As Marketing Vice President its very critical for you to understand developing brand strategy is extremely critical. The most important asset your company has is its brand. Quite simply, it drives the direction of your business. So you should definitely have a well thought out brand strategy in place.
Increasing competition in business develops similar products with good quality from different manufacturers. But only an effective, innovative and marketing strategy & planning can make your business and products more popular. For your profession as Marketing Vice President it becomes your responsibility to stay connected with like-minded supporting industry experts who can guide and help you deal with your day to day work issues.
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If you are entrepreneurial in nature owning a business is very exciting adventure. It can also be the most difficult thing for you to get into if you are not prepared.
What is a Brand? Put simply, it defines the identity of an organisation, product or service. It's more than just names and logos. The identity needs to be based on a unique idea and told through a compelling story. It needs to connect with potential customers and form positive emotional bonds. The idea needs to be distinctive from the competition and relevant to the target markets worldview. It also needs to be authentic, meaning that it's not enough to simply make empty claims. The organisation needs to actually live its brand.
Brands increase the value of products and services by differentiating them from the competition, creating positive mental associations and forming emotional relationships with the customer. Philip Kotler from the Kellogg School of Management famously said that "if you are not a brand, you are a commodity. Then price is everything and the low cost producer is the only winner."
Competing on price may increase short-term sales, but is a dangerous strategy for anyone serious about building a profitable, sustainable business. Brands provide businesses with the means to free themselves from constant price competition, increase the value of their services, reduce their marketing costs and develop long-term customer loyalty.
Building a successful, sustainable brand requires careful planning and consistency. It needs a strategy. Brand strategy is the plan that defines defines the ideas and stories behind the brands, the structure and relationship of the brands within the organisation and the core identifying elements. These can include elements such as company and product names, tone of voice, logo's, colour schemes etc. It also provides the framework for implementing the brands throughout the organisations operations and for using them to efficiently work towards the businesses goals. It's not just a cosmetic exercise; it's a key element of business strategy.
With a clear strategy in place, managers can make appropriate, co-ordinated, informed decisions not just in marketing, but in all departments from product development through to customer service and recruitment. This process of embodying the brand idea throughout the organisation is what we call branding.
The beauty of branding is that by telling your customers authentic, compelling stories, you not only make your goods more attractive and valuable, you give your customers something to talk about. Humans naturally love to tell and share stories. By giving them good stories to tell, you gain access to what is by far the cheapest and most effective form of promotion - word of mouth.
Few organisations manage to achieve the full benefits of word of mouth, and worse still, for many organisations it spreads more negative stories than positive. To compensate for a lack of positive word of mouth, organisations spend huge sums of money on ineffective marketing exercises. Without an effective brand strategy these exercises are often unfocussed, inconsistent and unauthentic. Consequently, they rarely pay for themselves, let alone make a profit.
So what is the role of marketing? To a large extent, branding is the antithesis of marketing. Branding is the most effective way of generating positive word of mouth, making it both cheaper and more effective than traditional marketing techniques.
Marketing without a clear brand strategy is a chaotic, costly exercise that in essence is little more than shouting and showing off about your products and services. People don't like or trust show-offs. If you want to make an impact, you need to talk to them like grown ups. With exposure to thousands of marketing messages every day, consumers have become largely immune to meaningless promotional messages, filtering them out and filing them in their mental recycle bins.
However, there is still a place for marketing and in many cases, marketing is part of the branding process as it provides a means by which to spread the brand story. This explains why there is so much confusion regarding the difference between them. Marketing used to be about the promotion of products and services. Successful marketing now focuses on the promotion of brands.
If an organisation developed a perfect brand idea but did nothing to promote it, then no one would ever have heard about it. The story would never spread and the strategy would be unsuccessful. It's therefore important to combine the strengths of both branding and marketing in order to reach your target market.
The most successful organisations combine a confident and forward thinking idea with a robust and organised strategy. They then use carefully targeted marketing to help get their story out. The success of their brands means that as time goes on, the need for formal marketing reduces and the effectiveness of any existing marketing increases, thus paving the way for increased profits and organisational growth.
In conclusion, brands are a key element of building profitable businesses with long-term sustainability. When executed well, they increase sales, add value to products and services and reduce marketing costs. They also give focus to a business, boost staff morale and increase share value.
Building successful brands is not simply a cosmetic exercise. They need to be consistent, true to the organisation and embodied throughout their activities. This is only possible when a clear brand strategy is in place to act as a framework for their implementation, and to ensure that they are always working towards the business goals. Marketing has its place as a tool for promoting brands, but once they have made a connection with the core of their target market, successful brands can sell themselves through word of mouth.
Strategy - Brand Identity Guru Tips On Strategic Planning
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Through business relationships and experience sharing in confidential settings for Marketing Vice President, we strive to create personal and business value for all our network peers.
A set of facilities and distribution options that will help in procuring materials and transforming them into the semi finished and finished products and its distribution to the customers is known commonly as supply chain. In other words, it is a set of people drawn in fulfilling a customer request either directly or indirectly. The Supply Chain Management(SCM) is essential to perk up the trust and relationship between the partners. This will markedly improve the inventory profile and speed. The ultimate aim of opting for a good supply chain management is to improve the business to the maximum and gain as much profit as possible.
The most essential features are: Customer, planning, purchasing, inventory, production and transportation. A proper SCM will ensure the free movement of the goods, storage of materials, inventory and transportation of finished goods from the manufacturer to the consumer. It also includes proper coordination among the suppliers, go-between, third-parties and customers. In addition, it should provide various perspectives of SCM, and takes into account the trade challenges faced by the traders, merchants, retailers etc.
There are two options that a client has as far as the Supply Chain Software is concerned. While some companies use Enterprise Resource Planning solutions to deal with the supply chain issues, some companies do develop their own absolute or standalone software to deal with the issue. However, there are differences between the software and the Enterprise Resource Planning solutions. The SC software will help in the client requirement processing, buy order processing, supplier management sourcing, managing the inventory, and supplies receipt and storehouse management.
Further, the Supply software will increase your business profits by reducing the operational costs, develop customer service, help in expansion of business which in turn will bring in more revenues and ultimately the business will turn out to be leaders in supply chain. It is best to opt for SCM software to ensure that your companys strategic, tactical, and operational aspects are intact.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Our groups are not groups for generating sales leads, nor are they places where individuals can drop-in to gain quick advice on an immediate challenge. Members also sign a confidentiality agreement and benefits from the guided mentoring to help each other.
These groups include an experienced facilitator and use a structured discussion method to ensure appropriate participation.