How To Improve Brand Value?

What is Brand Value? It is something that encourages the customer to buy the company’s product or service even if it is costlier than its competitors. Apple is one such company who has managed to tout themselves as the Premium Brand. This has actually worked in Apple’s favor. Users do buy their products considering the brand. Now imagine a company which is new in the market or old but doesn’t have a good Brand Value or wants to revamp its deteriorating Brand Value? What can it do?

  1. Start Fresh

    This scenario can come into picture if you are already in the market but have been rejected by the masses. This is a common situation with most of the companies. So how do you start fresh??? Several ways actually. But there are some tough decisions that needs to be made.

    One way is name. Imagine a company which undergoes a major split-up. There can be a situation where the original name of the company still remains attached to the new companies name. e.g. XYZ was a company and got split to XYZ ABC Group and XYZ PQR Group (don’t want to take names but there are numerous examples of this). The problem here is the name. There are many real life examples of companies actually opting for this naming system considering the brand value the name had earlier. But they tend to forget that this strategy does not work always. We disregard the past misfortunes of the company and all these are attached with the previous brand name. A better option is to use a new name for the company. Why new name? Look forward for a brighter future. You want people to remember the company for good things and not bad things. It doesn’t mean that future will always bring serendipitous events for the company. There can be ……. events. But you can try your best to avoid them rather than fixing the past misfortunes associated with the old company name. This process requires huge investment for marketing. Excellent ads need to be made (will talk about it ahead).

    Another way is the management team. Hire fresh faces. At times, its the team who is responsible for the collapse. In 1997, when Apple was on the verge of bankruptcy, Steve Jobs brought changes in the team. One important thing to look for in this new team is Passion i.e. Junoon (जुनून). The team should have “Will do it” attitude. There should be an inner thirst of doing something…. कुछ कर दिखाना है। कुछ बन के दिखाना है।

  2. Show Off

    People love to criticise at things without even having smattering knowledge about the efforts taken by the company at the backend. But when people do find out about the efforts, their attitude towards the company changes. e.g. In Mumbai, there are lot of stories published in the newspaper about the price hike in energy. Most of it is supplied by Reliance Energy. We always find someone to blame and Reliance Energy is the first entity to be blamed. Because that’s all people can see. If they go to the power station, see the difficulties in procuring coal, Government regulations, etc their attitude might change.

    Today social media has the power to reach masses. YouTube is a powerful tool in this scenario. Shoot the process and some unique aspects of the business. Upload it to YouTube and share it with people. Emotional stuff, always makes humans empathetic. Such videos will make the people treat the company as family.

  3. Unique

    Do something extraordinary with the existing ordinary technologies. Just take Star Sports for example. Just a few years ago they changed their entire branding to Star Sports. Even ESPN was named as Star Sports x (where x is a number). Remembering channel names as Star Sports 1, Star Sports 2, etc is simpler than ESPN Star (definitely they might have put this in agreement). Moreover they launched HD channels and 4K channels. Guess what they did get TV rights for India’s most watched sport i.e. Cricket. They even struck a deal for sponsorship on the Indian Cricket Jersey. Now this may be small and nothing awesome. But these small things are the pillars of your future brand value. The most amazing achievement for Star Sports was providing online streaming with 5 Indian regional languages. Now this does strike the chord right. India is a massive land with huge diversity.

    Question here is the cost of launching such services, branding is huge. But you don’t get the underlying point i.e. Advertisement sale in Cricket Matches especially World Cup 2015. On average the ad cost for a 10 second ad was INR 8 Lakhs originally but as India progressed the cost rose to INR 15 Lakhs. Thats huge. Totally there were 49 matches and each match has a minimum of 100 Advertisement spots (one after every over). These ad spots are approximately 1 minute long. Considering 6 ads on an average per ad spot, the total earnings for each match is INR 48 Crores and approximately INR 2352 Crores for entire World Cup. Thats huge. This does not include advertisements after wicket or time outs during the match. And the base price considered for each ad is INR 8 Lakhs not 15.

    And guess what, I haven’t talked about Pro Kabbadi and many other rights which Star Sports has. My point is just that, if you do something extraordinary out of the ordinary, you are bound to succeed. These are simple facts which have been executed by many companies.

  4. Advertise

    Simple advertisements always do the trick. Recently, one of the most successful ads was the Mauka Mauka campaign which Star Sports had launch. The best part of the campaign was that they want Indians to watch it but the central figure of the campaign was a Pakistani (fictionally) waiting for his Mauka to win the against India in ICC Cricket World Cup. The campaign was so popular that several spoofs came up and a series of ads were developed as India progressed in the WC15. In all approximately 280 Million people watched the India vs Pakistan match on ICC WC15.

    Looking at the popularity of the Mauka Mauka campaign, my class decided to do something similar. Now this explains my point. Create advertisement that touches the peoples heart and when it does, expect some staunch followers.

    Reliance Communications made some brilliant ads too. This one is just too good I feel. It just explains the point too simply. There are many more amazing ads by Reliance Group but unfortunately they have not been uploaded on YouTube officially (one of the reasons why their brand value has deteriorated over the past few years).

    Let’s not forget about some game trailers and advertisements. Clash of Clans has achieved tremendous success. And their Super Bowl commercial was just amazing. Getting Liam Neeson on board and asking him to say his dialogue from Taken. Just too cool.

    Another company which just makes simple good ads, campaigns, etc is Apple. Usually they focus on one feature of their product in each campaign or ad. What is so special? It is simple, clean, explains the feature/concept/idea and touches the heart.

    Last and final ad for the post is of MakeMyTrip. Concept of emotions is back and has been executed very well.

    When you spend so much on developing an amazing ad, ensure that it reaches the masses. Internet is an important medium for achieving this.

  5. Quality

    Quality is one thing that definitely catches the human eye. We are too used to doing stuff just for the sake of doing it. Why does Apple succeed? Because they maintain their quality. Rather, I should say upgrade the quality every year. Why does Chennai Super Kings or Rajasthan Royals play well almost every single IPL. That’s because they upgrade themselves.

    Let’s take an example. As an engineering student, we have Final year project. For this we need to submit a report. Most of them will make a report which is just for the sake of submission. Moreover these reports won’t be properly formatted. This is a clear sign of poor quality work. But again the reply from each student is कौन देखता है। किसको पड़ी है। (who will bother looking at it or even checking it). This attitude exists in employees of most companies. This is where I just love startups. They have less number of employees and they are all filled with passion to do something. But some will be like as company expands, you can’t expect to have every employee to be passionate. The problem is that the interviewer doesn’t look at the passion. They look at qualifications. I feel or rather believe that a person with passion to do something/learn is more capable than a qualified person.

In the end, I would like to add one thing. Companies should look for difficult tasks. When you perform well at such tasks, you will create value, be remembered and earn respect.