Separating business reputation and brand valueVincent Nwaikwu
While many consumers are interested in brand values, many brand owners are busy battling the business reputation which ends them up in a situation where they misplace certain values for what should be placed on the priority list. Fact is, When the consumer understands the brand value, he can interact with the business in a particular way and this is where one can tell the reputation consumers tag to a particular business entity.
To define and establish a tangible business reputation, you may need to take an honest look at the product or service values as it goes all the way to define your business. You can proceed with this assessment by using the following steps:
Step 1 – If you can answer the following questions, then you have just completed this first step:
– What unique and competing feature my product/service has?
– Why should the target audience take interest in my product/service?
– What is my passion being a product manufacturer/service provider?
Step 2 – Make a comprehensive list of values related to the product/service, such as:
Step 3 – Narrow down the list of values:
After getting done with the above steps, take your time now to bring down the list of values which are absolutely indisputable for execution of your business and then recommended a few number of values say three to four. For example, if your brand’s value is timeliness then make sure you keep the promise of shipping and delivery of products always on time, handle and reply to your customer inquiries in a timely manner too, attend the customer’s call in the shortest possible time etc.
When you make sure that the value is always consistently honoured, despite any internal or external situation, then this step is fully checked and we can now proceed to the next step.
Step 4 – Use the list as a reference:
Make sure to use the list of brand values during the process of creating new products or services, dealing with clients, consumers, as well as partners.
Branding for Global Markets Sets A Business Reputation On A Global Scale
Venturing into global markets is inevitable for businesses and brands. A brand is global when it is visible and sold at every possible place in the world. The consumer around the world become aware of various international brands if they travel worldwide or just watch a satellite television at home.
Before you take the brand in the global market, you need to cater to various aspects of the global consumer such as:
The culture of Consumers:
- The values the consumers follow
- The customs they observe
- Particular symbols and language they use
- The tone of their behaviour
- Consumer’s level of income and buying power
Economic status of the country in terms of:
- Power supply
- Communication systems
- Distribution systems
Laws and Regulations enforced:
- Is it lawful there too?
- Political stability of the country
In conclusion, I will say that there is always need for business to build their reputation around the brand image and values because When the brand transits from local to global, it competes with other global brands. For example, Nokia battles Motorola and Samsung. The brand managers must manage the transnational brand to remain superior on the essentials such as the brand’s price, performance, features, and imagery.
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