Did you know that in the present global market scenario, more than 60 per cent of your brand value lies in intangibles! Yes! A recent study by the business expert pair John Gerzema and Edward Lebar reveals that while only thirty percent of the brand value was determined by the intangible factors in the 1950s, today the figure is more than double. So the most pertinent question that you are likely to ask here is what does these ‘intangibles’ exactly comprise of and why is its value rising so rapidly in today’s market?
Understanding The Intangibles
The answer to these lies in recognizing that marketing your brand and establishing its place is becoming increasingly complex with time. The pace of the changes it is undergoing has increased further with the coming of the pandemic and increased dependence on digital mediums.
Turning back to only a few decades ago, brands could easily consolidate their place in the market by concentrating on one or two factors alone. For instance, if you could ensure dependable quality at competitive pricing, your brand was bound to be noticed.
Compare it to the scenario today. With most consumers making their product choices through the internet, the choices available to them are endless. Competing on the price factor may not work out either unless you are willing to compromise on the quality. A better move however is to concentrate on the intangible factors that are likely to give you higher returns.
The Three Ts Of Your Brand Value
While cultural value, symbolism, social meaning etc., all come under the umbrella of intangibles, here are the three crucial T’s that you need to concentrate on to survive in the present times:
In a world where change has become the norm of society, trust is the only constant factor your brand can always rely on. Perhaps, this is why leading marketers today opine that trust forms a strategic asset for your brand. Be it emerging business or the already established ones, creating this sense of trust and carrying it forward takes much more than just creating quality products.
Even spending a lot of money will be of no avail when it comes to the trust factor. Your customers, employees, stakeholders all have their own perspectives and expectations when it comes to trust on the brand. Regional factors can also play a role in shaping these perspectives. However, if you dive deeper you will realize that for all these segments, trust is not built on an abstract concept. So the best strategy for a brand is to chart a course of action that responds to each segment’s understanding of trust.
An interesting study by the Forrester reveals that in countries such as India, UK and the US, people are more likely to place their trust on businesses than on their local governments. Further, an overwhelming number of consumers and stakeholders have also said that if brands contradict their values, they are unlikely to continue engagement with them. That’s just how important trust is for you smooth functioning.
Tenacity is a comparatively new word for the business vocabulary. Yet it cannot be ignored given the importance that it has gained even within the short span of time. In simple words, tenacity means persistence. It is this element of persistence that kept up the likes of Einstein, night after night, even after most of his experiments resulted in failure. It is the same element that pushed JK Rowling to try for the next publisher after a dozen of them had already rejected her. The result- Einstein’s contribution is still making the world a better place while Rowling’s Harry Potter is still counted among the best sellers.
If you desire entrepreneurial success, tenacity is one quality that you need to muster. It is also a quality you need to cultivate among your existing talent pool and look for in future acquisitions. It is only when you and your team are tenacious, problems-current or future- will not be able to bend the destiny of your business.
· Team Work
While team work has always been crucial for brands, the pandemic and the shift towards a digital future has changed the dynamics of team functioning altogether. Instead of a common physical space, your meetings are now held across screens today.
While this may have leveled the ground in a sense, in another way it requires an increased emphasis on clear communication and better co-ordination. Companies that have been able to leverage these factors are in fact witnessing better growth by embracing the work from home schedule. In fact, even after the situation improves, some companies are planning to shift to the work from home module permanently. It has only been possible due to flawless team work.
Now that you have learnt about these decisive Ts, go ahead and work on them to get astounded by the results.