Discuss the key four branding challenges company may face during the brand development process.
1. Conducting effective market research - Market research is a critical part of the brand development process as it investigates the direction the brand should take to maximize its potential. Professional research helps the brand team to read between the lines, identify opportunities and make connections. It can prove challenging if a company does not properly realize its target audience. Also, current consumers have become more distracted and lead less predictable lives.
2. Developing a good strategy - A brand strategy shows the direction a brand should take. Strategy development clarifies the company’s vision, brand proposition, brand values, brand promise and target markets. Developing concrete strategy may be a challenging task as it demands a deeper understanding of human psychology. Besides functionality, a successful brand should appeal to the emotional needs of its customers.
3. Designing brand identity - Brand identity is the visual representation of a brand. Key areas include an accurate representation of personality and values identified during strategy development. Brand identity may be a challenge in today’s world because consumers have more power over companies than they previously had, a challenge that comes with customer versatility. In case of ill-treatment or any small mistake, protesters can bring down a brand identity within minutes and therefore a company has to maintain perception of being ethically correct or socially responsible.
4. Managing assets - A successful brand development process requires investing monetary assets and effort to the process. It demands a long-term commitment from the company directors for ongoing monitoring and input. Money invested in brand development is well invested, but may be a challenge if the company has limited resources for building and maintaining a brand.