All you need to know to understand their current dominance
In our current moment it is no surprise that tech brands rank the highest on Interbrand’s “Best Global Brands” list for 2019. However, it is remarkable that some brands that topped the list in 2001 have been able to hold their place in the top ten almost twenty years later. The strength of a brand depends on many factors including authenticity, consistency and differentiation. While these aspects and others contribute to the growth of a business, right now, many marketing experts see relevancy and responsiveness as the keys to the global market castle. Increasingly, people interact with brands primarily online and the practice of “launching and leaving” for a new product or service is no longer acceptable. Consumers expect a continuous relationship to match their interests and concerns from moment to moment. That is, in order for long term brand success, a marketing team must consider short-term cycles that maintain their brand’s relevancy and responsiveness. Keep reading to find out more about these concepts.
Professionals pursuing an MBA in Marketing know it has become even more critical for a brand to remain relevant to current and prospective customers. In an ever-changing global market where consumers have an abundance of choice, standing out is important, but the way in which a brand does this requires an imaginative approach to relevancy that goes beyond differentiation.
For example, in the case of tablets, relevance has been shown to have the power to supersede considerations such as price, convenience and product features. When a brand can establish itself as meaningful it is because consumers see it as relevant to their lives on many levels. Not only is the product different from its competition, the brand has established an emotional, cultural or personal connection with customers.
It has been noted by experts that the brands that maintain high valuation on a global scale are those that are able to respond quickly to consumer demands and market changes. Responsiveness takes into account and anticipates the changes in the ways people work, communicate, travel and entertain themselves. Effectively, this is a speedier and more intricate mode of customer-focused, market-driven brand development. Responsiveness means that the relevant brand messages and strategies you learned how to develop in a Professional MBA program reach the consumer faster and with more agility. Consumer responses to campaigns become part of the campaign. Responsiveness is about marketing campaigns being interactive and adjustable in the short-term in order to build brand strength for the long run.
In our data driven age, these two concepts incorporate consumer experiences and brand engagement into marketing more than ever before. This means that a company or organization must provide a product or service that follows through on the brand promise.
A focus on relevancy and responsiveness therefore drives products or services to adapt and improve along with their brand. Small losses in a responsive campaign can be overshadowed by massive, long term gains that come from rapid learning and responses to consumers and the market. Relevant and responsive brand campaigns coupled with product and service reliability will improve efficiency, lower costs, and increase revenues.
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