Theworldeconomysufferedoneofthebiggestfallssincethe GreatDepressionin2020.Despitethefactthattheimpactsof COVID-19havethrownmanyenterprisesintoturmoil,other firmshavenotonlysurvivedbutprospered. Whiledeterminingthemostvaluablebrand,threebroad elementshaveemergedassignificantdriverstobrandvalue growth:
Forexample,Tesla'sfundamentalvalueisinnovation,and theelectricvehiclemanufacturertalksthewalk—in2020, thefirmspent$1.5billiononR&D.
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TheBigGetBigger Brandscangetanadvantagebystarting"strong."Thisis becauserapidgrowthisdirectlytiedtogreatbrandequity.In otherwords,astrongbrandwilllikelyexperiencegreater growththanaweakerbrand,whichmightexplainwhyfirms likeAmazonandApplehavebeenabletomaintaintheirtop positionsformultipleyearsinarow Keepinmindthatthisdoesnotincludeindustrydisruptors. Nextyear,anewfirmmightemergefromtheshadowsand givetheBigTechtitansarunfortheirmoney
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Thecorrectapproachmaymakeadifference,andeventiny companiescanhaveabigeffectiftheirmessageisstrong enough.Brandshavingemotionalconnotations,suchaspride orpopularity,tendtoseeincreasedbrandvalue. NikeandCoca-Colaaretwocompanieswhohaveperfected theartofemotiveadvertising.Forexample,inMayoflast year,Nikepublishedavideotitled"ForOnce,JustDon'tDo It"pushingcustomerstostandupforequality.
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It'snotonlyaboutcreatingagreatmarketingplan;it'salso aboutputtingthatstrategyintoactionandinvestingin methodsthatkeepyourbrandmessagealive.
Initslatestedition “World's Most Valuable Brands in 2022”,World'sLeadershascompiledalistofthriving brandsfromavarietyoffieldswhohaveallfaced adversityintheirfield.
ThecoverisfeaturingMarketAmericaWorldwide,oneto-onemarketingorganizationwithaglobalproduct brokerageandanonlinemarketingpresence.Itsgoalisto giveentrepreneursasolidbusinessframeworkwhilealso givingcustomersabettershoppingexperience.Chairman andCEOJRRidingerlaunchedthefirmin1992in Greensboro,NorthCarolina,andithassinceearnedover $9billioninsales.Consumershaveaccesstonearly300 milliongoodsonthecompany'sflagshipshopping website,SHOP.COM,includingMarketAmericaexclusive brandsandhundredsofmajorretailbrands.
Inthisspecialedition,letussharesimilar,inspirational talesandinterviewswithmanysuchdedicatedleadersin ordertoraiseawarenessabouttheircontributionsto makingtheworldabetterplace.
Let'sBegin!
Whichcomesfirst,thebrandorthebusiness?Doyou startyourbusinesswithbrandinginmindordoyouput moreofanemphasisonitlater?
Customersnowhavemorealternativesbecausetothe economy'srecoveryandthegrowthofadditional companies.Businessesthatdevelopamorevaluebrand aresucceedinginacutthroatmarket.
Abrandisthepromise,themainidea,andthe expectationsthateachcustomerhasforacertaingood, service,ororganization.
Beingthemarketleaderforyourgoodorserviceisa signofstrongbranding.Addingvaluetothelivesof consumersistheessenceofgreatbranding.
Beingamemberofagrowingindustryisoneofthe finestmethodstobuildavaluedbrand.
Consideracquisitions,collaborations,licensing,and/or co-brandingforyourcompanyifyouwanttofastgrowit intotheseemergingsectors.
Inordertocontinuetobevaluabletoconsumers,ittried topurchaseSnapchatfor$3billionwhilealsoacquiring InstagramandOculus.
Evenifsomeofyoumightnothavetheresourcestobuy suchbusinesses,youshouldbeawareofFacebook's approach.
Personalizingyourbrandmessagingisonestrategyto createanemotionalbondwithclients.Whenyouthink abouthowyourclientsbehaveandwhichmarketing strategieselicitstrongemotions,youcanaccomplishthis successfully
Irememberseeingindividualsshareimagesoftheir personalizedCokecansandbottlesonsocialmedia.We purchasefrompeopleweknowandlike,asthesaying goes.Thefirststepistobecomemorepersonal.
Becomemoresocial Brandsthatappreciatethevalueofsocialinteractionare
automaticallyseenasvalued.Let'smovethingsforward alittlefarther.
Customersrecognizetheworthoftheirpurchases,thus brandsthatareactivelyinvolvedinsocialconcerns mightbeseenasvalued.Theyunderstandhowtheir purchasesadvanceyourcause.
