In recent years, we’ve seen branding become more and more popular. In fact, all sectors and business organisations have embraced this strategy, and they’re trying to build their identity via both product-related and corporate brands.
Thus, we can safely say that branding is a marketing strategy. Nevertheless, it goes even beyond regular marketing techniques. These companies are investing money and effort into brand building, as well as managing their reputation. What’s more, CEOs are the ones who are working with the senior management and the marketing departments to catapult the brand to the top. Hence, over the years, new methods of determining the success of the brand have emerged. Now, we can measure brand power, brand value, and brand equity.
Money-spending habits of marketing professionals
Back in the day, marketing professionals had to justify why and where they were spending their marketing budgets. However, today, there’s no need for them to struggle that much. It’s completely normal to capitalise on brand value by spending more on increasing that value and building a brand. These money-spending habits are being accounted for in the balance sheets. Moreover, companies are now even calculating the brand’s ROI to see how its value status is improving or worsening.
Brand value in the 21st century
By now, everyone has realised just how important it is to have fantastic brand management. After all, we still have some very popular, but more importantly, OLD traditional brands on the market. Brands like Gillette, Schweppes, and Coca-Cola have proven that it’s possible to remain relevant and preserve brand power. What’s more, this power still allows them to grow through their brand reputation, as well as the relationships between the brand and both their loyal and new customers.
Of course, these well renowned brands have set an example in their respective industries and even on a global level. Thus, marketers are nurturing brand image and trying to cultivate brand value by using various brand ambassadors. In fact, they are using celebrities and successful sportspeople to boost brand awareness both on national and on the global level.
Via these people, marketers can easily engage their consumers and work on their brand loyalty. However, having that much brand power calls for other measures as well. Hence, companies have to enhance their product quality and frequently modify their products and promotional activities. That alone is not an easy task, which is why the entire organisation has to be brand-oriented. In essence, everyone has to play a role so that the brand can be built, grown, and successfully positioned all over the world.
A good example of such a brand-oriented organisation is Apple. They’ve realised how powerful their brand is, which is why they’ve also unleashed its value on the market. Now, not only are Apple fans obsessed with the brand, but the entire organisation feels the same way! Everything they do and say, it’s all for promotional purposes. They’re always thinking about how to promote and strengthen the Apple brand.
It all comes down to how much you believe in your business. If you believe in it wholeheartedly, then you’ll drive all your business processes towards building a strong brand and providing fantastic customer experience. You will, in the end, create a successful corporate brand with a huge market share and a mighty following.
The marketing sector and its many responsibilities
Lastly, we ought to mention the fact that the marketing sector has more responsibilities now that corporate and branding strategies are popular. Today, people working there also have to consider brand packaging and design. What’s more, they have to pay attention to the changes on the market, trends, how their consumers are feeling right now, what they expect, and if their tastes have changed over time.
Nevertheless, one thing is for sure: every brand has a value of its own. We can see if the business is a leader on the market and if a certain product is profitable through that same value. Thus, those who want to succeed in the digital driven 21st century must grow their brand power and use brand value to increase profits. Moreover, they have to make sure their management team includes experts who have not only the necessary knowledge but the required experience as well. Lastly, they have to strategise and plan ahead, always thinking about the future and what it could bring them.
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