Brand Sustenance in an Evolving Economy
Here are a few ways for a brand to sustain in an evolving economy
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
With each passing second as the time is changing, the economies are evolving, so are the expectations of people. To sustain a position and to stay ahead of the curve, brands are required to construe these changing expectations and evolve their brand building strategies accordingly. There are many elements that make up a successful brand that extend beyond the logo and other visual features.
With a magnifying glass, we try to understand what would be an ideal scenario for a successful brand of the future. There are several factors that can ensure brand sustenance in the time to come, however, there are certain key factors without which brands will find it challenging to survive.
People look up to a brand and symbolize it in their minds as an asset with a persona. Just like no two people are alike but can be friends, brands must be able to present that individual persona and engage with the target audience like friends. It is important to portray to people who a brand truly is so they can feel the connection. In fact, brands should present their genuine self and maintain the emotional connect across all their communication and engagement initiatives.
It is very easy to be lost in the crowd unless we have a unique differentiating factor that can establish a lasting association between the target audience and the brand. We must always aim to answer why someone would come to us over the competitor and how is it that we can offer our people a unique proposition to ensure their long-term interest in the brand. Once we identify this, we should position our core value proposition front and centre for people to identify and know us.
The golden principle for any brand is to ensure that every step the brand takes is in the direction of building a relationship of trust and value. While different people may value the brand differently, we must ensure that whatever it is that we promise to deliver, we are doing so in complete totality such that our customer is completely immersed in the experience and goes back thinking they received "complete value' for what they invested in!
Yield in-house analytics
No one can help you understand your customers better than you can like a brand. It will be important to record and maintain data of every customer that can be utilized to provide your customers with a more personalized experience. To do that, a strong in-house analytics team and architecture is essential to better integrate the frontline and backend in order to deliver the more meaningful product(s) and service(s) to your target audience.
In addition to the above, other emotive factors like; timely value addition to existing offerings; community approach to reach out to the customers; consistently meeting expectations; and ensuring people see the brand as family, all would have a crucial impact on deciding a brand's future; in both changing as well as challenging scenarios. Thus, it can be recapitulated that to sustain effectively, a brand must continue Brand sustenance in an evolving economy by preempting these needs and being prepared well in advance to deliver these in time.