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Malaysian companies need to be more brand-driven and not sales or offers-driven. These while help sell in the short term, might destroy the long term value and the strength of the brand. Brand must be managed like any other business asset and not just a legal trademark.”
Samir Dixit, Managing Director of Brand Finance Asia Pacific
If your business has ambitions to be widely known, remembered and chosen by your potential customers over the competition, you need a strong brand. Brand building is a foundational practice adopted by enduring brands such as Singapore Airlines, McDonalds, Petronas, Maxis, Digi and the likes.
The brands you love don’t just happen by luck. It happens because those brands have taken the time to get clear about who they are, what makes them the most valuable and unique to you, and in many ways have pre-selected you to connect with. Brands do so because they understand the advantages their effort bring:
- Customer recognition. A customer is more likely to choose a brand that they recognize over something unfamiliar, even if they do not know a great deal about your company at the time.
- Competitive edge in the market. Your brand is what differentiates you in the marketplace. What a strong brand stands for cannot be easily copied.
- Easy introduction of new products. When you already have a strong brand and loyal customers, it is often easier and less expensive to introduce new products.
- Customer loyalty and shared values. When you build a strong brand, you convey these values to build an emotional connection with customers than may last a lifetime.
- Enhanced credibility and ease of purchase. We want to buy from companies we like, know, and trust. If your brand is credible, you’re far more likely to get the sale.
There is certainly an emotional link between a chosen brand and its customers. The brands you love most are the ones you feel understand you and your needs. They’re the ones who can inspire you to say, “This brand is for ME!” “I love McDonalds!” or “I love Apple”. The benchmark is set, and you too can now plan to start hearing your customers share just how much they L-O-V-E doing business with your brand. |