When it comes to your business, do you know the value of your brand? In other words, what is the monetary impact of your brand to your bottom line? According to Forbes magazine, the values of some of the world's top brands look like this: Apple, $104.3 billion; Microsoft, $56.7 billion; and Coca-Cola, $54.9 billion.
Your brand value is most likely not in the billions like these global companies, but nonetheless, it's important to maintain your brand value. In this issue of Promotional Consultant Today, we share five ways to retain your reputation, make the most of economic upswings and positively impact your bottom line from Mark Di Somma, a partner and senior brand strategist at The Blake Project.
1. Be part of a rising category. If you have a brand in a rising product category, then you want to invest in building that brand interest. If you don't have a brand in an up-and-coming category, then consider how you can get your brand in that space either through acquisition, a partnership or co-branding opportunity.
2. Tackle social issues. What are the reputational or social issues that your market segment faces? What impact could your brand have on a social issue? For example, product safety is closely tied to child safety. In the fast-food industry, those brands are being challenged by healthier brands, so they are having to step up with more health and nutrition programs.
3. Increase "share of life." This phrase from Millward Brown refers to expanding your touchpoints and extending your ecosystem to reach customers in multiple ways and through multiple products and channels. Di Somma uses the example of Apple, a brand that affects lives every day through mobile phones, apps, iPads, point-of-purchase, music and entertainment. Amazon is another brand example of this with its easy, one-click shopping and relevant purchase recommendations. Nike, with its Nike+ Fuelband, has transformed itself from a mere apparel brand to a companion and coach for runners.
4. Be more convenient. One way brands like Apple and Amazon are successful is by creating seamless experiences. This is convenient for the consumer while also helping the brand control the consumer journey. Di Somma points out that digital media plays a key role with this, so think of ways you can develop digital touchpoints through your brand to keep the customer engaged and connected.
5. Beautify. Continue to review and adjust the design and style of your products and your advertising so that your brand feels "now." This is hard, but not impossible, for brands with long lead times. It is also relative, and chances are your competitors face the same logistical issues that you do. By continually checking the appeal of what you offer, you can introduce your brand to new segments. Remember the slogan, "It's not your father's Oldsmobile"? An updated car design led to a younger market for the car manufacturer.
Be a champion of your brand and try these tactics to continue to increase your brand value.
Source: Mark Di Somma is a partner and senior brand strategist at The Blake Project. For more than 20 years he has helped decision makers, brand owners and brand agencies define, articulate and elevate the value of their brands.
Compiled by Cassandra Johnson (Original Article)