This guest post is bought to you by our regular reader and contributor Jolsna Rajan.
Brand Building over the new media is just an emphasis or a new route to the traditional media which means “Give customers what they want”. The business means the same today, as it was yesterday. However with the rising trends like Competition, Globalization and Virtualization, the options to reach consumers are broadened.
The simple steps to build a brand are to fulfil the requirement of the end users, relentless attention to make such brands and the third step that follows the two which is consumers become part of the marketing and sales force (Word of Mouth). Engaging customers in a way that value deliverance is the embedded keyword behind your core strategy is a concern, however leveraging customers’ value acceptance is given more priority
The third stage of marketing is a now commonly seen trend in the new era. Every company wishes that the customers are very enthusiastic about the product or service and they can’t help but tell their friends and colleagues about it. However the very traditional practice of reaching out to the consumers by an introduction is still the very common activity seen around. Internet has taken a major role in the same and has brought the concept of proximity into existence. The interesting movement to this medium is the variety of avenues that has opened up to this recent trend.
Brand Building is different across different company verticals and it varies across countries. USA which sees Blogs and other User Generated Content as their new medium for brand Building, Asian market favourites celebrity endorsement as a major driver towards the brand activity
USA, Germany and Japan are learning to know that the customer way of expression is the biggest advertising method. Restaurants, Consumer electronics, Food and beverages are the company segments breaking into this activity.
The reason to this fashion of advertising could also be the fact that companies are portraying themselves as Transparent. So the keyword ‘Transparency’ can easily be showcased with the help of customers’ value feedback.
Several examples of polishing brands are witnessed across the world.
What if your brand has become tarnished and needs polishing up? That is the task confronting Philips, which in the 1990s lost its way in the consumer-electronics business. A sprawling European multinational that makes everything from light bulbs to televisions, it has been through numerous bouts of restructuring. What are its chances of gaining a new image against companies such as Samsung, and redoubled efforts by Japan’s big producers, such as Sony and the Matsushita group, whose brands include Panasonic?
Steve Jobs, Apple’s chief executive, is already brilliant at turning consumers on. Apple has long had a small but fanatical following in the PC business. It has now become the leader in portable music, a business once dominated by Sony with the Walkman. Apple’s stylish iPod is the most popular digital player, with more than 4.5m sold in the last quarter of 2004 alone, and it links seamlessly with Apple’s music-download service, iTunes, which sells more than 1m songs every day. In January, Mr Jobs unveiled the Mac mini, a basic version of his Macintosh computer selling at $499. With this low-priced machine, Apple thinks it can tempt people who may have bought an iPod (and become fans of the company) to ditch their Windows-based PC and switch to an Apple machine, which uses a different operating system
Another company that has used its brand to venture into new territory is Dell. The conventional wisdom was that selling PCs direct to consumers would not work: they were complicated products and customers would want to take a good look at them in a shop before parting with their cash. That turned out to be wrong. Much the same concerns were aired Q4 2007 when the company decided to expand into consumer electronics and sell its own line of 42-inch flat-screen high-definition televisions. At $2,999, these were several thousand dollars cheaper than some rival products inpricing power stores. But surely people would want to see the picture quality before they bought?
Once again, not so. Consumers have become sophisticated and confident enough to understand technical specifications and did not need to see the picture. Many also put their trust in Dell’s brand: if the Texas Company could build good computers, it would probably make decent TVs too. This reveals another important change in attitude. Consumers just don’t have these historical brand affinities in the way they used to have them. But however the company is well aware of the fact that a mar in their brand value can take away all their fortune.
Power of Pricing – Right pricing can be an easy way to build brand. Price is also a guiding factor on quality perception, positioning and brand image, so potential price increases can in many instances help enhance brands and their equity.
Asian companies can increase their shareholder value and move up the value chain over the next 10 to 15 years through effective, CEO-led brand building
Core Industry Focus – Studies have suggested that the companies, who focus on one Industry vertical, sustain the success of brand building on the long run. The very best example of this could be Reliance Pvt. Ltd., India. The company have diversified to various verticals and to various products but on a large feedback taken from the consumers on what product they can relate Reliance with, the most common or the nearly cent percent answer was “Telecommunications”. The company has soiled their hands in various segments but has had a core focus on the Star performing segment – ‘Telecommunications’