As a IT Senior Manager Joo Koon, 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 New Innovations & planning can make your business and products more popular.
For your profession as IT Senior Manager Joo Koon 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.
Marketing Strategy - What It Is, And Why It Is So Important ?
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.
Tops 7 Mistakes Executives Make When Digitizing The Business
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Artificial Intelligence is quite a trending topic in modern technology with many businesses adopting its use in their daily operations while others are skeptical about its relevance in the workplace. Let me show you the various benefits of AI to the workplace and how it can make your business grow as well as save time and money.
Simplification Of The Recruitment Process
Human Resource Departments are faced with the task of hiring staff which is quite daunting, frustrating and equally expensive, with personnel having to shift through a large number jobs applications for a relatively few vacancies, but this scenario is gradually becoming a thing of the past with the use of machine intelligence i.e. Artificial intelligence.
AI reduces the stress related to the hiring process through the use of the following ways:
Interesting job descriptions are written by recruiters through the use software known as Textio. This augmented writing platform compiles various job postings and puts forward to consideration suitable content to encourage the submission of more applications from job seekers.
Candidates for various job vacancies can schedule their interviews, allowing them to choose a time must suitable for them and also provides a chance to reschedule. All these are possible through the use of the Montage software.
AI powered software such as Stella match suitable candidates to jobs through the tracking of experiences, credentials and qualities sought for by employers.
Removal Of Repetitive Tasks In Daily Business Operations
Scheduling, rescheduling and cancelling meetings are quite stressful to administrative staff but the use of tools such as X.ai helps by performing these tasks diligently.
Recording, transcribing and sharing notes during meetings are also tasks which can be handled by artificial intelligence.
Improvement In Handling Issues Related To Sales, Marketing and Customer Service
Chatbots are forms of artificial intelligence that can help with support outside the company.They gain experience from real sales and customer reps and use this to assist customers in purchasing goods and services. Questions regarding marketing and customer relationship management (CRM) can also be handled by GrowthBot through the mining of data, both of the public and the company.
The Identification Of Security Risks And Protection Of Data
Financial institutions such as banks apply AI based technology to point out security risks and protect data. Examples of software which make the use of Ai in such cases include Darktrace, Exabeam and SparkCognition.
With AI handling most of the mundane and repetitive tasks at the workplace, workers are free to channel their efforts to more important tasks thus increasing productivity.
Productivity could also be boosted and monitored by machine intelligence by helping them discover areas that have high labour costs and other obstacles to increased efficiency.
Will Artificial Intelligence Replace Humans In The Workplace?
With the above examples, some individuals might be tempted to think about losing their jobs to AI powered tools since most tasks in the workplace are getting automated gradually, but their fears are unfounded as human input is indispensable despite the presence of artificial intelligence.
Artificial Intelligence basically handles tasks which could affect productivity and allows workers to be action-oriented and gives them the chance to be more creative.
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.