WITH DR FARAI CHIGORA
As we accelerate on the highway of brand management and its effects on the craft of entrepreneurship and industrialisation, we do so reminding you that the art of brand management should be understood from the end backwards. To many, a brand becomes a mere trophy. Rather, real enterprises should lay the golden eggs, in the form of durable and competitive brands that live and compete beyond the borders and outlive the founder’s existence through assuming a life of their own.
The purpose is not only to entice the eyes and ears, but rather, providing tangible returns on the table. Some have extended this viewpoint to goodwill. There is a talk about return on investment in terms of shareholder value (reason for doing business). But why do we invest in these brands when returns are elusive? Suffice to note that the engagement on the value of a brand is key as it is the crux of the matter. When we have invested in a holistic approach in brand building and communicating its value proposition, we must further invest in a charter towards ensuring consistence to ensure that there is return on investment. Building alone is not enough but going the stretch in managing the brand across the organisational touch points and ecosystems so that its value and return on investment is tangible. This entails that we can build forever, hence the need for a clearly defined roadmap of strategic objectives, tactics and measurement tools towards harvesting these returns from the systematic process.
The process of self-awareness and the introspection which goes in understanding the self (rather than being a version of someone else in the make) should then connect to the nodes that measure our progress in brand equity. Brands should talk through results as aforementioned and alluded in the last editions. To whom they talk to matters too. But the extent of acceleration and projection to which the voice(s) of the brand is reaching need to be measured. This helps us to understand not only the market share but our struggle for awareness. My viewpoint is that many of our enterprises do not know the level of their brand awareness. This is a critical element of brand equity. Though not in any prescribed sequence but bundled as a matter of brand awareness, image, perceived quality, loyalty and association (each to be unpacked in the coming editions).
As our point of departure in this series we should maximise on creating a positive brand awareness in the target markets. This entails that brand management should go beyond shelf display and merchandising, which seem to be the current fixation among the SMEs and start-ups. How far have we reached our targeted customers in the inner recall of our brand should be a throttle position sensor of our marketing strategy. This should not be left to chance but rather a structured measurement process (just like knowing what makes you smile when others are seeing the world differently). The global big brands have taken this introspection and developed nodes that have measured their performance. To measure return on investment, profit margin and have gone beyond mere market presence unlocking a sustainable competitive advantage. Your brand awareness comes as a source that defines your market segments and understand where venture capitalisation is applicable and capable. Our enterprises should make an effort to understand the extent to which the market is not only knowing them but inviting other followers in an extended awareness mode. Of course, facilitated by direct word of mouth — both traditionally and through online platforms. These processes have changed significantly online. Those that have managed to invest in the correct mix of brand equity starting with brand awareness have managed to win the entire category through both their companies and products (Colgate in the toothpaste category; Coke in the beverages category and Econet in the mobile services, among others). Our brands should be part of the DNA of our lucrative markets. Besides the previously mentioned brand elements, what else should we add on for a real and lasting recognition (that is beyond personification to contingency in all aspects)? Make up and dress up are not only a part of humanistic factors but also a curatorship of brands. We should continuously find the matters of our ecology that constantly move with market dynamics in terms of maintaining relevance and let the customer keep on wanting more from us (we should not age and be redundant in the eyes of our customers). Some have strategically considered rebranding, yes let it be to achieve longevity and lasting recognition (if poorly done, it can result in a face-off instead). Rebranding can be your self-destruction if not properly done. When we change colours, logos, and slogans we should be keen to connect and synchronise with our previous recognition so that it won’t escape in the wilderness (matter of acceleration rather than stopping the tempo). That is why many of our SMEs even bigger businesses have repeatedly rebranded only with negative returns (there should be a balance between branding, recognition, rebranding and recall). We need to create real awareness of our brands as we enterprise for industrialisation. Then they should be:
Brand digitalisation
There is need to think beyond designs to moving of objects through digital marketing for branding. Invitation of web and continuous configuration of brands online. Brand should not be a proverbial briefcase matter but should be part of the companies’ digital assets that play a pivotal role in the shaping of the customer experience online and off line. They must contribute towards the digital economy.
Brand workshops
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To meet with all representatives of the brand; those with same interests. If continuously done, then that enhances knowledge of who we are in the public domain. Our level of awareness will be easy to detect. Rather than basing on assumptions.
Visit of our brand friends and relatives
Just like our tradition of getting known by others through visits, same with the drive towards brand awareness. It is imperative to define our networks for social capital in this perspective. What we share will go beyond general awareness to partnerships and referrals spearheaded by word of mouth especially electronic in the ICT driven ecology as a new paradigm.
Brand fellowship assessment
There is power in fellowship rather than fighting other brands. It is that time to realise that our brands exist with others and this can be turned from competition to awareness and positioning. Being part of a group of brands increases visibility than being a silo.
- Dr Farai Chigora is a businessman and academic. He is the head of Business Science at the Africa University’s College of Business, Peace, Leadership and Governance. His Doctoral research focused on Business administration (Destination marketing and branding major, Ukzn, SA). He can be contacted for feedback at [email protected], WhatsApp mobile: +263772886871.
