The Importance of Brand Building to a Company’s Strategy
There are few strategic assets that a company can utilise that will provide a competitive advantage that is long-lasting. Brands are one of them. Managers the world over understand that the best kind of loyalty that a company can obtain from their consumers is brand loyalty.
In today’s society, brands have extended beyond consumption items to include people and even towns. Look at people like Paris Hilton or the Kardashians for example. Everything that they do is aimed at reinforcing their image and identity, and therefore making sales and profits for their personal brand. The mayor of Paris decided to define the city as a destination brand years ago and to manage this brand for profit. And there are many other destinations around the world that do the same.
Brand building strategies are important to a company, as the execution of the strategy has a direct influence on product/service positioning, pricing and customer expectations. Brand strategy is extremely complex as it involves the management of everything that is associated with the brand including activities related to the brand’s equity, profitability, image and actual value in the market place
Steps to effective brand building
Building brand awareness, customer loyalty, conveying perceived quality and overseeing how the brand is used are all key aspects of brand management.
Step One: Quality
Quality is an important ingredient of a good brand. A company must understand the core benefits that the consumer expects, which should be delivered consistently. This builds consumer trust which leads to consumer loyalty to your brand.
Step Two: Integrated Marketing Communications
Great brands present a consistent image to their consumers. This means everything from their logo, advertising, employee uniforms, marketing collateral sends a consistent message to consumers. This includes every aspect of communicating, both verbally and non-verbally. If this does not happen then a clear image of the brand fails to materialise.
Step Three: Reputation Management
The media, including social media platforms, have a significant impact on your company’s brand. You are not the only one who is talking about your brand. To build a strong and consistent brand in this multimedia environment means listening to conversations across multiple media sources and having systems in place for responding to these conversations. For example If people are complaining about your brand on Facebook, you need to deal with it immediately and respond.. If there is a real problem apologise for any errors and fix it. If it is a case of there being a perception of a problem then carefully and clearly explain the misunderstanding. Always be open and honest in your dealings.