18 July 2011

Brand Power

A respected and recognisable brand is the most valuable asset - tangible or intangible - that any company can possess.

Far more than just a logo or mere embodiment of an individual persona, a brand represents the very soul of a business. As that business grows, the brand evolves into its own entity, subsequently transforming itself into an enduring offering. From this point business direction becomes increasingly important, especially in today's social media savvy world. Some fundamental strategies to consider when developing an influential market presence are as follows:
  • Maintain the focus on the end purchaser. To be successful, a brand must understand its audience thoroughly and satisfy their expectations throughout the interaction process.
  • Remember your stakeholders at every level. From factory to furnace, ensure that your core values are evident to everyone at all times.
  • Ensure your offering, whether that be a service or product, espouses your core brand values. Apple is a great example of this, having adopted the position of ‘intuitive design’ that resonates powerfully with users.
  • Always strive to develop better, more compelling brand-aligned offerings that will continue to grow the brand value.
  • Tell your story succinctly. You should be able to clearly define your brand difference in 25 words or less.
  • Create communications that are distinctive and have cut-through. Ensure the pitch is consistent across all mediums so as not to dilute the overall brand message.
  • Be aware of the impacts, benefits and costs of tactical and strategic plans, and understand the difference between the two. Remember: the businesses that survive are the ones that can see the big picture and know where they need to go.
Author: Michael Locke – Master of Management academic advisor / marketing consultant

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