Will you make 2014 the ‘Year of the Brand’?
Published January 3, 2014 at 7:30 am
Think about some of the assets your company has built up over the years. When you consider which is most valuable, your mind might jump to your employees and the culture they maintain. Maybe it’s your intellectual property, or just the products and services you provide to customers.
These are fine answers, but according to AdAge contributor Steve McKee, the most irreplaceable asset your business has is its reputation. Your brand, above all else, will determine the future of your business.
“Think about it: A brand is the only corporate asset that, managed properly, will never depreciate,” he said. “Never depreciate. Those are magic words.”
If you’re skeptical, just ask BP CEO Bob Dudley about how quickly a company’s reputation can be reduced to ashes, and how long it can take to rebuild.
What can you do to build and maintain your brand, particularly with the calendar changing to a New Year? Your marketing strategy plays a significant role in how your company is perceived by the public. If it’s not working, you may need to double down on whatever techniques you’re currently deploying or just restructure your strategy altogether.
Ask yourself the following questions:
How recognizable is your logo? Hopefully it’s immediately recognizable to your target audience. What words come to mind when people think of your company? “Trust” and “proven” should be at the top of the list. Do you have a track record you can stand behind? If not, it’s time to start building one that you can.
As McKee says, the problem with marketing plans “isn’t a lack of desire or ambition – it’s a lack of perspective, understanding and insight.”
You have a new year and a new opportunity to improve all three.