Branding is a quite debated management prioritization area right now. In a challenging financial environment companies are often looking for rapid payoff instead of long-term profitability. These two approaches used to be considered as opposites and in some cases they still are. In my opinion it is just ignorance. The communications scene has changed so dramatically over the past decade that former rules no longer apply.
One thing has not changed: Brand is the No1 contributor to the customer journey dynamics.
Brand = demand (or the lack of it)
The importance of the brand has not diminished, it has been amplified in the border-less global economy. What has been changed is the way how you create great brands. Mass-media advertising used to be the only way, that is no longer true.
If we consider the brand from the customer’s perspective, it is a road sign. Well known and respected brand equals the highway to destination and un-known brand is a detour without a map. Brand is a very strong heuristic tool and has a lot of things attached to it. Take a look at this road sign:
Cities are very good example of how brands work. You can imagine these cities, what kind of contexts you connect them with, who you would travel there with etc. The one below is a little village I am coming from. To the world this city is just a label without anything attached to it. Only thing interesting about it is the reason it has been listed with the others above it. To me it represents home.
Your current Brand health and status as a road sign determine how you should allocate your marketing investments and budget. The stronger your brand is, the more you should invest in your own channels and experiences. On the other hand, if you are representing a weak brand, you need to deliver such experience that your brand becomes home to those who choose it against all odds. They can then tell others how great your brand is to the others living oblivious of your amazing brand. That is how you can deliver optimal return on marketing investments (ROMI)
The most meaningful Brand KPI’s https://futurecmo.org/2013/02/01/managing-brand-the-most-profound-kpis-and-measures/
Author: Toni Keskinen, Marketing Architect & Customer Journey Designer
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