Transforming Branding in Today’s World
In today’s world of ever-increasing technology influence and numerous digital platforms that are available for your customers to engage with your brand, creating a multi-channel presence is of colossal importance. The traditional branding ways were easier due to limited channels and greater control. But organizations are now technologically driven and are highly cognizant of the need for prominence on various social media and other online channels.
Branding in 2020
The following are a few pointers on branding in the new age and why it is imperative that companies of today be more contemporary and digital in their approach to branding.
Even Small Companies Can Go International or Build a Multinational Presence
With the onset of social media platforms like Facebook, Instagram, Twitter, WhatsApp, etc, small businesses have access to the global market. Marketing a product successfully through these mediums is not a cakewalk but for modern-day entrepreneurs that have been able to do it well the sky is the limit in terms of the reach their brand can have. Branding efforts on channels that are top of the current market trends help savvy businesses to have a distinguished global presence.
Fast and Short Product Lifecycles
The last 3 decades have witnessed a steep shortening of product lifecycles. What used to take years to develop and launch now is launched in months if not weeks. The products of the past used to have decades of product life but new-age customers want faster upgrades (Think VCRs, DVDs and now streaming services). The masses have become technology-driven and are often tired of using the same product and keen to use any new variant as soon as it is launched. For example - cell phone users are changing handsets every few months which was unthinkable until a few years ago.
Fierce Competition Makes Differentiation Essential
The concept of the global economy and power of accessibility through the use of internet technology has made possible fierce competition. Many companies are providing similar products and services and competing for customers. Industries that had limited producers are now dealing with far more competitors. Even something as simple as the soft drinks market a company like Coke is battling not just Pepsi but a number of other brands. This compounded with the types of drinks (health, low-calorie and exotic drinks) that are taking up shelf space due to their popularity with the customers is forcing Coke to innovate and build sub-brands to compete effectively in those categories of drinks. In the times of such cut-throat competition, your product can only stand out if people can relate to it through smart branding strategies. Differentiating your product and service in the crowded space is key to success.
Online Reputation is Key to Engagement
People's opinions have always had the power to build or kill your market reputation. In today’s age, online reviews and ratings have a high influence on customers. Most consumers and businesses never purchase anything without having a look at the ratings and reviews. Bad online reputation can hamper the growth of your business, in worst cases, even cause the end of it. Make sure your brand connects emotionally with the audience and has a solid online reputation. Make a concerted effort to build and propagate your online reputation from day one.
Employees Are a Key Channel to Amplify Your Brand
Today’s tech-savvy employees can be a very effective tool for building your brand online. You have to play this card very carefully. Make sure you have well-published rules of what they can share on social media and also produce content that employees could share. If played right comprehensive messaging propagated through your teams can help create an unbeatable presence through various digital channels.
Balanced Digital Engagement is the Key
Branding should be done keeping in mind the various digital channels available. Build a Digital Marketing strategy that tells your brand story on channels that matter to your business and build a strong online reputation to stay ahead of the competition.
If you need help with building your brand across Digital channels give us a shout at firstname.lastname@example.org and we would love to partner with you on that.