the global investor
Your Brand:
What’s at Risk?
B
uilding and maintaining a strong brand identity is not a simple task. It was not an easy job a few decades ago, and now, as we thrive in the digital age, it has become even more complicated. European Business Magazine Reports ( Nick Staunton) The internet, social media, mobile development — consumer expectations have changed so rapidly in the last ten years that businesses need to find new ways to adapt — and keep up. Today, people want to be a part of an experience. They want it all, and they want it immediately, and this is perhaps the most significant change to branding: it’s in real-time, and besides finding an emotional connection with their customers,
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brands need to pay considerable attention to staying protected.
it more challenging to keep brands and businesses safe online.
As businesses have moved online, so have the counterfeiters and pirates, causing significant risks for the supply chain, product integrity, as well as threats to revenue as well as the overall reputation of the brand that took time to earn.
Tremendous effort, time and budget are spent on securing product integrity through the supply chain; however online tools can help customers destroy a brands name in just a few seconds. In the age of the internet, words spread like a virus, and a single mistake can erase years of hard work dedicated to growing a reputable brand.
With this in mind, a brand’s reputation is — without a doubt — one of the most important things to consider. Research, commissioned by the Confederation of British Industry (CBI), has shown that over half of customers are willing to pay a premium price for a product if it comes from a company they consider having a particularly good reputation. However, the digital age has made
Cybersquatting, hacking, domain hijacking, intellectual property theft — are all potential threats for brands, and it doesn’t end there. Counterfeit products and pirated products online are an approximately 350-billion-dollar market — and it’s still a relatively new phenomenon.
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