The value to businesses of owning strong brands is incontestable. Brands that keep their promise attract loyal buyers who will return to them at regular intervals. Thus brands, with their ability to secure income, can be classed as productive assets in exactly the same way as any other, more traditional assets of a business plant, equipment, investments and so on.
The durability of brands, the quality of their earning power and their widespread appeal make them highly desirable properties. Branding is paramount, and companies that are known for the quality of their products and services, their integrity and the transparency of their actions are the ones best placed to sustain a competitive edge.
Brand owners need to ensure that they deliver high-quality services that are aligned with a compelling vision and delivered with a genuine commitment to customer satisfaction. Brands must remain relevant to their customers, contemporary and appealing. This means that sufficient investment must be made in advertising and marketing as well as in new product development. Understand that successful brand management nowadays is a complex task. It requires skills not normally associated with the traditional marketing function. The ability to brief market-research companies, advertising agencies and designers is to liaise with the sales and distribution people and to survive.
Brand experts certainly need to be adept in all these areas, but they also need to understand how a brand can be managed for the benefit of shareholders. This requires an understanding of how, in financial terms, a brand contributes to the success of a business and the creation of shareholder value.
The best branding strategies to apply now-a-days are such as: In branding focus on what you do best and then communicated your inimitable strengths through consistency. Supports and challenge brand business model to maximize the potential within brand. Consistency in brand message is the key to differentiate. Own brand positioning on every reference point for everything and brand is not a name, logo, website, ad campaigns or PR; those are only the tools not the brand. A brand is a desirable idea manifested in products, services, people, places and experiences.
Sell people something that satisfies not only their physical needs but their emotional needs and their need to identify themselves with the brand. A well-managed brand is always making adjustments. Branding is a process, not a race, not an event so expect to constantly tweak its message and refresh image. Successful brands don’t cling to the old ways just because they worked in the past; instead, they try to re-invent themselves by being flexible which frees them to be more savvy and creative.
Invest your branding efforts on the right platform that communicates to the right channels. Give brand options to test different marketing tactics, make sure they fit with its authenticity and align with its brand strategy. Moreover, Brand communities allow companies to collaborate with customers in all phases of value creation via crowdsourcing such as product design, pricing strategy, availability, and even how to sell.