In marketing, brands have to be seen as assets that can be maintained and invested in order for their value to increase and power to be Cambodia Email Address preserved over time. Like any company, brands can face reputational risks in the face of negative signals or “red flags”. The risks faced by the brand require a global vision and the involvement of the team within the agency and the leaders of the company.
Advantages of managing brand risks. According to Summa, managing the risks of the brand provides a consistent framework that allows Cambodia Email Address a controlled, safe, complete and directed management; helps better decision making; allows a better allocated of economic and human resources; reduces volatility, protects and improves brand management, governance and capital; improves efficiency and performance; it allows to measure Cambodia Email Address the economic impact of the risk events of the brand; helps to adapt to change by identifying and integrating the possible events that may happen and gives greater security, reliability and confidence to its stakeholders.
What should be careful about? The National Association Cambodia Email Address of Advertisers of Chile (Aanda) says that it must be taken into account that brands are a means and not an end, since after all, companies develop a brand to connect with Cambodia Email Address consumers, and consumers by their part uses brands to get something from them by projecting their meanings.
He always recommends putting the Cambodia Email Address customer at the center in order to avoid fashions that do not reflect what the consumer’s preferences and consumption habits project. For Sergio Olavarrieta, Associate Professor Department of Cambodia Email Address Administration of the Faculty of Economics and Business at the University of Chile, brands live and will continue to face risks, “many of which will come more from the social, cultural, demographic or political Cambodia Email Address macro-environment, than from the economical competitive.
The pandemic has come to increase each Cambodia Email Address of the characteristics of our environment and is also assuming an accelerated disruption of the trends that were already being seen. At this time, that brands evolve with the Cambodia Email Address consumer is no longer an option, it is a most, these are the “red flags” of a brand that is not adapting and is not a good brand.
Little flexibility in strategy: According to LLYC, it is of utmost Cambodia Email Address importance to build and, above all, to manage Cambodia Email Address brands with a strong identity, which can adapt their strategy without betraying it.
It does not take anticipation as a mantra: brands must Cambodia Email Address have a holistic view of reality and always work one step Cambodia Email Address ahead with productive analysis that will improve reaction capacity. It does not collaborate with the consumer: LLYC says that the brands with the most public recognition in their reaction have been Cambodia Email Address those that have adapted to the conversations that users were already driving.
It is not committed to society: Brands must-have approaches Cambodia Email Address that transcend the usual business and economic capacities Cambodia Email Address to connect with a society that puts responsibility and sensitivity at the center.
They do not have true advocates in their Cambodia Email Address interest groups who share their values and support their decisions in difficult times. Finally, they are not authentic Cambodia Email Address or transparent, brand communication has to humanize the key messages with empathy and closeness.