Key branding challenges in 2019
In 2019 businesses face ongoing branding challenges closely relating to a number of key factors;
1 Flexibility of your brand to continue to be relevant
2 Customer perceptions of your brand and brand loyalty
3 Position and ability to compete in an ever competitive market
4 Threat of economic climate changes and post Brexit financial impact
5 Embracing of new media brand opportunities
1) Flexibility and brand relevance
The key to staying relevant is to stay true to your brand essence, always making sure your brand, products and service are doing better than others, to the people it serves. For bigger brands, it is difficult to stay relevant because they lack manoeuvrability and they must therefore transit to move forward. That is why many new brands are taking, little by little, market share from bigger more established names. The clear identification of brand essence and differentiators must be reflected in both brand consideration and marketing strategy.
2) Customer perceptions and brand loyalty
Customer loyalty is a challenge because customers now have so many options, and this forces brands to constantly spend time on innovation in order to stay ahead of their competitors at a faster and faster rate. Brands can’t just create a product and then sell it. They have to constantly be innovating their product lines while simultaneously excelling at marketing, customer service and UXP – the full package. Meeting and exceeding ever increasing customer expectations is an ongoing challenge.
One challenge in 2019 that will impact many brands is the difficulties of marketing to Millennials. As most marketers know, Millennials grew up on the internet and are used to fast service, multiple companies competing for their business, and the atmosphere of being a “VIP”. Millenials are now entering the commercial world with these same expectations, so it is important to build a brand and service which considers how the brand is perceived, by both todays perhaps more traditional older buyers, and tomorrows upcoming buyers. Brand messaging, creating a sense of uniqueness and service will all combine to breed loyalty to a brand.
3) Positioning and market competition
Every year the market welcomes more competitors. Internet, social media and influencers are the main disruptors. Both nationally and globally the reach of online marketing brings new threats. These factors allow new competitors to expand fast and relevantly, providing your customers with choice of product and supplier. It is why the challenge of building competitive branding throughout all of a client’s marketing is crucial in positioning your brand above your competition.
4) Economic impact to brands
A big concern amongst clients this year is how Brexit will economically affect their brand. Is a weakened exchange rate and trading changes going to impact upon cost of products to your customers? In a cost driven industry what challenges will this present your brand? With this in mind differentiators of quality of product, excellence of service and value need to be considered a key challenge for your brand.
5) New media opportunities
Whilst undoubtedly traditional print based marketing is relevant for many clients, it is important to capitalise on online, digital, social and new media opportunities. It’s no longer enough to have a brochure based website providing an online presence. It needs to be supported by a strategy of SEO, appreciation of UXP, digital marketing and ongoing content development. Videos now appear on over 70% of search results, and according to studies, 46% of consumers are more likely to purchase a product after watching a video. Plus the potential of App development to better service clients.
Whilst these are not inclusive of all challenges a brand faces, they provide an insight to help inform an over arching brand strategy.