Brands can influence its owner’s assets and earnings, assessment by investors and the share value in stock market. Great brands may have higher intangible value than the physical assets. Brands are also valued by the knowhow, technology, resources, agreement, patents, distribution, widespread reach or global appeal.
Hundreds of long established brands worldwide have disappeared from market, due to their spectacular betrayal of trust with their consumers.
With development, many brands are finding it difficult to please the most discriminating customers. The brand owners have to continuously find ways and means for rebranding, innovations at all stages, to keep the consumer’s commitment, enthusiasm and experience.
In service industry, apart from its promises and delivery, most important factor is, the employees, at all stages, to provide distinctive and memorable experience. Continuous staff training plays a very important role in this category’s brand management. Satisfied, energetic, excited employees support brand commitment to the customers. Employee’s business and social skills, their relationship building, helps to sustain the loyalty and engagement.
It is important for brand owners to; a) protect their brands by registering the trademarks, in all the countries where they want to launch. b) respect, recognize and honor all the stake holders, whoever they are. c) recognize the brand as the single, most important investment, and not a cost. Build your brand, your most important financial asset, understand and utilize its full potential.