Thursday, April 02, 2020

Experts sum up keys to branding success, sustainability

Sep 24. 2019
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By THE NATION

The Master in Branding and Marketing (MBM) programme of Chulalongkorn University's Chulalongkorn Business School (CBS) recently organised a talk on Sustainable Top Corporate Brands by Dr Vincent Mak of Cambridge Judge Business School of the University of Cambridge and Asst Prof Dr Wilert Puriwat, Dean of Chulalongkorn Business School, at the university’s premises.

Dr Vincent Mak described a company’s brand as a kind of ‘nudge’ for consumer purchasing behaviours. “Whereas in the past, brands were like the consumer’s master, but today they must act as a servant. They should allow customers to create their own experiences and lives”.

Mak argued that it is, in fact, the customers who “own” the brand, and who decide what it is in terms of its image. Therefore, companies should “…establish their brand characters by not establishing them.”

 Meanwhile, Dr Wilert of Chulalongkorn Business School advised executives to develop an insight of customers by focusing on their future needs and fulfilling those needs even before the customers realise them.

"It is important to continue changing the brand dynamically… people are addicted to seeing new things,” he said. He also pointed out that engaging the new generation is key, and that executives need to “change the methodology to grab them”. He added that “the world still belongs to humans” and “the human touch is still needed to effectively engage coming-of-age customers. So emotional and social values are keys to success and sustainability.”

As for the key challenges brands and organisations face in achieving sustainability, Mak advised  maintaining “moral intelligence” through CSR activities which, despite being an expense for companies, would help build emotional and moral values.

Puriwat concluded that companies not only need IQ and EQ to survive beyond the digital era but DQ (Digital Quotient) and SQ (Social Quotient) as well.

From now,  he added: “We should disrupt the disruptor … fight back and not wait to be disrupted. Setting the goal first… keeping the brand dynamic… reaching people both on-and offline… and keeping the brand unique are all crucial to achieving brand success and sustainability. The world is continually evolving, and brands must keep up with the changes in order to achieve success".

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