Brand changes are related to the expertise of management, the firm’s strategic goals and market targeting activities, the branding activities of other firms, the sophistication of consumers, the level of involvement in the product category, the stage of the product life cycle and the development of branding in the relevant product category.
The Star online’s article comes up with 6 Stages of branding: Continue reading
Today, branding is one of most discussed topics in the business press, right up there after manufacturing going to China. Business leaders are beginning to recognize that innovation and branding are two knowledge-based areas of expertise that North America can still own, at least for now. Yet, with all the talk that a strong brand can make a big difference, there continues to be an almost universal misunderstanding of what a brand is. Continue reading
Interesting article by Clyde Fessler, former vice president, business development, Harley-Davidson Motor Company.
In today’s international business world, it is becoming more difficult to compete successfully and, ultimately, provide a return to investors.
The proliferation of competitors, short term objectives, and opportunities to place investment dollars elsewhere also make it difficult to invest in building brands
Building a brand takes commitment, focus, and three to five years of complimentary programmes. It is not just an advertising programme. It is a company-wide effort that unifies everyone’s energies, toward the same common objective.
It takes dedication and a focus of limited resources to execute the various strategies in the different functions of the company. Each department had to take its turn, develop its plans and execute a defined strategy.
But first, there are three strategic questions to ask yourself when building a brand:
Who are we?
Is your company a house of several brands, or is your company a branded house with sub-brands? What does your company do? Provide a service, promote a cause, build a product, or create a lifestyle? Whatever it is, your statement of who you are should differentiate yourself from your competitors. Continue reading
Value has different meanings to different people. The objective of the valuation is determined by its use. Some of the more common valuation approaches are market based/direct measurement method; brand communication investments based method; awareness and franchise valuation method; finance based/indirect measu- rement method; excess-earnings method and relief-from-royalty method.
The simplest direct measurement is to add all the brand’s communication investments, adjusted for inflation. An additional adjust- ment is sometimes made to account for and reward the risk taken by past managers. This adjustment is called the discount rate and it is used to compute the net present value of the successive investments, that is, what they are worth today. The method is simplistic and overvalues the brands; but brand buyers use it for that very reason. It also penalises brands that do not advertise heavily.
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When we speak of branding most of the time people try to relate it to big business house, however, the fact is that every business needs to establish their brand in order to survive the competition. You might be having a very small business but would you like your client to perceive your business as a small time entrepreneurial effort?
Getting a professionally designed custom logo and an easy to remember punch line are some of the very important elements of branding a business. A logo is not just a symbol or a piece of graphics; it is actually your corporate identity. A properly designed logo can leave long lasting impression on your clients and will never let your business slip out of their minds.
So, if you think you are tired of being a “small business” and its time to grow up, take the first step; establish your brand!
Another month, another top of brands. Another brand consulting company, Millward Brown Optimor, decided to set-up another way of having brands ranked, so we got another top where Microsoft got the first place.
This time the goal of the study was to calculate the value a brand is expected to generate for its owner in the future. The top brands were shown to contribute tens of billions to future earnings..
The top was calculated base on three criterias:
John Hagel, co-author of The Only Sustainable Edge: Why Business Strategy Depends on Productive Friction and Dynamic Specialization
In broad strokes, we are moving from product-centric brands to customer-centric brands. Product-centric brands represent promises about products (or retailers) – “buy this product from us because you can trust that it will be a quality product at good value.”
Customer-centric brands offer a radically different promise – “buy from us because we know and understand you as an individual customer and we can tailor an appropriate bundle of products and services to meet your individual needs better than anyone else.” In other words, customer-centric brands promise that, if you give them their attention, they will give you a better return on attention than anyone else.
Tourism is only one of several areas that every nation needs to develop and only one of the sectors that can benefit from country branding. After all, a country with fine beaches might also be an easy or safe place to invest in if relevant legislation is in place and the rule of law firmly established.
How a country is perceived, both domestically and from abroad, from the quality of its goods and services, to the attractiveness of its culture and its tourism and investment opportunities, to its politics, economic policies and foreign policy, can be shaped under a brand. The branding process strengthens democracy and helps both internal development and successful integration into the world community, on all levels.
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Creating a personal brand differs, however, from creating a commercial or company brand in that personal brand is not something one invents. Instead, your personal brand is the reflection of what already exists — your unique strengths, qualities, and talents. The process of personal branding helps you learn, own, and communicate what you have to offer the world and what renders you distinct from everyone else. In other words, it helps you make sure that whatever people say about you behind your back is what you want them to say.
Here is a list of 6 steps to consider when you start building your personal brand: Continue reading
Innovation has become important first, to the perpetuation of businesses (a process of renewal): without regular innovation, brands lose their salt and are eventually overtaken by market events.
Secondly, innovation is a major driver of growth and profitability, though it may work against the brand if it does not align with the core tenets of the brand.
Thirdly, innovation is a core brand strategy and must be an integral part of the brand concept.
Studies have shown that the new forms of innovation driving today’s companies are based on an intimate understanding of consumer culture. Unquestionably a deep understanding of consumers and a broader awareness of trends fuel inspiration and creativity – and better position companies to balance innovation risk and opportunity. Continue reading