At the beginning of the most frequently asked questions of companies that want to achieve brand value; how they will reach this value and how long it will take. In order to achieve brand value, a serious marketing process must continue, for which intensive work is done by experts. What you want to know about how the processes of creating, strengthening and developing brand value take place, Current Works Advertising Agency founder/manager and Brand Specialist Damla ÇİĞ YOLUK explains.
Brand value is the nameplate value of a business even if it does not do any business. Of course, this is a hypothetical definition, because no business can achieve brand value without doing any work. In fact, businesses that do not strategically manage their brands cannot have any value, and these companies do not have a long life.
As we can understand from here, it is not possible for your business to be successful and survive without gaining brand value in today's conditions. The creation of brand value is the result of serious processes and a certain time is required for this.
How is Brand Value Formed?
The formation of brand value is in parallel with the marketing activities of the company. Marketing is an important business function that includes different sub-headings in its components. The strengthening of a brand's position in the sector is related to the systematic operation of all these sub-titles and the perfection of the marketing function.
Marketing function; It is managed by a systematic called the marketing mix. This includes the main elements of product development, pricing, promotion and distribution. The general work and practices related to brand value are carried out within the scope of the components of the promotion sub-title. The data and applications here provide the progress of the process in relation to other marketing subheadings.
A brand (product or service) is best designed during product development and is priced according to industry averages. As a result of the management of advertisements and sales development processes, the sale of the brand is made possible and presented to consumers through distribution channels.
From this point of view, brand equity may seem established, but this is just the beginning. In order for brand value to be formed, resales must occur, the brand must be mentioned in the sector and loyal customers must be formed. In this process, the customer relationship management function comes into play.
Evaluation and remarketing
It helps in customer relationship management, evaluation of feedback and analysis of first sales. Of course, for this, customer relations channels must be kept open. Buyers should be able to give feedback on products easily. Social media is an effective tool for this today. Correct analysis of data from such sources helps to eliminate problems that may arise in the product itself, its price or its sales network.
Brand value does not occur without providing customer satisfaction
There is no brand that is used even though it is not liked by its customers. This is only the case with monopoly products, which are already beyond our scope. In today's competitive environment, in order for customers to be satisfied with brands, it is necessary to ensure that they are satisfied with all the details about the brand.
It is very clear that the brand or product will not be developed without communicating with the customer or target audience. So how are you going to do this? Will you offer your audience a single channel to reach you from a phone number? Do you want them to write letters? Or will you go to research companies for field studies?
Of course no. A well-established digital media network is one of the most effective tools in managing the marketing mix today. Digital marketing now creates the priority marketing plan for all sectors, and offers much more effective measurement and feedback tools to brand managers than traditional tools.
It will take some time to develop digital media presence and establish a two-way communication system. In addition, the brand values of the brands that improve their presence in digital also develop. In other words, a good digital marketing strategy actually offers us the most effective infrastructure while improving brand value. However, the events here turn into direct sales, and we don't often see consumers searching for brands on the street anymore. Promotions that your brand will make in digital media will also increase your sales.
Besides transformation, it is much easier for customers to reach you through digital media. All feedback about the product or access to the product can be easily made here. This will both give you the necessary idea to produce better products or services, and your customer will be pleased that you listened to him.
As a result, the construction of this structure covers an important time period. Neither the installation of the system nor the start of receiving feedback and evaluations take place in a short time. In addition, the money you will spend for this may not be able to speed up the process. These processes, which continue in their natural flow, will take time anyway.
Take Action on Time
The most common mistakes businesses make is remembering marketing when sales drop or industry emergencies happen. In addition, new businesses; brand awareness and the overall marketing function are the last to consider.
These common mistakes should not be made and businesses should manage their marketing functions in the best way from day one. In this way, they can develop sales at any time, be prepared for extraordinary situations and constantly grow. Otherwise, they will have to wait for a while after they start work.