I truly believe that we need to take a huge step away from the practice of branding which elicits short-term rewards instead of long-term value.
Branding efforts should be seen as an expression of the business
strategy both internally and externally and not just one of the functions of the marketing department. If your brand is all about advertising and communications, you really have lost the mark. IT'S NOT WHAT YOU SAY IT IS, IT'S WHAT THEY SAY IT IS.
Your audience will only pay a premium for your brand and refer your brand to peers if they trust you and they can only trust you if you are consistently meeting and exceeding their expectations. The truth is that brands are like people and it's extremely difficult to convince someone of a change in your character just because you put on different clothes.
Once a perception is formed, it's extremely difficult to change. Repositioning costs a whole lot more and takes a much longer time than getting it right in the first instance. As you think of that winning business strategy, ask yourself if you have a complementary brand strategy to express it?
If you still feel that brands have no financial value, this post is not for you.
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