Building a brand is an overwhelming task. Here’s a quick ‘how to’ guide for asian companies to build great brands and get the best out of the process
The orientation of brand management has gone through substantial changes over the last few decades, and has evolved as a more integrated and visible part of the overall corporate strategy. The evolution of the brand equity concept during the 1990s, development of advanced financial brand valuation models and its adoption by advisors and their clients, and emergence of better brand tracking tools, have all facilitated the elevation of the branding discipline beyond the middle management and into the boardroom.
Asian boardrooms generally lag behind this trend and tend to manage brand marketing from a bottom-up perspective instead of a top-down perspective. There are a couple of reasons for this. As marketing and brand decisions traditionally have been managed in mid-level marketing departments among most Asian companies, a large emphasis has been placed on tactical marketing activities as opposed to strategic branding approaches led by corporate management. Branding has been widely perceived as advertising and promotions.
But several indications show rapid progression in the right direction for select Asian companies where branding as a strategic tool has become more recognised and accepted within their boardrooms. This is also driven by the increasing attention on branding and its value-driving capability among stakeholders, media and opinion leaders across Asia. To achieve these objectives successfully, Asian companies must follow a comprehensive brand strategy framework supported by a systematic process throughout the organisation.
There are 10 crucial steps to building a successful branding strategy and manage its implementation. The steps enable Asian boardroom to focus their attention on the required areas, and serve as check-points which can be tailored to the individual company’s specific needs and requirements.
1. The CEO needs to lead the brand strategy
The starting point for branding must be the boardroom, which also serves as the most important check-point during the project. The CEO must be personally involved in the brand strategy, and he must be passionate. Fully buying into the idea of branding is necessary. To ensure success despite the stressful routine which entails various duties, the CEO must be backed by a strong brand management team of senior contributors, who can facilitate continuous development and integration of the new strategy.
2. One size doesn’t fit all: Build your own model
All companies have their own specific requirements, set of business values and a unique way of approaching business functions. Therefore, even the best and most comprehensive branding models have to be tailored to these needs and requirements. Often, only a few but important adjustments are needed to align them with other similar business models and strategies in the company to create a simplified toolbox. Remember that branding is the face of a business strategy, so these two areas must go hand in hand.
3. Involve your stakeholders including the customers too
Who knows more about your company than the customers, employees and many other stakeholders? This is common sense, but many companies forget these simple and easily accessible sources of valuable information for adding value to the branding strategy. A simple rule is to use 5% of the marketing budget on research and at least obtain a fair picture of the current business landscape including the perceived brand image among stakeholders along with the brand’s positioning.
The orientation of brand management has gone through substantial changes over the last few decades, and has evolved as a more integrated and visible part of the overall corporate strategy. The evolution of the brand equity concept during the 1990s, development of advanced financial brand valuation models and its adoption by advisors and their clients, and emergence of better brand tracking tools, have all facilitated the elevation of the branding discipline beyond the middle management and into the boardroom.
Asian boardrooms generally lag behind this trend and tend to manage brand marketing from a bottom-up perspective instead of a top-down perspective. There are a couple of reasons for this. As marketing and brand decisions traditionally have been managed in mid-level marketing departments among most Asian companies, a large emphasis has been placed on tactical marketing activities as opposed to strategic branding approaches led by corporate management. Branding has been widely perceived as advertising and promotions.
But several indications show rapid progression in the right direction for select Asian companies where branding as a strategic tool has become more recognised and accepted within their boardrooms. This is also driven by the increasing attention on branding and its value-driving capability among stakeholders, media and opinion leaders across Asia. To achieve these objectives successfully, Asian companies must follow a comprehensive brand strategy framework supported by a systematic process throughout the organisation.
There are 10 crucial steps to building a successful branding strategy and manage its implementation. The steps enable Asian boardroom to focus their attention on the required areas, and serve as check-points which can be tailored to the individual company’s specific needs and requirements.
1. The CEO needs to lead the brand strategy
The starting point for branding must be the boardroom, which also serves as the most important check-point during the project. The CEO must be personally involved in the brand strategy, and he must be passionate. Fully buying into the idea of branding is necessary. To ensure success despite the stressful routine which entails various duties, the CEO must be backed by a strong brand management team of senior contributors, who can facilitate continuous development and integration of the new strategy.
2. One size doesn’t fit all: Build your own model
All companies have their own specific requirements, set of business values and a unique way of approaching business functions. Therefore, even the best and most comprehensive branding models have to be tailored to these needs and requirements. Often, only a few but important adjustments are needed to align them with other similar business models and strategies in the company to create a simplified toolbox. Remember that branding is the face of a business strategy, so these two areas must go hand in hand.
3. Involve your stakeholders including the customers too
Who knows more about your company than the customers, employees and many other stakeholders? This is common sense, but many companies forget these simple and easily accessible sources of valuable information for adding value to the branding strategy. A simple rule is to use 5% of the marketing budget on research and at least obtain a fair picture of the current business landscape including the perceived brand image among stakeholders along with the brand’s positioning.
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Source : IIPM Editorial, 2011.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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