Brand Management is Evolving Rapidly, Are You All Prepared?

Last Updated on September 2, 2019 by DesignerPeople

The brand is a promise, and it’s very important that you build it effectively. As a Successful Branding Agency we assume branding is all about investing monetary terms but let me clarify you it’s majorly about spending time and effort effectively. The world is changing rapidly, and the only constant thing is growth and change. So then how brands should make sure to hit every curveball that comes in their direction?

Execution of any project has its frameworks and type of methodology, and methodology deals with two types, which is Waterfall and Agile method.

The waterfall method is considered as supreme, whereas the name suggests each process is step by step. Each phase will start, and until it ends, other stages cannot begin. It usually starts with setting up requirements, designing, development, testing and then implementing. Such approaches lead to high time, and cost investment with rigid system projects often buckle under changing currents of the market.

Brands should adopt Agile method which encourages a flexible approach. Which will enable to roll with the change of tides of change, and once the storm stops brand with an agile approach will float on top. Here brand can fly to shifts in the market, in technology, or test marketing phase.

You don’t need to wait for each stage to get completed to start new, and development can begin along with designing, doing testing simultaneously. Testing on time helps to rectify required changes which will meet the needs of the target audience. Competitive advantage can be achieved; the agile method is best and will render flexibility and adaptability. It will anticipate changes in wind speed and direction and leads response effectively.

Mistakes are unavoidable, but yes with corrective precautions, one can avoid them. Below are seven mistakes brand make that you should be wise and avoid them.

Also Read : Importance of Strong Brand Identity for your Business

1. Failure to research

Critical, especially if you are new into business. Researching your competition will help the brand to understand what established firms in the same industry have done to gain success rate or where they have failed.

Research should include not only traditional methods such as surveys but should also include product, services, target audience, websites and social media platforms. Following scenarios will occur if this step is missing, you will miss analyzing competition correctly. Also, the brand will end up replicating competitor strategies without understanding them.

2.Wrong sources for feedback    

Our loved ones will never point out the negative aspects of whatever we do due to a strong emotional bond. Limiting yourself with positive feedback from relatives, friends and family will never let you measure productivity effectively. Feedback is a significant step because it allows you to make constructive changes as per required to enhance brand identity. Hence platforms such as social media or review sites should be preferred where honest feedbacks are obtained. Unbiased reviews are very precious and priceless these days.

3.Failure in the understanding target audience

Every product, service has its own set of the target audience. Depending on needs, demands, expectations, things they relate with, kind of brand they favour are all part of the target group. Even before you start selling or pitching, it is a very crucial role to identify the correct target audience. Target audience creates boundaries for branding and marketing activities also helps in saving time and cost.

4.It is not about only logo designing

A lot of people just get a logo designed without knowing what their logo is communicating or depicting. Hence there should always be a logo which is portraying the brand story, people love stories, and they appreciate when logo designed with a particular theme or concept. The brand logo should involve far more than just choosing colours and stock images. It should be a combination of emotions, feelings and should connect with the audience.

The logo of Walt Disney is actual Mr. Disney’s very own handwritten signature, which is a reflection of his vision about capturing the magical world of Disney.

Instagrams bright and vibrant colours are meant to reflect the young and diverse spirit of the audience. The old Instagram logo had tan and brown colours to cater audience of photography. While they realized the target group involved millennial and generation Z, so they modified into bright and vibrant colours.

5.Inconsistency

Brand consistency helps to gain loyalty, brand identity and hence, credibility in thelong run. Consistency should reflect in each touch-point of the audience. Marketing and branding elements should also reflect the same messaging. Promotions, personality and communication, are essential aspects, and the same messaging will avoid confusions and distractions for the target group.

Coca-Cola is the most consistent brand in history, with a consistent logo in the last 130 years. Everyone relates the brand with fun-in-sun summer campaigns and heartwarming Christmas campaigns. It has sustained its image the same through all its online and offline platforms. Today it’s the best soda company, and no other competitor has beaten it.

6.Not focusing on first impressions

First impressions are always strong, and they make a successful room in the minds of the audience. Hence brands should always make sure they don’t change their identity again and again. Thus will create confusions and have potential to skip out of prospects mind. Branding plays a vital role in shaping the first impression and should be given more importance before planning to make money.

Package designing is the first point of contact and communication with customers. Whatever you mention, it remains in the mind of the customer, and later hampering can lead to huge losses. Frequent modification in package designing can cost brand hugely.

Tropicana in 2009 changed its existing package design by investing $35 million in advertising. But new packaging was rejected by the audience, and Tropicana faced $30 million loss due to change in package designing. The company got back quickly to its old packaging.

7.No Plan B

A brand cannot take care of itself; we need to ensure and nurture the brand, and for this, we need to be aware of what all is trending in the outside world. One should SWOT analyze and ensure to be flexible so that as and when required, it can be modified and rectified as per need. Not all marketing and branding strategies will work today; various factors will affect them. So, brands should be prepared to take corrective feedback and rectify accordingly. Having plan B is a smart move which will not only focus on products or services but also on enhancing the customer experience.

CONCLUSION

In today’s competitive world, it’s not about beating other brands it’s all about surviving and sustaining yourself productively. Future is full of unpredicted events, and to face it, one has to be well prepared today. The brand is a commitment towards your customers, and it is more than just products or services. Companies should ensure not to fall for the above mistakes and take careful measurements in time.

Once a brand has established trust, then strong brand identity is created in the mind of prospects, and this generates loyalty among clients. Irrespective of a startup or established business, creation of brand identity requires an investment of time and effort. Expert branding professionals should be consulted to get work done effectively.