BRAND: THE INTANGIBLE ASSET
BRAND: THE INTANGIBLE ASSET
Monday, 25 June 2007 08:56
By Lee Njoroge
What is Brand Value Management and what does it really have to do with me?
The ability for your brand to offer a clear value proposition to consumers and deliver on it consistently gives you an edge over your competition. I think this is an undisputable fact. This also means that your brand is an asset, to be listed in your financials as an intangible asset, and to be managed as carefully as you would your tangible assets.
You therefore need to determine what your brand's value is, as a business, to ensure that budget cuts do not unnecessarily eat into the value of your brand and to safeguard its long-term success. So to borrow from the Interbrand lessons in Branding Best Practice (these are largely applicable to a brand in a crisis, but I saw a different use for them), a brand, like any tangible asset needs to be examined closely and critically as follows:
Your brand portfolio should be audited You should have a contingency plan You need to know what your customers are thinking so find a way to stay plugged in Find ways for weaker brands to get support from stronger brands, Be brutally objective about your brands, and whether you need them or not Enhance the good bits and bobs about your brand Don’t compromise on the promise, keep the standard way up there at all times Stay in touch with your consumers… keep communicating Figure out what the minimum amount you need to spend on your brand to maintain it is