Tomsshoesareafantasticcasestudy Theyadvertisethat foreverypairofshoespurchased,akidinneedwill receiveasecondpair
Convenienceisessentialtoyourbrandandtoyoursales. Limitingtheobstaclesthatbuyersmustovercomebefore makingapurchasecaneventuallyboostrevenuesand reduceshoppingcartabandonment.Consequently, expandingyourbrand'sdistributionorvisibilityis necessarytocreateamorevaluebrand.
Consumersareusedtoseeingattractivegraphicslinked withyourbusinessintoday'shighlyvisualenvironment. Itisessentialtolinkyourbrandpictureswiththenewest trendsandfashionswhilecreatingalucrativebrand.
Customerswillinstinctivelyconnectwithyourbrand messagingifyourphotographsareappealing,whichwill increasethevalueofyourbrandtothem.
Youshouldalsoassesstheattractionofyouroffertosee whetheritisstillapplicabletoyourclientele.
Ittakestime,work,andasolidplantodevelopamore valuedbrand.Youmustcustomizeyourproductoffers, increaseyourbrand'ssocialmediapresence,andmake yourbusinessmoreconvenientforclientsinorderto growintothrivingmarkets.
Whetheryourcompanyisneworwell-established, developingastrongbrandmayimpactyourrevenuesin additiontohowcustomersperceiveyou.
Today,mostindividualsaresurroundedbybrands; theyarepervasive.Everyproductweusehasa specificbrandidentitythatpermeatesour consciousness,includingthegumwechew,themusic playerweuse,theautomobilewedrive,andthe newspaperweread.Weallhavethoughtsaboutthem aswell;wordslikeWrigley's,iPod,Toyota,or WashingtonPostautomaticallyconjureup connotationsthatareuniquetous.
Theseconnections,however,donotjustappearinour brainsatrandom;rather,theyaretheconsequenceof businessesinvestingsignificantamountsofmoneyin marketingandformalizingbrandstrategyinorderto placetheirgoodsinourmindsinadistinctiveway.In itsmostbasicform,brandingistheefforttodevelopa distinctivepersonalitythatdistinguishesandidentifies agood,aservice,oranorganization.Itissimpleto overlooktheoccasionallyincrediblyintricateseriesof eventsthatledtous,theenduser,holdingthe producedgoodinourhandswhilecalmlychewing gum,listeningtoourdigitalmusic,drivingourcar,or readingournewspaper.
Thechewinggumbase'sdissolvedparticlesare separatedusingacentrifuge.TheEnterpriseResource Planningsystemusedbytheballbearing manufacturerwhosebearingsareusedinthe gearboxesofourcars,thetruckdrivingpulpwood usedinthenewsprintofourdailypaper,orthe hydrochloricacidusedforrefiningsilicatestoproduce silicondioxideforuseintheinternalcircuitboardsof ourmusicplayerarerarelygivenanysignificant afterthoughtbyus,theconsumer Thisseriesof actionsthatresultsintheimprovementofa straightforwardproductlikechewinggum(referredto asthevaluechaininacademics)isinfactmore complexthanonemayinitiallybelieve.
WecanallagreethatWrigley's,iPod,Toyota,andthe WashingtonPostarewell-knownbrandsthattookalot ofworktodevelop,butwhataboutthemakersof centrifuges,hydrochloricacid,ITfirmswhoofferERP systems,ortruckdealers?Dotheyalsoinvestalotof moneyintogettingtheirbrandinfrontofpotential
customers'minds?Anindustrialfirmthatsellstoother enterprisesoperatesinadistinctenvironment,andasa result,therulesalsoalter Whileasinglepackageof chewinggumissometimespurchasedforlessthan$1 bytheenduser,theproducerofchewinggumspends alotofmoneyresearching,acquiring,and customizingthecentrifugesusedintheir manufacturingprocess.Whenchoosingwhich chewinggumbrandtobuywithhismoney,theend userfacesdegreesofriskthatarefargreaterthan thoselinkedwiththispurchase.Themakerofthe centrifugemayhaveacompetitiveadvantageinvalueaddingtaskslikeafter-salesassistanceoron-site maintenancebyestablishingareputationasareliable, long-termpartner
Inabusiness-to-businessscenario,risk,value,and trustareessentialbuildingpiecesofthebrand construct.Brandscouldactivelymanageriskand communicatetoconsumersthatthereislessdangerby notjustsellingthingsbutalsoguaranteeingtheir functionality,providing"100%up-time,"andoffering leasearrangements.Thisenhancesthevaluethatthe clientreceiveswhilesimultaneouslyreducingthe perceivedriskbythecustomer.
