Some searching questions recently from executives who seem to pride themselves on being brand sceptics prompted me to review the parameters of what brands can do, what they can’t and why I still believe that branding is a vital business activity.
Brands sent powerful messages through how they price. Price can be influential in portraying a brand as affordable and ‘on the side of the customer’, or exclusive and just for the few. It can generate responses ranging from the thrill of a bargain to the indignation of a price tag that seems far too steep.
Consciously or not, many brands are now running a freemium model. They are giving away a lot more than they used to, particularly across social media, just to keep up with the changing competitive landscape. And they are hoping to recoup on that significant content investment when consumers do buy. So has any of this changed the fundamentals of brand economics, or has it merely altered the manner in which brands achieve visibility?
While there has been plenty of discussion around how marketing and sales teams should play well together, the onus on brand owners to proactively support people in the field seems to have attracted less attention. Customers, of course, make no distinctions between which parts of the organisation they are dealing with at any one time. In that sense, brand is sales: a brand is only as good as its ability to attract, convert and retain fickle buyers.
Whilst the measures for evaluating what a brand is worth are well established, those for quantifying a brand’s potential seem less so. In general, brands are valued on their residual equity (what they are associated with and the depth and competitiveness of that association), their competitive performance and how much they are assessed to be worth.
Brand will tell you a lot if you let it. How you brand, what you brand, where you’re found, who buys you and how often … these and many more questions are all things that competitive businesses ask themselves on a regular basis. I see brand as a highly effective lens for assessing the relevance and competitiveness of a company. Here are 10 ways that you can use “brand” to reveal what your business may need to change or capitalise on:
We talk a lot about the pressures on brands to perform and about the difficulties of staying competitive in huge and rapidly changing markets. Nevertheless, global brands experienced a 12 percent increase in value in 2014 – and there are powerful lessons for all those responsible for brands in how they did that. If demand generation is part of your role, here are eight things that you can be doing in 2015 to retain reputation, stem decline and make the most of upswings in economies and consumer preferences.
At one level Taylor Swift’s split with Spotify is the story of ongoing upheavals in the music industry and one artist’s approach to contain the impact. At another, it is symptomatic of a struggle for the relationship with the end customer that is going on across much of B2C.
We’re all tempted to do it at some stage: to overstate the advantages; to push the benefits of what is on offer past the point of credibility; to state that what we are doing or offering is better than what others are offering, but with no substantiation for that belief.
P&G’s decision to formally end the era of “marketing” at the company and make the shift to brand management may accelerate what amounts to much more than a title change for marketers generally. To me, it could point to a fundamental re-examination of the role of the people responsible for brands.