The New Age Brand Strategy: Trends, Opportunities and Challenges
What is in a brand? Once a literal reference to the “badge of origin” that distinguishes one market entity from another, brands have evolved to represent the fundamental values and beliefs of a business. For consumers, brands have taken on additional significance – with there being an element that is equivalent to a lifestyle choice, with big names like Apple and Nike even rising to the level of cult status as a result.
With this in mind, it comes as no surprise that the brand has become such a critical and commercially viable asset. Forward-thinking leaders see brand investment as an opportunity to enhance the value proposition of the business in the eyes of investors and partners, bringing greater opportunities for collaboration and diversification into alternative revenue streams. In fact, solutions that look beyond the traditional business model are especially important in times of economic downturn, to enhance business resilience by mitigating the losses from fledging investments.
As the nature of branding changes, so, too, must the efforts used to maintain it. To fully capitalize on the value of a brand, it is no longer sufficient to rely simply on the patchwork of legal protections obtained through sporadic registration. Instead, a holistic and dynamic approach is necessary to arm a business with the arsenal it needs to innovate and create as its build on the goodwill generated by these increasingly valuable – albeit intangible – assets. In today’s world, for instance, where the landscape is constantly changing, it has become even more important that a brand speak with one voice. The ripple effect of social media has the potential to amplify every single communication made by the brand, thereby, creating a long-lasting, broad-ranging impact on consumer perception.
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