Your customers own your brand

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  • 8/4/2019 Your customers own your brand

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    You may think that your company owns its brand. As intellectual property, if youwill excuse the pun, thats patently true. But while owning the IP of a brand off

    ers some advantages, it provides little real control over the ability to generate or maintain value. A fundamental principle of brand strategy is that a brand is cared for by the company and is owned, at least in part, by the customer. Thisrecognises that the value of a brand is a derivative of its customers opinions.

    If those opinions decline then so does brand value and firm profitability. Makin

    g customers needs the core of your organisational purpose puts ownership of the brand in your customers hands. Firms that take this approach allow their brand to grow to its potential.

    This idea has become increasingly important as more firms participate in socialmedia. Companies that have used the customers own the brand principle as a usefulintellectual exercise and little more are being forced to rethink, and very quickly. In the social web you can direct, participate and engage in conversations about your brand. But so can your customers. It is a level playing field. Socialmedia has given your customers more control of your brand than ever before. Customers that believe that their needs are not being met will let you know, along with everyone else.

    Customers relationship with a brand is an emotional one. Every touchpoint your customers interact with will shape that relationship. Understanding how your marketinteracts with your brand, and the personality your brand conveys at each of th

    ose interactions is vitally important. Think of a time you rang a utility provider and encountered someone on the end of the phone who was rude. For most of usthe emotional response to this is I dont like this company. We look for other information to support this view. We talk to friends and share experiences. The emotional connection with the brand has been assigned. Changing this type of entrenched negative view is no easy task.

    But social media as a touchpoint is different because your customers views are visible. And you can respond. Social media platforms allow customers to interact w

    ith your brand in much the same way that they do with their friends. They treatit as a person. If your social media strategy recognises that, you can make sureyour brand has a personality with clear emotional cues. If you dont then your cu

    stomers will assign a personality for you. And it may be not be the personalitythat you want.

    So remember, a brand is more than a just a logo. Take the time to build a brandstrategy that incorporates interaction in the social web. Define the personalityand make sure your business understands it and can express it particularly onli

    ne. Opting out is much more risky than participating in social media. Get it right the rewards will be easy to see.