Unlock Your Brands Potential!

Building a brand from scratch is perhaps the toughest proposition faced by even the already established corporates

. What is even more difficult is maintaining the brand in times of such cut throat competition posed by thousands of other brands. More often than not it is the brand strategy that fails to yield the expected results and as a result even those brands which possess the potential to establish themselves in the market are wiped out. Therefore, the key to unlocking your brands true potential is to make the best possible strategy that will enable you to create enterprise value in the future.

However it is easier said than done because old school standard methods and formulas of brand building do not hold true anymore and new strategies need to be developed from ground-up. But thats not the tricky part, the true challenge lies in the fact that a whole new kind of strategy is required for every single brand.

In light of strategy building it is important to study the potential of the brand because that will largely determine the structure of the strategy. By studying your brands true potential, you ensure that when you finally step into the market, neither do you cross the line by competing with those brands that are beyond your reach nor do you get caught up with the segment which is not your targeted competition. That is why studying and analyzing your brands potential deeply during the formulation of the strategy will help you avoid unnecessary friction and strife later, when the real deal begins.

Also, by understanding the true potential of your own brand you will be in a much better position to judge the true value of your enterprise. And not only understand its true value but unlocking your brands potential by way of devising a good brand strategy and then putting it in action will also create additional value for the brand in the market.

To address the challenges of new age brand building, some fundamental questions about consumer-brand relationships need to be asked. There is also a need to develop a set of tools and framework for this task. A brands potential also depends upon the culture and the markets existing within that cultural framework in which the brand is looking to operate. Failing to understand this crucial aspect is one of the reasons why so many international brands have failed in the Asian and Indian markets even when they had great potential and showed tremendous promise in other new markets.

As you can now see, unlocking your brands potential will only be possible when you devote ample time to studying your brands potential and integrating that understanding in your strategy.

by: Sumit Srivastava

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