Branding is a powerful tool that can support many business objectives. Sooner or later, many business leaders need to make important decisions about their brand. This can be daunting because along with high costs, there’s often a high degree of subjectivity. The leader who can make effective decisions and skilfully manage their brands enjoy a significant competitive advantage. How should a leader approach brand building for better outcomes?
Like beer, there are four main ingredients for a leader to consider in a branding initiative. Whether you get a fresh, sparkling success or a flat, dull failure depends largely on how the brewmaster – brand decision maker – blends these ingredients. The four ingredients are opportunity, timing, potential ROI and risk. Of course the brewery and the people who run it are crucial to the process. But ultimately they too follow a recipe that has been decided by the brewmaster.
Four ingredients leaders should consider in a brand building initiative
Every organisation faces change. Brand initiatives facilitate many kinds of change, from M&A, new leadership, recruiting and retaining talent, raising capital, new market entry, digital transformation and more.
Some brand building opportunities are obvious. For example, product launches, anniversaries and expansion into new markets. Other opportunities, less so. As brand builders, time and time again we have embarked on a brand development project to achieve one business goal, only to discover many other ways the process can be leveraged to add value to simultaneously address other opportunities and challenges.
TimingYou may have heard the phrase: “There never seems time to do it properly but there’s always time to do it twice”. This is particularly applicable to branding projects. It’s cheaper to get it right first time, especially considering the lost opportunity cost.
Keep these four ingredients in mind and you’ll brew an effective brand and toast the success of your strategic change.