that underpin successful marketing strategies in the digital era.
It also found that just 17% of those in marketing believe building the company’s brand is the most important objective.
That’s a confronting statistic when the top 100 brand assets in Australia were worth a total of $143 billion in 2017, according to Brand Finance Australia.
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