Optimizing Business Value through Effective Brand Management
As businesses continue to evolve in a fast-paced and ever-changing marketplace, the role of brand governance has become increasingly important. A brand is a critical business asset that drives customer choice, loyalty, and price premium. However, the true value of a brand can only be realized when it is skillfully governed.
So, what exactly is brand governance?
At its core, brand governance is the practice of managing and implementing a brand effectively. It answers three key questions about your brand: who is responsible for brand management and implementation, what workflows are set to promote resource allocation and information sharing between teams, and what tools and systems are used to implement the process.
A great example of effective brand governance is 3M’s Brand Governance. They have created a Brand Council to facilitate cross-functional communication and decision-making. They have established a new training process to realize the transformation from “one-size-fits-all” to customized training. They also use a central Brand Portal to support further brand dialogue and enable the tracking of metrics. Additionally, they develop highly engaging and dynamic educational content and highlight best practices.
How can brand governance help with your enterprise transformation and why is it important to your company?
First and foremost, skillfully governed brands realize true business value. Effective brand governance saves time by providing organizational clarity and saves money through cost-saving measures. Moreover, it elevates the impact of a brand because of efficient and consistent execution, resulting in optimal customer experiences.
To achieve effective brand governance, companies must adopt a holistic approach that incorporates people, process, and platform. A dedicated Brand Council or Brand Management Team should be put in place to manage and implement the brand. Process workflows should be set to promote resource allocation and information sharing between teams, while the right tools and systems, including IT and non-IT systems, should be used to implement the process.
In conclusion, brand governance is a critical component of successful enterprise transformation. By skillfully governing your brand, you can realize true business value, save time and money, and elevate the impact of your brand, resulting in optimal customer experiences.