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Branding and Innovation for A Winning Market

A brand if often recognized as a
symbol that adds value to products or services. Products and services without
symbols to represent them are of no value in the industry. A brand itself paints
a thousand words. Just like the saying goes, do not judge the book by its cover;
instead appreciate the value that comes with the brand. The value of a brand is
an important asset for a business regardless the size of the company is.
A brand is viewed as an important relationship that helps build up the trust,
respect, loyalty, good or bad track records and the willingness of the
consumers to overlook possible mistakes made by the company.

Some may ask. “Why bother with
the brand?” We believe there is a relationship between a brand and the profit,
as well as, the brand equity. Brand equity is a source of greater cash flow and
lower cost of capital and sales; higher sales value; and durable corporate
wealth. Developing brand equity in a business is the greatest asset for the
company.

Although some companies choose to
ignore the importance of branding in their business, they do not realise that a
brand will be a constant figure in the company’s portfolio. It is of such
importance that even in the worst case scenario for a company, the brand that
they have built over the years will create an existence in the lives of their
consumers. A good brand would have such an impact that consumers still recall
them, for example, Sony Ericsson and Compaq. These are the two prominent brands
that no longer exist and yet consumers still recall the products they made.

In order to create and maintain
such an impact, it is imperative to always look for greater room for improvements.
It has been a long while since innovation set foot into the world of branding,
let alone the corporate world. Branding innovation now means the adoption of
innovation principles to create more innovative products. This will help to
create greater differentiation and relevance to the brand of a company.

Brand innovation infuses into the
company where it provides an atmosphere, which the entire company will feel
endowed to risks and help to contribute to their company’s brand evolution. Any
business that is willing to emulate innovation with their branding across the
company will be poised to entice and retain talent. By doing so, they will help
create a more dynamic communication style with new modes of expression. The
company will also be able to locate and identify new consumers with hidden
needs and desires.

As Steve Job would say,
“Innovation distinguishes between a leader and a follower.” The world that we
live in is so diverse, full of complexity and very likely symbiotic. Working
the “old way” will constantly produce the same boring results, which is a huge
risk for business owners to face. What is most needed now is to think, act and
create ideas that are able to catch up with the constant change of our
surroundings. Act now! It is the time to change and be a leader in branding
innovation!

Source : http://landor.com/#!/talk/articles-publications/articles/brand-innovatio...

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