ROI (Return On Investment) is the idea that something may cost money up front, but in the end you save or earn enough money to make up for the original investment and then some. When you struggle to determine what to buy, what to invest in or what to do themselves or skip altogether, the measuring ROI becomes critical.
For example, if by investing in a new piece of software for your firm, you are able to reduce employee costs enough to quickly offset the cost of the software, then you would say it has a good return on investment.
Other investments may have poor ROI if their cost takes a very long time to recoup or if the investment is never regained.
Is it possible to measure and determine the ROI of a logo design?
A Unique Selling Proposition (USP), Unique Value Proposition (UVP) and an Elevator Speech are all succinct ways of explaining:
- What your product or service does
- The benefits of using the product or service
- How you’re different or better than your competitors
Each is slightly different and has different uses. They are sometimes confused with one another and there is not one singular, universal definition of each.
We have been really busy with Maine Startup and Create Week. In addition to attending many great sessions, we were heavily involved with organizing and marketing the event. As a key member of the marketing committee, Visible Logic helped to develop the key messaging, update the branding and create pretty much all of the printed signs, schedules, ads and printed marketing materials.
80% of people are going to hate your rebrand because it’s change. The question is, are you willing to sell it?
It’s a great reminder. Even if your logo is beautiful and professionally-designed, if there is compelling reason why you need to rebrand—for example your brand identity is not accurately expressing how your want to portray your business—you need to ignore the initial backlash and find an identity that you know will work for your brand.
It was another great day hearing panelists at Maine Startup and Create Week. I sat in on a session about “Stories of Successful Pivots”.
First, the moderator—Emily Madero—asked each panel member to state their definition of a pivot. After hearing everyone’s thoughts I’ll sum it up for me as:
A pivot means keeping focused on your core strength while turning to a different audience or application that is more receptive to your offering.