October, 2006 – In September’s issue we began our look at the power of branding by identifying potential brand assets and linked them to successful competitive advantages. Strong brand equity is developed by the associations your customers have made about your product or service. Its proven benefits are:
More predictable income stream.
Increases cash flow by increasing market share, reducing promotional costs and allowing premium pricing.
Brand Equity is an asset that can be sold or leased.
Recognizing the wealth potential in branding also requires the protection of these assets, much in the same way we would protect tangible assets. Here are a few guidelines that will help you preserve what you worked hard in creating:
- Branding is based on value. Value is equated to price. Preserve the value by not discounting your price as a means to compete or gain market share.
- Distribution channels should be consistent with what is expected from a premium brand.
- Promotional campaigns should foster a consistent expectation.
- Don’t dilute your brand with other conflicting branding strategies.
- Protect your brand secrets from departing employees with appropriate employment contracts.
- Avoid liabilities arising out of infringements of another’s intellectual property rights.
Recognizing the wealth potential of branding takes the mystery out of “the unseen” with tangible results.
Insurers Financial Group.
The Insurers Financial Group (IFG) was founded on four core values – integrity, respect, innovation and action – and they have served us well. A large part of our success can be attributed to our continuing commitment to client satisfaction. Whether it’s as simple as insuring your home and automobile, or as complicated as specialized business insurance, or estate planning, we have the experience and expertise to customize a program to meet your needs. We’re proud to be building IFG on solid foundations. See for yourself what we have to offer. Check out our web site at http://www.ifgcanada.com.