Competition has always been present in the world of branding. But the winner can only be defined with the help of analytics based on big data. In this competitive market, organizations need to be more proactive to save and promote their brands, and the most efficient way is to make use of big data and predictive analytics. In this digital age, organizations should leverage the power of data to protect and enhance brand value.
What Is Brand Value?
Often, when asked about the brand value, people just nod their heads as if they know all about it. But many people don’t truly understand what it is. They think that brand value is the value of something called a brand. They are right to some extent; however, it is important to understand the complete meaning of the term “brand value.” These values are very important in deciding the actual worth of the company or “brand.” According to brand value, if the product of the brand is enhanced, the customer will buy it. The term “brand value” actually refers to the remaining current value from the estimated cash, which will be used in the future for the brand, and there are many ways to find the value of a brand.
Another term for brand value is brand equity. A brand of the company is used by business consultants to justify the division between the book value of the company and its original market value. In the case of consumer products, the brand value of the company is determined by the loyalty of its customers and staff retention. Thus, the right or wrong decision by the company can impact the brand value of that company drastically. (To learn about business tools, see 5 Research Tools for Enterprise in a New Business World.)
Every company has to make important decisions on a daily basis. These decisions are very important because through these, the company actually interacts with its consumers or workers. These decisions, if made properly, can benefit both the company and the consumers.
For example, in the medical industry, they have to produce and provide a huge number of medicines to patients, and a few mistakes are nearly unavoidable. However, such mistakes can be devastating both for the consumer and the brand, and can cause it to lose brand value. In fact, many large brands actually have collapsed due to this.
Only constant evolution can save the company and its brands from such hazards. In this digital age of computing, these companies fail to realize that only useful insights on the customer’s preferences can save their brands. If they just try to rely on their experience alone, they are likely to crash. So, the current challenge is to take proper steps with the help of latest technologies instead of relying on old methodologies.
How Big Data Can Help
The main asset of a company is the brand. A popular brand can be a company’s main recognition. It is a symbol of trust and loyalty for the company, which can help in attracting customers. However, for increasing the brand value, the company needs to understand the customer’s needs and preferences, and for this it’ll need accurate insights.
If a company only depends on its expertise and nothing else, it will surely fail. In this age of digitalization, only big data can give accurate enough insights, which can then be utilized by companies to predict future market trends. This will help the company in offering the best products to the consumers. This will also help in strengthening the brand and increase their brand value as well.
Big Data Strategies to Build Brand Value
There are many strategies which can be used by a company to build its brands. Many companies have already applied various measures to strengthen their brands. Any brand can be successful in this era of big data, if it starts with the proper use of big data. Thus, here are some strategies which can be used to prevent your brand from collapsing.
- You can use the insights gained from big data to analyze the impact of your marketing campaigns on the public.
- You can use big data insights to understand the market completely. You can look for new markets and also check out your competitors. Your brands may have better response in certain markets.
- Before launching any kind of marketing campaigns, you must think carefully about your actual aim and the target audience. For more insights on the target audience, you can use big data and analytics.
- Investing in marketing can be a wise thing to do, as it will allow better brand building based on the responses of the people. These response can be collected from social media like Facebook, Twitter, etc. And, then these huge amounts of data can be analyzed to extract meaningful insight. (For more on social media marketing, see Social Media: How to Do It Right.)
- Creating a structure that will allow the analytics team and marketing team to collaborate will be a very good choice, as it will help in better marketing based on the output from analytics team.
Some Practical Use Cases
As the amount of data is increasing day by day, newer companies are using big data to attract more customers and to save their brands in the long run. Big data is also helping many companies to cut extra costs from their production line.
Ford Motor Co., the highly esteemed vehicle company, has used big data and analytics to keep up with its competitors. For this, they have created a Research and Innovation Center, where Ford’s engineers collect and analyze data related to their vehicles. This includes information such as the purpose of driving, the style of driving and the road conditions while driving. The data collected helps Ford to produce newer models accordingly and understand more about the features which are necessary in their upcoming models, so that the customers remain satisfied.
Big data can also be used for predicting future trends in the market, allowing more planned marketing campaigns. Temptations Cat Treats analyzed data to find that many cat owners liked to post videos of destroyed cat treat packets on social networking sites. Keeping this in mind, the company released a campaign which showed the packaging of Temptations Cat Treats after being torn and chewed, and this campaign became a hit for their brand!
Big data also helps in the modernization of companies, which can in turn help in the preservation of companies. One of the biggest examples of this is Amazon, which saw the gradual shift of customer focus from physical shops to digital ones.
What Lies in the Future?
Looking at the current competition for brand recognition, it is estimated that this will likely increase in the near future. Companies will fiercely compete for customer loyalty, for which they’ll try their best to attract customers.
Big data will play a large role in this. It’ll help companies to get useful insight into customer behavior and will help them in prediction of future market trends. Furthermore, as technology becomes less expensive, more companies will be able to adopt big data.
Having a good brand value is very important for any company. This can be attained by smart marketing and sales management as well as better customer service, so that the consumer can fully trust the company and its brands. However, in this age of digitalization, it is important to attract the maximum number of customers by giving them the best products available, along with good customer service. This is only possible through realizing the full potential of big data.
Big data can be used to gain the loyalty of customer, which can really save the brands from collapsing. Many companies have now switched to big data for better customer service and for enhancing its brand value. Due to the high rate of competition between companies nowadays, it can be said that big data will play a very big role in preserving the brand identity of a company.