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| 2009 - Year of the Brand as Your Best
Weapon against Economic Challenges |
For those companies who have previously, and who continue to invest in the
development of a strong brand position in their particular sector, 2009 will be
the 'Year of the Brand'.
Brand equity or strength comes to the fore when
the chips are down and business seems hard.
Businesses which continue to
invest and support their brand(s) will have a better chance to rise above the
economic challenges and come out the other end ahead of the
competition.
A strong brand - i.e. what a product or service stands for -
is of real value in providing differentiation in an uncertain
marketplace.
A strong brand can justify a price premium; attract new
target audiences; win new business; keep and attract quality staff; help you
extend into new businesses; and shield you in times of economic
misfortune.
The core of your brand is your Unique Selling Proposition
(USP) and the key messages which flow from your USP. Determining your USP is not
easy, in fact it can be hard work.
If you are having trouble determining
your USP then start with your own Vision, Mission, Purpose and Values as a
pointer. Why not ask your clients and customers what they think it is? Canvass
broadly both internally and externally to determine what this USP actually
is.
Once you have your USP it becomes the mantra for all your marketing
and communications activities from your website, collaterals, B2B, advertising,
events, media relations, target segment marketing and Client Relationship
Management programs. It also provides a strong focus for business
development.
While the key messages which flow from the USP may change
slightly depending on your target audience they are consistently supporting or
buttressing your USP.
How does a brand shield a business in times of
economic misfortune?
Smart and leading companies see a downturn in the
economy as an opportunity to put some space between themselves and their
competitors by increasing their emphasis on brand development and positioning.
During challenging times strategic brand management can help you stand out while
your competitors lose focus and direction.
It is important to remember
that like all things, brands have a natural lifecycle. Brand value can erode in
times of economic downturn. Therefore it is imperative companies have a
deliberate brand strategy that is revisited regularly. Your brand may simply
need a re-fresh rather than a complete overhaul. A re-fresh could involve the
insertion of your USP or a key message around the USP. Or, it could be time for
a completely new brand.
Brands need careful management and it is now
timely that businesses review their strategic brand positioning and refocus on
what the internal and external influencers are saying.
For 2009, we
suggest it is a good time to nip any niggling concerns in the bud by reassuring
staff and shareholders of your strong position in the marketplace; maintaining
regular and positive communications with your clients and/or customers; and
strengthening stakeholder relationships.
Now is not the time to pull up
stumps. Doing so will only cost you more in the long term as you will need to
fight to regain customers and brand profile that you have lost - a loss in
momentum that most businesses can ill afford. Now is the time to become even
more proactive in order to fill in the gaps left by competitors who have not
been able to weather the storm. |
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