Branding has a major and lasting impact on a business. The fates of many businesses have been created or destroyed depending on how well they’ve been able to use branding.
Along with enrolling in the top MBA colleges in Bangalore, to get started with your business career you have to ensure you keep yourself updated and abreast with trends in the world of marketing.
Let’s take a look at what’s new and valuable in branding this year. Aspiring business owner, entrepreneur, or brand manager; these tips are useful to all:
Humanization of brands
Initially branding was like a one-way street, with communication flowing only to consumers. This has now changed as customers want real conversation and seek connection with the brands that fill up their homes and lives. With the increase in the number of brands, the space is getting more and more cluttered. To break through this and be heard, a brand needs to be willing to have a real conversation, like a real human with its consumers. Consistent communication through social media, excellent customer experience, and speaking the language of your consumers can be some instrumental ways to humanize your brand.
There is a visible structural change in the economy in the last few years. The economy is being shaped into an ‘experience economy’ with developments in technology. Technology has shifted the focus from accumulating experiences rather than owning material objects.
It is the norm for brands to stay out of controversial issues of religion, and politics. 2018 however is poised to see a change, with brands taking a stand on and claiming their allegiance to an issue that hits home with them and their customers. For example, brands like Nike, Apple, and Google are taking a stand against discrimination. This is changing overall customer expectations and setting the tone for future communication to be one of activism.
Following trends in branding is essential for any business to survive and flourish in this highly competitive environment so that they continue to remain relevant to their customers and cater to their ever-changing needs. It helps you, as a business to keep a close eye on the activities of your competitors. It also helps with sourcing ideas for creative inspiration, and saves you from making uninformed decisions.
KSM Bangalore, one of the best MBA colleges in Bangalore, strives to instill in their MBA students the habit of staying updated and informed about such trends so they can transform into true leaders of the modern business world.