The Interbrand survey focuses on brands that are ‘global’ – in their words, global brands are ‘available in many countries and, though they may differ from country to country, the localized versions have a common goal and a similar identity.’
Although it can be extremely successful, this is not always the best strategy to adopt. A global brand brings with it an extra set of challenges and costs associated with achieving the consistency and scale of a global brand along with the intimacy of a local brand. Choosing the right communication strategy for each country (and culture) is a critical but complex task.
Companies competing well in several markets may be seduced into a global branding strategy which does not match the business strategy for the organization. If this happens, the company will find itself doing neither the local nor the global aspects very well. Conversely, if it makes sense for the business strategy to be global, then, of course, global branding is also going to be critical.
Here is a list Duncan Bucknell came up with, of 8 key points to be considered by executive teams in when managing brands:
- Be in touch – the senior executive team must clearly understand, and in fact continually articulate the brand message both inside and outside the organization. As Interbrand states in their report – in so doing, the senior management is giving the business strategy a recognizable face.
- Recognition – obviously, a strong awareness of your brand is critical. Actually, strong awareness of your brand by the right people is the key. This obviously consumes resources, which must be carefully deployed. Consequently, choosing the correct marketing approach and channels is critical.
- Adaptability – to local needs and situations will determine success in those areas. A brand which creates the wrong impression or a negative connotation in a local area will not succeed and may damage the organization’s reputation.
- Needs – top brands appeal at some level to human emotions. Understanding customer needs and wants and making the right promises (that you will reliably meet) is a key part of the strategy.
- Delivery of excellent products or services – your customers or clients must come to rely on the delivery of the characteristics they are looking for in your product or service.
- Indicators of performance – actively setting, measuring and managing performance parameters and adjusting the strategy accordingly. Continually looking for new opportunities to build brand value.
- New (unique) – at its best, a brand is an unmatched expression of an idea, which customers or clients wish to be part of.
- Great Surveillance – closely monitoring and acting on potential infringement of rights.