Dental Marketing - Tyson Steele Associates - Advanced Dental Marketing Concepts

Written By: Tyson Steele on 2010-02-17

If you're wondering whether a new logo, or "identity" for your practice will have any real impact on your bottom line, then this story will help you understand the incredible value of branding.

In the mid-1990s, a small two-man ad agency worked with Taco Bell for more than a year to develop an animal mascot for their marketing campaigns. Taco Bell turned down the concept, but later used the chihuahua mascot in advertising created by one of the nation's largest ad agencies.

Eventually, the original creators sued, claiming they deserved licensing fees. In the process, a group of analysts was brought in to determine the value of the mascot. After analyzing a decade of historical sales data, adjusting for menu and price changes, and reviewing Taco Bell's records of brand awareness related to the use of the mascot, the analysts determined that the mascot had a substantial impact on Taco Bell's bottom line.

As a result, a jury awarded the original creators $30.1 million and $12 million in additional interest.

Of course, your practice isn't as big as Taco Bell. So you may not realize $30 million in value from a new identity. However, many of our clients can attest that the right identity does have a substantial impact on your practice revenues over time. So what are you waiting for? If you've got a million dollar practice, maybe it's time to have the million dollar identity to go with it.