The value of a brand is determined by the perception of the company's customers and is not a physical asset. By: Monique Hodgson - Founder MUMBLE FORUM.
In short, intangible assets add to a company's possible future worth and can be much more valuable than its tangible assets. Contributing to a long-lasting business and legacy.
The classic example of this is Kodak who, despite inventing the first digital camera, believed they were in the paper and chemical trade rather than the business of memories. Had they better understand their role in people’s lives, they could have moved brand thinking upstream, reimagining their products, their business model, their industry and how all three translate into relevant value propositions.
Tip #1 - Know your costumer
Know who you’re selling to by discovering their motivations, desires, and identify their passion points. Doing so will allow you to develop more relevant and meaningful connections and impactful strategies.
Tip #2 - Community Marketing
Nike is brilliant at this. Yes, they exist to ‘bring inspiration and innovation to every athlete in the world’, but they carve out niches within sport to offer a sense of identity and build community. the Nike+ platform. It’s an app that invites all Nike members to engage with one another and share their stories. However, this app goes beyond social conversations. But it strengthens a community that shares one vision—an active lifestyle. This strategy not only connects like-minded individuals but also bolsters brand awareness. Weather you create your own community, or you associate and support a strong existing community are both ways to engage an audience, evoke emotion and build B2C Business to costumer relationship. Mumble Forum is another example: a high-value audience and a wider network that is anchored in the luxury space and women empowerment, We have built highly trusted insight, meaningful content and events to help drive customer loyalty whilst making an impact for the better.The brands that work with Mumble understand the power of association and most importantly the power of community.
"A brand is a voice and a product is a souvenir. - Lisa Gansky
Tip #3 - Grow your Vision:
You have identified your mission by answering your WHY? ( the purpose of your brand) the next question is your VISION: ( WHY it matters ) and where does your brand fits in the wilder world?; A great place to start building this narrative and to grow your brand scope is: Thought leadership about the industry: finding relevant news to your category or your brand and provide a hot take and content. This immediately positions you and your brand as leading expert but most importantly it allows you to share your vision and where your brand fits in the bigger global scope. This wider vision helps your brand grow in to a movement.
Take for example Mumble vision: to empower women women and inspire future generation. Our initiatives align with United Nations Sustainable Development global goals of: maternal mental health, generation equality and women’s rights. Building s solid foundation and brand ethos that keeps us focused.
Where does your brand fits in and how can you support a bigger cause that aligns with your product or service? this, is the beginning of redefining your brand VISION and to grow brand value.