In today’s marketplace, “corporations need to be aware more than ever before of the many underlying forces that impact a brand’s ongoing strength,” according to Interbrand. The rule of relationships between business and customers is changing. In the 24/7 news cycle, business can lose their brand value in a matter of minutes. Customers are more vocal. They would let you know what they feel online via Twitter, Facebook, blog comments, etc. Responding to a crisis to maintain perceived brand image is more important than before. Ask BP about it.
To stay true to your brand’s promise, business needs to humanize its customer relationships, via Interbrand.
It is clear that the rules are changing, but in a landscape fraught with contradictions, and vocal customers scrutinizing your every move, it is difficult to know how best to proceed. Yet some brands are already adapting – embracing transparency and a higher level of customer engagement at every touchpoint, while staying true to their brand promise both internally and externally. Brands like Coca Cola, Ford and Santander are guiding the way forward, showing the world that it is possible to win in this marketplace, and build trust and loyalty that influence customer demand, despite many risks. (emphasis added)
COCA COLA: 124-year old brand still relevant in today’s market.
FORD: using customer feedback to make a comeback.
SANTANDER: transparency, honesty and respect for its clients.
According to Interbrand’s Brand Strength Score, here is the 10 components that make up in a brand’s ability to generate value.
Number 9 has something to do with how social media can elevate the presence of brands.
You can dig in deeper via the definitive guide to the most valuable global brands of 2010, here or below.