What is Brand Value and how to enhance it? Anything that accounts for an increase in the long term sustainability and helps a firm establish profitable relations with its customers is considered as business value. People perceive value in terms of economic value of the firm, but is much more than that. It is intangible and, at times, immeasurable. It can be in the form of Good Will, Supply Chain, Intellectual Property, Customer Satisfaction, Process Value, Community Value and etc. Business never have an accurate amount of the business value, however they do come up with estimated figures using very precise calculation in a method called Balanced Scorecard. There are several ways to increase the value of your firm in eyes of your customers. This would however require 100% dedication by the management and the work force which would eventually translate into a positive impact on the cumulative value of the firm. You can start off by keeping up to the customer expectations and fulfilling your promises on quality and delivery. This will improve your credibility in ranks of your clients. You should also live up to the expectations of your employees; it makes them loyal to the organization and motivates them to go an extra mile. This increases firm’s internal value and the result reflects in overall productivity. Businesses usually have a high reliance on technology these days. Use Enterprise resource planning systems to add value to your firm, this will organize you work and improve efficiency, it terms of easier and smooth transaction process. Almost every leading company of the world has IT administered working units. If you are a small organization, and you can’t afford such a tech-savvy environment at your work place, you might just as well get yourself custom made network sharing systems. Whichever the system might be, make sure you train your employees to make full use of. Once you think your employees are well trained and are acclimatized with the organizational environment, start giving them responsibility. Encourage and develop effective decision making practices by employees. Send them on leadership trainings and delegate as much work as possible, with maximum authority. Try to evolve them in various projects and prepare them to take day to day control of the project. This will also leave more time for the top managers to focus on strategies of the firm. Employees would see this as career growth opportunity and also enable you to identify future leaders, which most companies fail to do. Ensuring long term sustainability and making succession plans is deemed to be a top priority by almost every leading organization of the world. With your customers satisfied and employees on the right track, you can focus on strengthening on the core competence. Invest time, efforts and money in research and development; come up with innovative products and revolutionary processes. This will attract a huge chunk of the market towards your product ensuring increased revenues and enhanced customer relations. If you want your brand to make a special place in hearts of the customers and the society in general. Make sure you take part in corporate social responsibility and give back a little of what you take from the society and the environment. Every successful company has separate departments looking after corporate social responsibility of the firm. They not only look after firm’s engagement in societal friendly
affairs but also make sure the firm is not under any violation of humanitarian laws or the processes of the firm are not having a negative impact on the environment. You might not be able to measure the impact instantaneously, but in the longer run, you will notice a significant impact on your firm’s value. If you choose not to involve in such activities, then, well then you don’t have a long term prospect to look at. Ref: http://www.researchomatic.com/New-Research/Brands-143487.html