Brands and Brand Management
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Rescooped by Sugeeth Hansaka Dharmawardana from IMC: Branding and Pricing
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Branding Strategy Insider | Strong Brands And Corporate Growth

Branding Strategy Insider | Strong Brands And Corporate Growth | Brands and Brand Management | Scoop.it
In what ways does developing a strong brand increase a company’s growth potential?

Via Prianka Patel
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jaklinissaeva's comment, March 20, 2013 1:59 AM
I agree with Annabel, I also found that this article was brief on ways in which developing a strong brand can increase a companies growth potential. I liked some of the points this article made such as: "a company with a strong name has an easier time getting into distribution channels" and "A strong brand helps a company grow in three specific ways. First, companies can charge a higher price — which hopefully leads to higher profits, thereby resulting in more cash to expand the business further." In regards to charging higher prices for product goods or services, it all depeneds on what the brand is and what products it is distributing and selling, even if its a big brand, it could still be selling goods and services of medium level quality. Via versa. However, establishing a strong brand name is really important because it is the key to building good consumer relationships and equity.
Renee Quarrie's comment, March 21, 2013 3:55 AM
This article raises three very important points in regards to why its crucial to have a strong brand. Brand recognition and reliability allows for company's to charge more as consumers are familiar with the product or service that the business offers. Having a strong brand also saves money for the company, it means that it doesnt have to rebrand itself with new products. E.g. apple has many different electronic devices however uses the one brand as consumers are already famliar with its quality.
Tarjana Patel's comment, March 21, 2013 4:48 AM
Good points. The article is brief; however it does show the importance and benefits of having a strong brand. I was also thinking, this strategy would only work depending on what type of business you are. What do you think? But for sure, in the long run a brand can definitely save money, when it comes to marketing.
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Your Brand is More Important Than You Think: BrandSTOKE’s 9 Criteria for Brand Essence - Brian Solis

Your Brand is More Important Than You Think: BrandSTOKE’s 9 Criteria for Brand Essence - Brian Solis | Brands and Brand Management | Scoop.it

The importance of establishing your brand in the era of Digital Darwinism cannot be overstated. Digital Darwinism occurs when technology and society evolve faster than one’s ability to adapt. Every brand is vulnerable, but no business is too big to fail or too small to succeed.


With customers today being increasingly connected, informed, and ultimately empowered, their expectations only escalate. In short, they are more discerning and demanding than ever before. The brand and the brand promise are of paramount importance. Without it, businesses instead rely on fleeting factors such as price, trends, events, gimmicks, and other elements that make it difficult to develop a long-term bond or relationship between a customer and the product or the brand.


When someone asks your customers what is it about your product or brand that draws them to you, what do you want them to say? What do you want people to feel?


As Amazon’s Jeff Bezos famously said, “Your brand is what people say about you when you’re not in the room.”


I spend a portion of Chapter 14 of, The End of Business as Usual exploring how the purchase cycle of connected customers is evolving and the important role brand plays in decision-making. I was inspired by the work of Kirk Phillips and his BrandSTOKE 9 Criteria for Brand Essence (TM). I’m writing this post because although I do cite his work, I don’t give enough credit to how significant a role his work plays in the understanding of this changing dynamic.

 

On pages 172 – 175 of the book, I adapt his 9 criteria to encompass the various elements I’ve experienced in working with companies that attempt to become more adaptive, connected, and social. Because it influenced me, I wanted to dedicate this post to his work so that it can inspire you as it did me.

 

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Sugeeth Hansaka Dharmawardana's insight:

This article shows why your Brand is Important these days as it is an era of "Digital darwinism" which means that the technology is evolving faster than the ability to adapt to it. The point about no business is too big to fail or too small to succeed is every true. as even a big Brand could be made useless with new technology. Overall this article shows why your Brand is so important and that you must be able to develop long-term relationships with consumers so that the brand doesn't fade.

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James Stodart's comment, March 20, 2013 6:24 PM
i agree with Sugeeth. the most important thing to remember is that no brand is infallible and companies constantly need to be looking at developing and maintaining their long term relationships with the consumers.