How the Recession Transformed the Business of Branding ...

Many corporations pulled back on branding when the recession began. Branding is synonymous with growth ? and growth wasn?t at the top of the corporate agenda when the financial crisis hit. But branding can be seen as an economic growth indicator as well. As business confidence increases, executives begin to re-evaluate their company?s growth potential. But, prior to making these significant investments, companies realized they must reinvent themselves to remain relevant. The ?continue-as-usual? business approach no longer works.

Post the recession, companies should be asking themselves?

How far has the market shifted?
How can we leverage our current strengths to capitalize on new opportunities?
What new products or services should we be considering?
Will our target market consider us for these new offerings?
What is the industry?s perception of our brand ? and our competitors?
How can we realize our brand potential?

These are the questions RiechesBaird helps clients answer. To practice what we preach, we commissioned a research study to find out what corporate executives thought about their brand strategy initiatives post the recession and uncover the steps they would take in the next 18 months.? Here are some of the key findings:

Most companies report increased pressure to ?grow the business? through new products and market development

• 54% are developing new growth strategies
• 50% plan to launch a new business or product
• 48% are engaging new investors
• 46% are looking to enter new markets
• 45% are establishing thought-leadership models to engage audiences (similar to what we are doing with Branding Business)

Other insights

• Most companies see the need to align and engage their employees in light of all the changes that have occurred over the last few years
• The majority will seek outside help to conduct their branding activities rather than using internal resources
• The majority seek help from experts and have little regard for geographic proximity when looking for a brand strategy partner

Key Takeaways

Executives are increasingly devoting the resources needed to grow because they know if they don?t they run the risk of being left behind.

Growth strategies can take many forms but rarely do they rely on selling more of the same to the same audience. We are seeing companies utilize strategic acquisitions, new product introductions, new service offerings and international market expansion to drive new growth. As companies reinvent themselves, their brand must evolve as well. Their branding must position them clearly in the mind of the prospect for what they have become ? not for what they once were. Strong brands are built upon a compelling value proposition that is believable, defendable and most importantly ? relevant. Compelling reasons to believe builds credibility and confidence in the mind of the business prospect. A brand that is based upon a defendable position is protected against competitors who introduce me-too products, which drive prices down. Plus, brands that stay current and relevant develop a deep relationship and increase loyalty with the target audience.

So what are you doing post the recession to enhance your relationship with current customers and reach out to new customers? Maybe its time to re-evaluate your brand strategy and position your company for growth. If business growth is a priority ? as it always should be ? consider RiechesBaird your brand strategy partner.

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