All companies must properly steward their brands
By Gary J. Nix | Reading Time: 2 Min
I've always been perplexed by companies who don't put real thought or time into proper brand management. The number of conversations I've had on the subject may not be able to fit on one page. For this reason, there is a specific occurrence that I'd like to highlight here in order to point more people in the right direction when it comes to correctly build a brand.
In conversation with a marketing executive whose company I am actively pitching, I learned that one of the brands under their purview is trying to garner press at a large-scale event. The brand in question can be found in the high volume sales goals, low brand equity category. This is perfectly fine until you realize that this business thinks that brand equity is only something for Fortune 100 companies with large marketing budgets. This is a terrible designation for any business, but let's further explore why this is so.
One of the strengths of brand building, evolution, equity, management, et. al., is the inherent activity found within. In the spirit of clarity, the exercise of branding advances communication, both internally and externally and that helps propel increased consciousness around the product and the company. That is absolutely something that press outlets take into consideration in their planning process.
Furthermore, If awareness and consideration are a goal, no matter the period of time discussed in planning meetings, brand equity is imperative. Too often, companies think about brand equity gained via press mention without fully addressing brand equity that was earned and built beforehand which helps news outlets determine what is press-worthy for them. Regardless of how well the product performs, the brand built around it is and will always be the draw.
So, I continue to implore companies, of all sizes to put the proper investment into building or evolving your brand(s). Not only as a measure to keep my colleagues and I employed, but as a manner by which you can continue to grow your business. Plus, who knows, maybe this explanation and approach will help me in this pitch.