Displaying items by tag: brand equity
In our newsletter last month, we discussed Google's move into the mobile payment game with its Wallet, which requires no wallet. Google isn't the only one playing the "wallet free" payment game. On the contrary, it now faces competition from start-up company Square, a 6-month old mobile payment firm that just received $100 million investment from a venture-capital giant.
With today's tougher competition, market volatility, and greater individual and team accountability, you must prove that your marketing efforts are getting the desired results. Virtually every dollar you spent on marketing today must be justified as both effective and efficient in terms of Return Of Marketing Investment (ROMI). This increasing accountability has forced marketers to develop various measurement approaches. But first of all, what to measure?
We've discussed the reason for and directions of brand management recently, and this time we'd like to revisit the topic. We were distracted by something shiny last time, Super Bowl Ads, but we're ready to get back on topic. Today FiG is offering some specific means to help companies vitalize brands.
No matter what product you sell or what service you offer there are millions of examples of once prominent and admired brands that have fallen or even disappeared, especially in hard times like right now. Nevertheless, there are also a number of brands that have managed to come back successfully in recent years. Old Spice, for example, one of my favorite brand stories about how a grandpa deodorant becomes one of the sexiest brands overnight!
I believe we all agree that the marketing environment has been evolving and changing. This situation will continue, and usually in very significant ways. Changes in consumer behavior, innovative technology, government regulations, competitive environment and the firm's own strategies can greatly affect a brand's image, meaning, and other aspects of a brand's equity. The challenge of effective brand management lies in the proactive strategies to at least maintain, if not enhance your brand's value. FiG will spend the next 2 weeks discussing some brand strategies to reinforce brand meaning and adjustments to marketing programs to identify new sources of brand equity.