Brand in the Time of the New Normal
Some say there is a “New Normal” and that business has changed in a profound way from the beginning to the end of the first decade of the 21st century. If so, then what are the implications for the concept of BRAND — is it more or less important than it was? Should more thought go into proactively creating and managing the brand experience? Should more resources be expended in shaping and defending the brand? And if the answer is yes to one or more of these questions, then by what means can we achieve this control and what can we expect as a return on our investment? These are important questions for marketers of all stripes — from agency denizens to company product managers to entrepreneurs launching new brands.
Not only are these questions affected by financial concerns, but also by seismic shifts in technology that have moved the power to shape the perception of the brand from the “owner” to the consumer. Brand owners could take back much of that power, but should they? If Business is and should be primarily concerned with production, sales and profit, where does brand management fit now?
I think brand management still is a means to an end. Simply put, we manage our brand because we want to sell more stuff at the highest possible price. To do that, we need to earn the trust of the consumer. Trust is a critical currency — it is the primary currency of brand-building. Brand logos have become trust-marks in our society and have created affinity groups among and between consumers. They have practically taken on a life of their own — think Nike wearers, Bud drinkers or iPhone users.
I believe that the key to brand owners maintaining a large degree of control in the time of the New Normal is to view every sale as being accompanied by that trust-mark — that promise to the customer that says, “you’ll get your money’s worth and my product will perform as expected.” Otherwise, the consumer might steer your brand in a direction you don’t want it to go.
|
Posted by: Andrea Fitting in: Brand Vision, The Changing Marketplace at: 3:29 pm Keywords: brand experience, brand owners, brand-building, branding, business, entrepreneurs, fitting group, New Normal, profit, return on investment, trust-mark |
