Managing your brand is one of the closest and direct communications with your consumer. Most companies rise to stardom and after few months they are nowhere to be found. Even companies that you think would dominate the world forever lack brand management.
Things can’t just happen overnight. The remedy needed is constant update. The CMO who is also known as the Chief Influence Officer of the brand, has to quickly react to changing circumstances and must shape the company’s understanding.
When I was young I thought Coca Cola was this brand that would dominate forever but to my amazing surprise Big, Red, Confident, American Indestructible Sponsor of the 2016 Rio Olympics, which launches in 50 markets and captures athletes and ordinary people experiencing moments of joy, perpetuates this Coca Cola dream.
The brand remained top of Interbrand’s league table for 13 years, peaking at a value of $81.6bn in 2014. In 2015 its value, according to Interbrand, fell to $78bn. Millward Brown valued the brand at $81bn in the same year, yet also recorded a fall from the rankings from position five to six. This didn’t really weigh them down instead they tightened their brand management.
You need to know what your audience need by evaluating all the marketing choices from the vantage point of the consumer, this will help you to connect with the consumer and genuinely make a positive difference in his or her life. It’s important to understand both the stated and unstated needs; this will give you insights into your target consumers’ lives.
Building relationship with authoritative source that provides brand review with these consumers will get you more familiar with the product.
While the above tactics might help your brand for a while, if your product or service is not exceptional, the number of negative reviews about your brand will only keep increasing and it’s only a matter of time before they start outranking you for brand terms. If you create a good experience for your customers, they’ll write about it wherever they can and this will further help your brand image.
For any brand, it’s imperative to create a distinctive and meaningful position in the mind of consumers for the offering. So no matter what brand extension or innovation you are planning for your brand, ensure that it builds on and strengthens that distinctive positioning. The Unilever brand has extended across categories from skin care to hair care to others like deodorants by positioning itself on the soft/smooth platform and the fact that it contains moisturizing milk. Unilever deodorants are positioned as leaving the underarms feeling soft and smooth. The brand has extended itself only in those categories where these soft/smooth and “contains moisturizing milk” equities are relevant, by staying true to the positioning over time and across platforms, this strengthened the brand.
However, pricing determines the value that your consumers get for your offering, perceived consumer value equals perceived brand benefit/price. It’s critical to decide the pricing strategy for your brand so that there is a net positive value for your consumers.
Considering all these, your brand won’t only be well known, it would also be widely accepted by the consumers because while accepting your goods, they will realise it is consumer friendly. Above all, your brand is perfectly managed.