When we talk about “iPhones”, today’s market understands Apple’s product as iPhones much more than its range of computer and media products. Did you know that when the company set its foot into business, it had begun with its generation of computers? After creating its brand of Apple, it diverted into media products such as iPod and slowly paving its way for smartphones. Even though Apple as a brand began with thinking machines, however, it slowly started to branch out into technologically advanced products such as iPods and iPhones. This future divergence of your brand into the future prospective market is what popularly known as Brand Potential in the world of business. Be it entering into a new category, targeting new customers or simply enhancing sales value of a product or service is what brand potential is all about. In short Brand, Potential is defined as the future success of a particular brand of product in a particular market. If looking out for the long-term value of your brand then work with brand owners towards discovering potential which would help in accelerating the growth of your business. Prior to understanding the potential of the brand, there are few determinants to consider. The factors to look out for are:
- Begin with gaining a deep insight of the brand related to opportunities, stakeholders, strategies and activities.
- Create strategies towards the value it is currently delivering and its achievable targeted value and what are the steps required to make your brand get there
- How much is the brand buzzed about?
- Be aware of the brand engagement
- Study the transactions deliverable by the brand in order to get the view of the future.
After a detailed study of the above factors, one can get a snapshot of what the brand is worth for further future investments. The brand potential is however not restricted to the creation of the brand itself but also extends towards predicting the future sales along with the future advertising requirements. This relationship which compares the brands market development index and brand development index is called Brand Potential Index, where market development index is the ratio of actual consumers and potential consumers while brand development index is the ratio of percentage of sales of a brand in a particular as compared against the percentage of the country’s population in that area.
By finding the overall index of brand potential, not only will one be able to identify the area of its prospective customers but also be able to predict rightful marketing strategies. And this would as a whole help in enhancing the value of the brand by knowing the future consumers one would target through its brand potential. Yes! Of course, our brand potential is capable of adding value to our existing brand. Brand value becomes enhanced through growth opportunities that come along with brand potential. The reviewing process which your business undergoes helps in identifying the areas it can expand. Through the findings not only one is able to check whether the expansion would withstand by your brand but also one comes across the shortcomings to be addressed so as to create a better value of your brand in the market. Now, how? Constant study for brand potential, one is able to stay ahead of the competitors as your business is able to adapt to the changing needs of the customers. With all the changes, it is equally essential to keep up with the cores values of the brand to provide your customers with consistent experience to maintain loyalty.
Few tips for you!!
Below are few tips to explore the brand potential for enhanced brand value and profitable business.
- Be encouraging towards innovations of your products and services
- If your customers are strongly associated with your current brand, then look out for expansion under a sub-brand.
- Maintain the core values of your brand in brand potential.
- Do not overstretch your brand on the pretext of potential.
- Maintain consistency in your brand to keep up your customer engagement
- Keep up honesty and avoid falling prey to gimmicks for your branding.