Brand management can get your brand through a recession, but that’s not all. It should be part of a rockin’ branding strategy, no matter the state of any market. With expert brand management, your brand can thrive in any economic climate; in fact, tough economic times can feel more like windfalls than pitfalls.
Brand management requires that you look at all areas of your branding strategy and invest in the ones that you know will bring the highest ROI and give your brand the staying power necessary for not only surviving, but thriving. It also requires flexibility, especially during times of change. If you were a musician, your brand management would adapt to changing trends in music – you would keep the flavour of your brand, whilst staying current enough to attract new audience members (and keep your current audience satisfied).
How you can Rock a Branding Strategy
At How to Build a Brand, we talk a lot about intelligent investment. Your company may not have many pounds to spend (especially during times when available cash is scarce), but it doesn’t take quantity – it takes quality – to build a brand strategy that rocks.
- Only retain employees who are committed to your brand and who take your brand’s message to the world. For the same price as a hoard of ineffective employees, your company can employee a few good people with heart, focus, and reach (all necessary for superb brand management).
- Typically, creativity costs more than execution. Pay contractors to devise branding strategies. Use dedicated employees to carry them out.
- Investment can be defined as smart spending, so do your homework. Negotiate buying terms without sacrificing branding quality. This negotiation is far more effective during slow economic times, so use the leverage afforded to you for getting the best prices for top-notch services.
- Look for ways to engage consumers rather than using all traditional promotional routes. Social media is a great example of a low-cost (or no-cost) branding investment with a big return. A branding strategy without social media, particularly during times when people are seeking out referrals and recommendations, is a branding strategy that is incomplete.
- Don’t look past co-branding ventures and cross-brand endorsements. During an economic downturn, service exchanges offer good alternatives to direct pound spending. They also introduce your brand to new group. Not everyone in that group will be interested in what your brand has to offer, but many of its members will know someone who is.
Brand management during a recession isn’t optional for survival – it’s essential. While many brands are falling silent and hiding out, you can use that silence to make your brand resound. You can use this opportunity to leverage buying power, grasp attention, quell financial fears, and be the brand you want to see, and hear, in this world and in the economic upturns that are on the horizon.
This is your chance to offer consumers a positive value experience and to realise the value of your own brand, through a branding strategy that focusses on intelligent brand management and unprecedented market leadership.
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