It’s a new year and now that the champagne bottles have been tossed out and the confetti has been cleaned up, we have a lot to do. The economy is in shambles, industries from Wall Street to Main Street are faltering — some with government assistance but most without. We need new strategies to right our course nationally and for our businesses because the old ones just won’t work any more.
At Westergaard Advertising, we have one prediction for the New Year — brands will be bigger than ever. This may sound like a simple overstatement of the obvious but think about it. In a troubled economy you can only lead on price for so long — someone can always go lower and you cannot compete with that, especially when we don’t know where the basement is. Where you can establish an edge is in the intangible …
At the end of the day, it comes back to who your business is. Who your brand is and what kind of equity you’ve built up. In times of crisis there are two paths for your brand to save the day.
- Your brand is impeccable, has always been impeccable, and most of your customers will stick with you through rough times.
- You have neglected your brand. Your name doesn’t mean much or as much as it used to.
If you are in the first group, you don’t necessarily have it made. If you are in the second group, all is not lost but you must immediately perform a branding course correction. You must take as many resources as you can muster and put them behind your brand. And I’m not merely talking about a new logo or website but rather taking every decision you make as an opportunity to build brand equity. Do customers come into your business to pick something up? How could you go that extra mile and generate buzz and a positive brand experience? Is there something you could do that would leave your customer obligated to tell all of their friends about your business
These are the kind of brand stories you need to cultivate. Even if you are in the first group with an impeccable brand, things are in flux now and you musn’t loose site of your brand’s state in the ever changing public sphere. Reach out to your customers and wrap them in your brand. Remind them why you are remarkable
In short, build your brand in the new year. Keep it at the center of your mission. Put as many dollars toward it as you can spare — think of it as an investment your business’ most crucial asset. But there’s also a lot you can do that won’t cost a dime. Talk to your team. Get their ideas on how to build bulletproof brand loyalty in 2009. And, most of all, Happy New Year.
