long term

First you need to know the long-term effects of marketing activities on your brand equity. Consumers develop their knowledge towards your brand from responses to marketing activities. They hear your brand’s name on the radio, see your products on web searches, and read news and reports about your company in magazines and newspapers. Today they have millions of channels in which to know you, understand you, and develop a personal feeling towards you. You feel this in sales trends, interaction with you through customer service, and talking with friends about you on Facebook or Twitter. One sentence: Consumers change their brand knowledge by responding to past, current and future marketing activities.

Therefore, it is of great importance for a company to have long-term marketing strategies that constantly reinforce brand. While doing so, one of the most essential considerations is the consistency in the nature and amount of marketing support the brand receives. Kevin Lane Keller, the notable author of Strategic Brand Management, once said: “Brands with shrinking research and development and marketing communication budgets run the risk of becoming technologically disadvantaged-or even obsolete-as well as out-of-date, irrelevant, or forgotten.”

Brands such as Coca-Cola, Nike, Disney, and others have been remarkably consistent in their strategies once they achieved a preeminent market leadership position. But being consistent doesn’t mean avoiding any changes. On the contrary, necessary innovative changes and tactical shifts in sync with the nature of the changing market will help a brand maintain strategic trust and the right direction. These changes include pricing adjustment, improvement of product features, creative slogans, and other tactical shifts. Although the specific tactics can change, marketers should retain and develop the key elements of equity for a brand where appropriate.

· Successful Example-Burberry, a British high-end brand remains in the fashion world with the consistency of its iconic imagery (trench coat and Prorsum horse insignia), but has made changes from an expensive raincoat designer to a contemporary and traditional fashion designer.

· Failed Example-GM, once the global automotive leader, lost its individual brand image because of inconsistent marketing activities. Although they had many brands, many of these brands both looked alike and functioned the same, which forced them to spend separate marketing efforts marketing cars that were for all intents and purposes identical. The biggest and only objective of GM was to increase sales numbers through brute-force promotion rather than cashing in on brand equity.

What happened to GM is a lesson to all marketers no matter how big and powerful they are. “Reinforcing brand equity overtime requires consistency in the amount and nature of the supporting marketing program for the brand.”–Kevin Lane Keller

A successful brand has to stand for something. When you attach variations/adjustments under a brand make sure the core brand image is untouched. You cannot do all things to all people and the more you try the more you risk sinking the ship. Focus on your branding efforts on your target market.

I believe we all agree that the marketing environment has been evolving and changing. This situation will continue, and usually in very significant ways. Changes in consumer behavior, innovative technology, government regulations, competitive environment and the firm’s own strategies can greatly affect a brand’s image, meaning, and other aspects of a brand’s equity. The challenge of effective brand management lies in the proactive strategies to at least maintain, if not enhance your brand’s value. FiG will spend the next 2 weeks discussing some brand strategies to reinforce brand meaning and adjustments to marketing programs to identify new sources of brand equity

customer service and product quality that has positioned McDonald’s as a market leader in the fast food industry, as well as garnered the company brand equity with customers.

The key to building brand equity is establishing a strong brand identity and communicating it consistently over time. Reinforcing and strengthening a brand can be accomplished in several ways:

It’s all about quality.

One of the first steps in successfully establishing a brand is to provide customers with a high-quality product or service. High-quality brands acquire a larger market share and achieve higher profitability than low-quality brands. Customers’ confidence in your brand should reflect your own. The quality should also be kept consistent. Any flaws or mistakes must be immediately addressed to prevent customers from adopting a negative perception of your brand.

Establish a clear and unique position.

Determine where you want your company to stand among competitors. The strongest and most successful brands have a distinct position in the marketplace. A brand position can be achieved by several means, including product superiority, added features, experience, service quality, innovation, product warranties, guarantees, packaging, brand name, image, service promises and many others. Combining many of these elements is instrumental in distinguishing a brand from its competition.

Build a strong foundation.

Before your brand can branch out, the entire company must understand the brand’s values and positioning. Management should ensure that staff members are trained on how to provide quality service and communicate the company’s mission and services or products effectively.

Spread the word.

Communication plays a vital role in developing a thriving brand. There are many ways to generate awareness of your brand, including newsletters, direct mailings, print ad campaigns, public relations and marketing campaigns, and Web sites. Research has shown that using multiple tactics to touch your customer is the most effective way to develop your brand equity. Additionally, using repetitive messaging will strengthen your brand by increasing the odds of familiarity within the target market.

Practice makes perfect.

Constant use of a brand reinforces brand equity and increases its awareness among key audiences. A brand that is applied to every level of service, from receptionist to CEO, will effectively establish familiarity with a company’s offerings. Have a consistent message that customers and prospects receive about your company.

Plan for the future.

A company that does not completely invest in its brand cannot expect to reap benefits from its use. A brand must be incorporated into long-range company initiatives to successfully build awareness, communicate the brand’s message and create customer loyalty.

The entire company must support the brand in every facet of its operation. Over time this commitment will allow the business to receive the benefits of brand equity—devoted, long-term customers and vast market share.