5 facts about developing a brand strategy in the social economy

1) Research is more important than ever.
Research has always been important but it was cumbersome and time consuming. Not any more. Today, the right research can be developed and implemented and results analysed quickly and efficiently.

Brand building - don't run before you can walk

Brand building – don’t run before you can walk

It’s easy to find those people who are likely to like your product. It’s even easier to talk to them. But too many companies don’t bother, preferring to chase the holy grail of more new customers through corporate driven messages.

And don’t forget your existing customers because they are your best source of information. Talk to them, find out what they are looking for, what they value and match attributes to their requirements for value.

2) Mass market branding with a focus on the 4 Ps is no longer effective.
Brands today are built on delivering economic, experiential and emotional value. Not on creating some cool position and communicating it across as many channels as possible for as long as possible.

Deliver that value with stories that resonate with target markets and existing customers. Build relationships with customers by allowing access to the brand, personalizing all elements of all interactions, through relevance, experiences and emotions.

Ignore the social element of the social economy by trying to speak to everyone with one corporate driven message and you will fail.

3) Focus on developing more profitable relationships, not a more profitable product. Brands evolve when companies start buying for customers instead of selling to them. This is especially true in times of economic hardship.

4) Branding is an organisational issue not a departmental responsibility.
And the organisation is the responsibility of the CEO. The CEO needs to be involved in the development of the corporate brand.

Your brand is too important to be left to a marketing department that still believes in the corporate driven message over the engagement of the consumer.

And once you’ve built a brand, don’t rest on your laurels, continue to innovate or you will be left behind.

5) Retention is key to brand building.
Companies no longer sell products, customers buy them. And once customers have bought a product, companies must do everything possible to hang onto those customers. After all, you’ve investment a lot of money to gain a customer, why let them go?

Especially as the more time a customer spends with you, the more money they will spend with you.

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