In business, a brand is the first ultimate weapon to penetrate a market. Therefore, without a powerful brand, penetrating a market may be difficult. So, what should you do to strengthen your brand?
Brand management is generally driven by the culture within a business. However, fundamentally, you should have known your brand value and what can drive its brand value.
"There are nine keys that can help encourage a strong, well-structured internal brand management so as to externally increase brand equity and build a more competitive brand,” said Managing Director of Brand Finance Asia Pacific, Samir Dixit.
First, all information regarding brand development, directions, reasons for changes, and other relevant information should be clear. Second, base your business with education and better understanding of what is and is not allowed to do.
Third, perform comparisons to continuous brand tracking. This method will serve as a tool to measure a brand both internally and externally. Fourth, provide all parties with a consistent, comprehensive understanding of your brand.
Fifth, clarify the roles of each individuals in the operational process. Sixth, conduct a periodic audit to keep the direction of brand management in line. Seventh, acknowledge every exisiting risk that may occur if not following the brand development plan.
Eighth, determine a measurable outcome (Key Performance Index/KPI) to learn the success rate of the strategy that has been taken. Lastly, open a feedback channel to ensure consistency of the brand experience.
"Information is important: without internal tracking of brand awareness, brand equity among employees, policies, and brand audits, it will not work. It may make employees feel ‘uncomfortable’ but it is necessary to make them responsible and mutually enforcing the brand in order to strengthen the brand itself,” he said.
For your information, this year, PT Bank Central Asia Tbk (BCA) managed to become the second strongest brand in Indonesia 100 2018 award from Brand Finance. BCA has a Brand Strength Index (BSI) of 85.9 this year, rose from 85.3 last year.