(Source: Mr K M Yim, Chairperson of Hong Kong Institute of Marketing)
Six challenges of brand marketing are:
1. Intensive market competition
2. The support of the management
3. The compatibility of the company structure
4. In-depth understanding of the market
5. Brand building management
6. Choosing the right persons
Intensive Market Competition
Mr K M Yim points out that following the emergence of new media like on-line media, mobile phone and outdoors media; there is a diverse range of channels for the consumers to receive information. The customers become more demanding and their consumption behaviour keeps on changing. With more and more retail chain stores joining the market, competition becomes intensified. A company can no longer run and promote its business in the traditional way and should make full preparation to cope with the ever-changing market.
The Support of the Management
The management should set its mind on brand building. Unlike the production process in a factory, brand building is a long-term battle for winning the heart of the customers; and all staff of the company should share the same goal to help build the brand culture.
The Compatibility of the Company Structure
The management may think differently from the customers. Hence, the management should not be opinionated whereas they should think in a flexible way and seek advice from professionals. For internal, the operator is usually the first staff whom the customers complain to while the frontline salesman is first staff who builds the brand. Therefore, a company should incorporate an information centre and a complaints handling system in its internal structure to facilitate brand development.
In-Depth Understanding of the Market
A brand should have a clear market positioning and identify its uniqueness in the market. A company should have a thorough understanding of their customers’ needs, preference, behaviour and background, how they feel about the products and set the price carefully.
Brand Building Management
Branding is a business. A company should understand which group of its customers contributes the biggest profit and take into consideration the service cost when calculating the profit. In addition, the company should put more effort in designing the name, the logo, the packaging and the slogan of the brand which should be simple in design and easy to remember, with connotation of product merits, inspiration and uniqueness. Brand asset management is a kind of knowledge and effective branding strategies are absolutely an essential element that helps the brand to stay ahead of its competitors.
Choosing the Right Persons
In order to build up a successful brand, a company needs a competent leader to responsible for brand management. When choosing a consultancy for brand building, the company must be cautious of whether the consultancy is engaged in the whole process of brand building or is solely responsible for brand design.
