Ready or not, here it comes. As the clock strikes 12 on Tuesday 31st December 2019, we welcome in not only a new year but a new decade. From a brand-new start up to a well-established organisation, we are all tasked with the same question. Are we ready for 2020? Are our brands well positioned and strong enough to drive our business development vision and goals?
As one the your most important assets, brand health is a critical factor in driving your continued success into the new decade. When, where and how your brand is seen, heard and more importantly perceived by your current and potential customers, will ultimately determine your position and success within the highly cluttered and competitive global market place that we all now find ourselves in.
Brand Matters
More than a name, a logo, a slogan, the latest advert, Instagram or tweet, a brand is the sum of all that is perceived by those who come into contact with it. Every touch point with a brand be it online or off, is an invitation for brand awareness (be it positive or negative) and an opportunity to develop and strengthen the branding foundations needed to drive strong business outcomes.
As a living organism, the process of branding continues to evolve and how we feed it, determines how it grows. Since the digital explosion, it is fair to say that the development of a strong and well positioned brand has now become more complex leaving brand managers at the mercy of changing 21st century consumer perceptions. According to the Bynder 2019 State of Branding Report, there are a number of brand challenges ahead in 2020, the top three being:
#1 – Creating personalised messages for the right audience
#2 – Identifying the right technology to support personalised experiences
#3 – Balancing brand personalisation and brand voice
Brand Management
The digital transformation over the past decade has had a marked impact on how we live, communicate and engage with the world around us. For consumers these changing dynamics have greatly impacted the way in which we perceive and engage with the growing number of brands around us and this interaction is having a marked effect on business growth and development.
How do we know this?
Here’s what some of the latest research reports are saying with regards to branding:
How branding is impacting business success:
• Consistent branding across all channels can increase revenue by 23%
• Brand loyalty is worth 10 times more than a single purchase
• 89% of marketers acknowledge brand awareness as their top goal
• 77% of marketing leaders believe that a strong brand is critical to their growth plans
• Only 60% of marketers think that their brand is well aligned with their long-term goals
• Only 55% of marketers think that their internal and external brand are aligned
• Only 48% of marketers say that they measure metrics related to branding
• A customer needs 56 to 7 brand interactions before they remember a brand
• 48% of consumers rank their first purchase or interactions with a brand as the best time for an organisation to earn their loyalty
• Only 46% of a brand’s image comes from what the marketing says and how they say it
The relationship between customer and branding:
• 90% of consumers expect to have the same branding across all platforms/channels
• 91% of consumers prefer to buy from an authentic brand
• 94% of consumers say that they will be loyal to companies that are transparent with their practices
• 73% of consumers love a brand that offers them great customer service
• Consumers rank trustworthiness (31%), creativity (29%) and authenticity (22%) as the most important brand attributes
• 80% of consumers feel that brands don’t actually understand them as a person
Brand Ready for 2020
According to these industry statistics, it would appear that not all organisations are capitalising on their best asset when it comes to brand positioning and customer perception.
• While 95% of companies have formal brand guidelines, only 25% of brands actually stick to them
• Bad brand aesthetics have caused up to 52% of consumers to not buy from a particular company
• 71% of companies list customer confusion as the biggest negative impact of an inconsistent brand.
Brand management infiltrates every part of an organisation, so much so, a regular brand check-up is just as important for business health that a medical check up is for our personal sustainable wellbeing. A regular brand audit gives you an accurate assessment on how your brand is positioned not only within the marketplace but also with all your internal and external stakeholders.
When was the last time you conducted a brand audit on your brand?
At creative excellence, we support brand managers with specialised insights generated from an unbiased audit that considers all of the critical elements needed for sustainable business growth.
Our simple, yet effective process has been designed for a fast yet accurate review that provides leadership with a strategic framework for developing and maintaining a strong brand. Click here to learn more about our branding audits or to contact us for a chat about how creative excellence can help you strengthen your brand in 2020.
Author’s insights:
As an Integrated Marketing Strategist with over 20 years’ experience in brand marketing, roslyn whately knows what it takes to keep a brand relevant, profitable and sustainable.