2009 Industry Outlook: Building Brand Value |
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Economic conditions are becoming more challenging by the day, so building and enhancing brand value will become an essential element of success in 2009, particularly for those companies in consumer-facing industries such as Retail, Consumer Products, Tourism, Hospitality & Leisure, Telecom, Technology and Media & Entertainment. Other industries, such as Banking & Securities and Insurance, face an even bigger challenge: They must repair reputations that were damaged in the United States’ near economic collapse.
With credit availability and consumer spending expected to continue contracting in 2009, the competition for customers and market share should intensify. Companies that can clearly define and consistently deliver on a distinct brand promise are more likely to increase demand and build customer loyalty. For those industries in need of repairing their reputations, communicating regularly, consistently and clearly with key audiences is an important first step to help shape a more positive impression. This process includes identifying which tools and channels can be used to educate consumers and help reduce confusion and misperceptions.
Shaping the consumer shopping experience is another important aspect of building brand value. All companies need to make their customers feel special and offer them a shopping experience that is enjoyable, informative, entertaining and easy. Beyond providing exceptional customer service and making sure that desired items are in stock, this includes influencing factors such as store layout and Web design, pricing, inventory management, and the ease and speed of the checkout process across all shopping channels.
The imperative for consumer-facing industries to increase demand and brand loyalty will likely require increased investments in marketing and sales during 2009, which may appear contrary to cost-cutting strategies that are typically imposed during tough economic times. However, strengthening the marketing and sales functions could generate welcome short-term revenue and lead to stronger customer relationships in the long run.
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