For Whom Wealth Matters
October 8, 2013
Filed under Entrepreneurship, Tool Kit
Tagged with insight into branding, Jeff Bezos Quote, postaday
About Keerthika SingaravelEngineer,Investor,Businessperson
Just to throw another insight in…
If I was to attack a brand by causing others to talk in a negative manner about a brand, is that the brand? If so, I the random stranger have control of the brand rather than the brand owner. If one considers the brand a conversation, then it places branding on a middle ground where steward and stakeholder meet to bring about something alive and relevant between them. Also, as a conversation the brand becomes something that evolves with its market changing in form as a result of natural feedback mechanisms.
I have been thinking a lot about this quote in the last 24 hours, I have adapted it into a new definition for branding:
BRANDING: an ongoing conversation between you and your stakeholders (investors, suppliers, customers.)
When you are not perceived to be around to hear what is being said.Or in no position to influence the speaker’s situation.
But we do hear and perceive what is being said for in this world of technology for everything is instant. As to the speaker, if they are are not a stakeholder in a brand their opinion is irrelevant. If the conversation between stakeholder and brand has moved to a state of disharmony then the brand is in serious trouble.
Alex there just is a stage when we can’t keep up with everything that might be said about our business,
Again I am not certain that what non stakeholders,as you define them.think is irrelevant.
How many times do we purchase something because we wish to be perceived in a certain way?Won’t we change our behaviour as customers if the world started viewing our decisions differently?
Again as business people we are supposed to behave rationally.but if our reputations were different.would our suppliers behave the same way?
The nature of conversations is that we are not in control of them, the conversation is a narrative in a state of becoming. Lets say that part of the essential nature of my brand is a happy customer, the conversation can take many forms, it can happen when I am no longer in the room, but as longs as the essence of my brand continues to express happy customers in the conversations then the brand is doing its job. The brand is an organic living narrative that exists in the minds of its stakeholders, in my mind as steward of the brand, and in the minds of my customers who are the stakeholders in my brand. Those who have no stake in my brand are irrelevant for the brand has no existence in their minds. The contrary opinions of irrelevant people will have no impact upon a stakeholder if the brand delivers exactly its essence to that stakeholder i.e. if a critic hates the brand but a stakeholder remains happy because of delivery of a great product or service, then the brand remains undamaged.
It is a mistake for the business person to think the stakeholders behave rationally since they move emotionally such as from a sense of security or tribal identification.
Alex I still think non stake holders also remain important to to a brand,when it comes to new customer acquisition,to enable a brand to remain relevant.
Consider a person buying their first car.They might be swayed by glossy ads but may also read up on reviews.They will ask other car owners who might or might not favour a brand.In such cases,a generally favourable opinion is important.
A lot of brands are dishonest, they enchant the customers with promises that are deceitful and are not delivered, which is why people are negative towards many brands. The brand that is honest and delivers what it speaks of will attract a loyal and relevant following.
Brands will only speak to the target they wish to attract. I have no need for flash cars, so any brand no matter how good its marketing will never attract me. Those behind the brand need to know their market, then stay relevant to that market, or go extinct.
Alex there is the matter of always speaking to the first time customer and getting them to try a brand for the first time.At this stage ensuring that there isn’t anything greatly negative being said about your brand, no matter by who ,helps.
One role of the steward is protection of their brand, so yes, they need to be pro-active in defending their brand. However, business resources are precious, it is better to spend those resources upon those that matter such as stakeholders rather than an anonymous critic who will never buy into the brand whatever you say.
Rewrite, as my last comment made no sense.
In the world of instant communications what I say about any brand often is there for them to read or hear if they wish to find it.
The opinions of those that have no stake in a brand is irrelevant. If there is disharmony in the conversation between brand and the stakeholder, then the brand is in serious trouble.
I got you anyways.
I agree with your last statement 100%
[ Smiles ] That is so true!
Captures the idea of the brand quite well.
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