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CHAPTER 8 - MANAGING BRAND AND REPUTATION > Exploiting the brand
Exploiting the brand
It is surprising how many businesses fail to fully exploit their brand. Strong brands have generally been hard won, and leaders and managers need to make sure they are taking pride in the reputation of their company and its products and services.
They need to have their antennae constantly tuned for opportunities to build further on their strengths – and to sense when the brand may be under threat from new competitors or changes in the market.
Managers who want to support successful, ongoing exploitation of their brand need to ask themselves the following questions:
• Where do the real strengths of the business lie? What is the core of its expertise and what is it really good at?
• How can the business reinforce its assets by doing more of the things it excels at? Where does it need to focus its future efforts?
• How well is the company communicating its brand values? Is it conveying the message about what the brand stands for effectively to both employees and the outside world?
• Is the business doing enough to generate a sense of pride about the brand by shouting about its successes to employees, stakeholders, partners and customers/clients?
• Is the business adequately investing in the brand for the future? Has sufficient budget been allocated to activities that will help to reinforce the brand?