Building a brand value is a much easier task(Don’t think so?).The real task lies in enhancing and building on the brand value. In fact, that is the challenge. There have been quite a few successful companies that no longer exist but were market leaders at one point of time. So how do you prevent it from being your fate? There are certain keys to exploring that:
1. What is the purpose?
This is one question that every wannabe entrepreneur and marketer should explore while defining a brand.The question before them should be what separates brand A from brand B. The most successful brands in the long run have been those which have consistently not only defined but also leaped several stages ahead. Take for example the case for Apple which has defined itself as a innovation company or if we explore the cases of ING Direct USA or Southwest Airlines both of which define themselves as freedom companies who democratized Banking and Aviation Sector respectively. In fact all the three companies mentioned have been extremely successful.So ask yourself a simple question- Do you know the purpose of your brand ?
2.Exploring Sub-brands
Sub-brands are another way of increasing your brand equity as it helps in ensuring greater recall than just one brand and also helps in building different identities in different segments. Electronics major Sony does it very effectively with its range of cybershot,viao and all. On the other hand, Samsung and LG refrain from doing so and prefer to have one core brand name. All the three brands are equally successful, so it all boils down to what suits your business model.
3.Investing in R&D
Without investing in R&D, one should not even expect a brand to last for next 5 years. However care should be taken to deliver not only path breaking technologies but also products which match market expectations. Normally ideas make market, but sometimes and also in more significant way it is the market which defines the success or failure. So care should be taken on what rolls out from the R&D lab.
4.Service
Both before and after sales service are critical from the perspective of the Brand’s image in the mind of the consumer. If you commit something, make sure you deliver it or else do not commit.
5.Look for tie-ups
Tie-ups are a far less risky proposition to expand in comparison to going solo in new markets, the reason being simple in this case: the risk gets divided and there is far greater expertise available on board. So a crisis situation can be handled much better.
6.Define your model
Ideally you should have defined it before the launch of your brand, but just in case you haven’t do not delay it any further. Are you a cost leadership player or a market differentiator? This answer should be clear.Set out your targets based on these considerations, and always keep plans flexible for change !
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