Branding is the nuanced art of actively building a brand. With creativity, skills, and strategy, brands can establish an identity that stands out from the competition and connect with audiences. Branding is essential in order to build the future of a company future. A strong position in the market makes it a more attractive investment option. As a result of the branding process, the brand, which embodies the reputation and the value that comes with it. A strong reputation means a strong brand, which in turn translates into value. This value may mean influence, price premiums, or a shared mentality. A brand is a kind of commercial asset, it also has monetary value.
Want to know why some entrepreneurs make crazy profits, while others barely exist? Well, Charles Darwin may have a good answer! Just like the way species strive for survival, companies and brands also compete fiercely for survival. In business terms, what might "survival of the fittest" mean? Why is it the term "fittest"? Why not "the smartest survival", "the toughest survival" or "the sharpest survival"? Well, there is actually a good reason! However, Darwin's theory of evolution does not mean that the toughest species will survive. This means that groups that adapt to the environment have a great chance of survival. Although many companies have failed to adjust their business to meet the ever-changing expectations of consumers, some companies have kept pace with the times and even adapted to the chaos of the market. Take Nokia, for example, a paper product and rubber boot manufacturer that later became a smartphone giant. Or IBM, which has embraced electric tabulation machines, electronic typewriters, central computers, the personal computing revolution, and the emergence of the Internet in its long history. Let's see how to stay fittest in this competitive world!
The "survival of the fittest" of brands and companies
If a brand or company can adapt well to the environment, there is a great chance of survival. On the contrary, companies that are not suitable for the market have no chance. But the question is, how do you ensure that your brand fits perfectly with your target market?
First, it belongs to senior management. We have three rules here: learn, listen, and accept the truth. A company with executives who do not promote the acceptance of truth and freedom of speech will never be able to adapt to customers and their markets. Even if your company does everything else right, you still won't adapt without an open mind, a willingness to listen, and an aversion to accepting painful facts.
The market research team has another key! The experience and capabilities of the market research team should focus on department management and the training of young employees. Again, this is about accepting the truth. The research team should always tell the truth, even if it is unpleasant. Marketing reports must be accurate, thoroughly researched, and honestly communicated to senior management. Easy access to the president or CEO is also important here. The results of data analyses and research studies must present reality as it really is, without any distortion, cleansing, or shading to please the senior executives. A highly competent marketing research department and open-minded senior management are the two most important factors in ensuring that a company or brand is best "fitted" to its markets and customers.
Finally, consumer information is crucial. The keyword here is "research". This is where logistics and scientific methods are applied to solve different marketing problems. Some business managers focus on caring about their competitors, instead try to continuously improve your understanding of the market and customers. In short, business is not just about who is the strongest, or smartest. Stop looking at your competitors and focus on adapting to your market. This is because the biggest culprit here is your brand, not fierce competition. Challenge your team, do more, and "fit" in the niche of your choice.
By studying the scientific data from your overburdened market research department, set an example for your other senior managers and see you make wise decisions based on objective reality and in-depth understanding of your market, your customers, and your business decision making. You will thrive by being the "fittest" in the environment.