How to make your brands valuable in these times?
The current scenario of the market is very flexible given the non-existence of turmoil these days. It is important for brands to clear their ambitions to escalate growth in the coming quarter. For that to happen, the paths to achieve the standard must be set in accordance with the market principles.
Recently WPP and Kantar Millward Brown released the report on BrandZ Top 100 Global Brands report 2017 and it is astonishing how some of the businesses have based their growth. Here is how you can make your brands more valuable in these times –
It is important to have a strong purpose oriented business in these times when there is uncertainty and world is unsettling. In these times, what can save your business is an attitude with settled nerves. In the market, people are looking for answers to their questions and security to their business and this makes for interesting yet tough time. if we take reference from the BrandZ report by WPP, businesses with a clear purpose have fared better than the most and purpose, therefore makes difference to the marketers as well as to brands. This is why these businesses have grown three times the rate of other brands over the past 12 years or so. The purpose oriented businesses are grown with keeping the basics clear. Consumers, on the other hand, have a tendency to be attracted to brands who are in more than the money making business.
Different Approach to Business
A difference in approach for businesses can give them an uncanny advantage over their competitors. This was one of the three components along with Meaning and Salience which comprises the Brand Power, the BrandZ measurement of Brand Equity. The difference in business can vary overwhelmingly as the report covers some businesses who grew 258 percent in brand value over 12 years. This is good for technology-oriented businesses whom the consumers deem different than other because of their understanding of business at this level. Brands with long heritage have challenges in achieving difference successfully.
Flexibility in Business
Flexibility is one point which makes any brand grow in its value. To remain in one category is not the destiny of any company. Many brands who particularly venture into the technology ecosystem mostly benefit from this flexibility. To gain market prominence and growth, the companies must extend themselves across and beyond their perceived categories. The focus should entirely be on complementing the needs of the consumer rather than expanding the category itself. The category should be the realm, considered only by consumers.
Responsible and Accountable
The companies ought to be responsible in these times to gain the trust of the consumers. Their authenticity and accountabilities can take them to places in gaining consumer’s trust. As major institutions have continued to disappoint the general consumer, brands have an opportunity to face growing skepticism, even cynicism and with honesty, they can tackle both these things. To make them more realistic, they must address the demands and services of the people.
Always be prepared for consumers
Often the companies and brand invest more to understand the consumer behavior at certain times. These efforts and investments bring the companies move closer to their consumer base and the consumers often start to believe in them as their friends rather than strangers. Now having started a relationship, people often expect more from companies even in the changing times. Amidst these turmoil times like Immigration, inclusion, climate change, and other issues, the consumers expect the brands to take a stand for them. Now, taking tough stands can be fatal for companies given their consumer base and the soil on which they are based. Usually, the businesses should take a stand on principle and not on politics and if they do it, they get even close to what will give them profit –their own consumers. So, be prepared for those who believe in you.