I recently came across a book by Steve McKee called ‘Power Branding’, and he has made some very interesting points in the world of company branding. In the book, he said that a companies own brand is the single most valuable asset. Think about it: A brand is the only corporate asset that, managed properly, will never depreciate. Never depreciate. Those are magic words. Patents expire, software ages, buildings crumble, roofs leak, machines break, and trucks wear out, but a well-managed brand can increase in value year after year.
Many companies are doing an excellent job at managing their brands, but we must be aware that it can be very easy to damage their reputation. If their brand is not managed well, the switched on managers of today know that branding is not just confined to the marketing department, branding has a much more broader scope, from the logo on its letterhead, to the way it handles customer complaints, to personnel endorsing the product/service (which will instill trust in customers).
Well managed branding is truly an invaluable asset, effective branding improves the your visibility, reinforcing respect and trust for a product or service. If executed correctly, it can ensure the company gets noticed and drives up sales, customers are willing to pay more for product/services from companies who they know and trust.
Branding can also improve the way its employees and future partners/clients feel about the company. A brand for a company is like a reputation for a person, you can earn reputation by trying to do things well, by establishing yourself as a dedicated and passionate industry expert.
When marketeers work on their company brand, it is the culture of the company that most effects the development and marketing of the brand. Culture – history, beliefs, customs, habits, values, and social behavior of a group of people determine the way people will think, behave, and react to the world around them. Therefore culture has a massive effect on the acceptance and appeal of brands through their marketing communication. It is no secret that the latest social media platform, viral video, and smart phone app, all help in building a brand, but doing this alone means missing the fundamental, timeless principles of the discipline that goes well beyond the trendy social media.
It is is all about building the brand from the bottom up, and always creating and embracing new ways to engage with customers. A brand should strive to own a word, in the mind of the consumer.
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Article written by Paul Mc Cann Founder and President of CDG.