In an economic landscape where technological innovation drives economic growth, brands need to remain proactive to counter attacks from impending rivals. You may be a brand leader, or even a monopoly, but does branding stop here?
(a) Fend off ignorance. Brand ignorance is detrimental. Every day, technology is evolving and brands are continuously upscaling. No matter how stable your brand may seem today, there is no guarantee that the market will remain the same tomorrow. Keep a keen eye on your industry, its current competitors and potential new entrants. Successful branding is akin to war – never rest on your laurels, keep fighting, keep branding and never let your enemies get the upper-hand.
(b) Continuously differentiate/diversify. To stand out is to keep moving, branding forward, breaking boundaries. Expand your product/service lines to develop new and innovative products, create better value, reach wider audiences and garner higher profit margins. Although these options may appear risky, careful planning and implementation of the right strategies would give your brand the opportunity to expand its dominion on a greater scale.
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