In spite of industry experts predicting a grey future for brands, it is fascinating to see how brands still create waves in its consumers.
As most of the marketing executives attend seminars on ECR and CRM: all these modern ideas criticise the old brand conception and concentrate on the most lucrative consumers and the different ways in which they can serve them. They guarantee that overcoming new customers is of no quality any more: benefits will originate from acing databases and loyalty programmes.
All said and done, marketing people still tend to attend these sessions, and ultimately tend to learn and understand the standard templates used by all in the game, where as a matter of fact what really is needed is differentiation from the others. The art lies in not following but leading. Because all the valuable methods learnt soon lose their capability to make enduring benefits.
Is customer maturity possible without Brand Maturity ?
There are very limited key resources accessible to an organization that can give an enduring advantage, and after its all said and done the time range of the preferred standpoint is getting shorter. Adaptation is the key, every department of the organisation needs to be adaptable in such a way that consumer needs are perceived and acted upon quickly and fast enough before the market evolves. Brands like Ikea, Tim Hortons and Zara create the advantage for themselves through this.
Managers have likewise rediscovered that the best sort of dependability is brand loyalty, not price or bargain loyalty, despite the fact that as an initial step it is valuable to make behavioural obstructions to exit.
A Ehrenberg (1972) has revealed through 40 years of board information investigation that product popularity is directly proportional with buying recurrence.
In short, huge brands have both a high infiltration rate and a high buying recurrence for every consumer. Development will fundamentally take these two courses, and not just be activated by client loyalty.
The competitive world today makes everyone feel that he needs to own a Brand. Organisations feel that Branding has become a key for their success, and Branding in itself has become a vertical or department in the organisations. And strategically considered as one of the important one too. The type of company, service or business is not mandatory when it comes to Branding. Even Profit making or non-profit are not of significance anymore.
Amazingly, a wide range of associations or even people now need to be overseen like brands: Tiger Woods, the Star golfer tops the world list of Brand Ambassadors, and TAG Heuer has paid millions of dollars for him to endorse their products. It hopes to recover this sum through the profits from authorized items utilizing the brand identity of the celebrity and selling anything from his picture to autographed products. Everything Tiger Woods does is gone for fortifying his picture and character, and subsequently making deals and benefits for the ‘Wood’s brand’.
Lately, the Ministry of Tourism in India chose to characterize the Country as a destination mark “Incredible India “ and to oversee this brand for profits. Whether they need it or not, they act as a brand, an outline of special values and advantages.
Communication is an important tool in creating a Brand, but it is not the only tool. Many Tangible and intangible aspects go in the creating of a Brand, sometimes it’s far more than we can comprehend. Just by seeing the name or Logo of a Brand, people FEEL a lot within and the experience they have cannot be put in words neither can be measured. And to maintain this POSITIVITY it is important to take care of all the aspects in the chain right from the products, supply chain, distributor partners, quality, right till the Organisation Culture.
In a nut shell a Brand can be understood through its characteristics;
Example Brand XYZ :
Physique: Reliable manufacturer of auto components, strong, trust worthy.
Personality: Accurate, efficient, proactive, robust, trend setting.
Culture: Innovative, flexible.
Self-image: Competitive, customer delight, excellence in products.
Reflection: Cost competent, reliable, quality products.
Relationship: Reliable supplier, partner for growth.
Branding is like a fabric, woven with many threads and the intricacy with which it is crafted makes all the difference. The mere thought of the fabric, be it cotton or silk gives an experience to the consumer which is beyond comprehension !
The New Strategic Brand management, 4th Edition by J N Kapferer.
Customer relationship management, A strategic Perspective by G. Shainesh.