Brand impact on the company’s success
The dream of every company is to attain success especially in realizing their goals through achieving the objectives of the company. Over recent years, the goals of many companies have been revolutionizing with the changing technology. The most trending thing is on brand management where the focus is on the products, services and the customer. Things like the dedication of efforts towards making the company customer centric and customer consideration are on the hit for many organizations.
Interbrand report has for decades concentrated its commitment on research aimed at assisting companies of all nature in growing the size of their brands and their businesses in general. This is done through research based mainly on the current business trends and the directions of technology and see how these companies can adjust and alter their strategies if they are to realize growth.
The report’s methodology follows a valuation of brands of businesses and their performance in the market in terms of the brand’s strength. It puts into consideration the financial focus of the company, the role of the brand of the company and the strength of the brand. The methodology takes into account factors such as the ongoing brand management, market valuation, the brand itself, competitors and the framework within which the performance of the brand can be assessed.
In the past, the focus of companies was towards ensuring consistency in the supply of products and services to the market. The focus was majorly on the market for the produced goods and consequently long term goals would be made. These long term goals referred as to the North Star for the company served to be the direction guide. Revolution, however, has the goal of companies to be customer-centric. The goals are more of short term goals as the rate of changing trends is very high. Focusing on the ancient long term goals may not be a key factor currently if the company is to realize growth based on the market forces currently.
The report contents are very relevant to the market structure for businesses currently as it puts into consideration the factors that influence the bran of products and services. For instance, the shift from market centric to customer-centric is a daily practice in many organization today’s especially with the high competition due to globalization. It agrees with several concepts of brand management especially through the overarching keys themes which the report believes it enables brands to activate bravery that is required to achieve the lo term goal of the business. Among the ones touched on includes utility, the role of brand and customer minded.
The content of the report is very vital as it shades a light on the influence of technology and brings about how business can tap these opportunities in developing strong brands. The most interesting thing is the fact that brands serve as the pillars of the company even when it is underperforming. Developing strong brands will help the companies even in dealing with other internal problems like management.
The ten strength factors presented in the report conquer mostly with business ethics and also concerning leadership and management. This is because these play an important role in the development of the company’s brands. For instance, the success of companies such as the Apple and Amazon companies owe part of the success to the efforts of the leadership and management. As the concepts of Brand Management, Interbrand’s presents factors like clarity, commitment, governance, relevance, consistency, presence, engagement, and responsiveness among others.
The contents of this report can be useful to businesses in several ways. The first thing is that businesses can use it in reforming their objectives and goals. The report provides that the success of many of the top companies is due to their focus on short term goals, taking advantage of the seasonal technological trends. Companies can thus adjust their goals especially the long term ones and set more short term goals which would take advantage of the technology.
Businesses can also shift their focus from being market-centered and look at the interest of the customer. This includes factors like looking at the desires, feelings, preferences, attitudes and the satisfaction of the customer. This can be used in developing a competitive advantage for the businesses as it has seen some like the Amazon Corporation successful. The other important factor is placing the customer as the CEO where all the decisions of the company revolve around the customer. It is most likely that companies would realize success and even better quality.
It is also advised that companies develop strong brands. This will enable the company to stand out and even survive hard situations if they are to be handled in the future. The survival of the company has moved from the ancient image of the management of the company to the outsiders to the strength of the company. Customers are currently buying the brand and the quality, not the leadership styles and such. Thus it is encouraged that companies adapt to developing strong brands for their organizations.
In conclusion, Interbrand’s best global brands 2018 report presents the role that the strength of a brand has on the impact of the company’s success. The report presents some factors that the top companies put into consideration such as the setting of short goals and the utilization of technology, also, the relationship between the customers and these brands. Companies can tap these in altering their goals especially the short term ones if they are to realize their objectives in the long term.
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