Evolving companies are under constant pressures as they adapt to shrinking budgets, restructuring, new markets, or developing new products. With these changes, it's easy for a company to lose sight of its original vision often resulting in failing quality standards, customer dissatisfaction and brand confusion.
Building and maintaining brand equity over time is a challenging endeavour, and developing businesses often face the risk of losing focus and purpose. Regularly reviewing a company's public touchpoints can help ensure that the business and its team remain on the right track.
Both positive and negative experiences, accumulated over time, significantly influence how the brand is perceived. Measuring brand strength, though inherently abstract, is crucial. While it's challenging to quantitatively measure brand strength, there are identifiable brand variables that can be assessed through surveys, direct observation, and customer interactions.
Objective measurements offer the opportunity for companies to proactively address issues that could undermine their brand before they escalate. Typical variables used to gauge brand strength encompass:
In conclusion, the journey of brand equity is an ongoing process that demands vigilance, consistency, and an acute understanding of the brand's identity and values. By assessing key brand variables and embracing the characteristics of strong brands, businesses can chart a course for success.
A strong brand, built on clarity, resonance, and consistency, is a valuable asset that can weather market shifts and inspire loyalty among stakeholders. In contrast, a weak brand may find itself adrift, struggling to retain talent, customers, and purpose.
The path to brand strength is a strategic one, defined by a clear mission and unwavering commitment to delivering on promises.