• A well-defined brand strategy is significant for firms with expansion goals. Also, a strong brand could be a powerful tool for a competitive edge to large or small companies. With this in mind, list four benefits of a strong brand to business organizations.
• We live in an ever-increasing globalized society. Reflect on the challenge of global branding.
• What are the benefits of globalizing a brand?
• What are the unique challenges to this type of branding and in your opinion, which areas of the world pose the bigger challenges and why?

 

benefits of a strong brand, challanges of global branding benefits and unique global branding challanges

Step-by-step explanation

benefits of a strong brand

Customer recognition

A strong brand works to build recognition from the customer. It means the recognition that the customer gives the company when he or she regularly shops for a product or service in the long run. They recognize the brand as familiar over others when they have dealt with it for some time. An eye-catching or familiar brand gets unmistakable attention from the customers and is preferred in most.

Customer loyalty

Recognition and elevation build upon customer loyalty. Continuous buying develops value in the product and customers start to identify with the product. A connection is then created between the product and the customer and this lasts for a long time even a lifetime and may be transferred to the future generation.

Competitive edge in the market

The brand difference in the market makes a mark between one brand from another. Once the customers recognize a brand, they pay more attention to the brand. The brand difference, therefore, elevates different products in the market and makes it more or less competitive.

Increasing brand credibility and purchase ease

Establishing a well known and strong brand enhances credibility with the customers in the market and the whole industry. Loyalty and competitiveness are both built on credibility and ease of purchase. Credibility creates a connection between the brand and the customer which results in trust and loyalty. Besides, it provides credibility towards future brands and products.

Challenges of global branding

Global branding experiences many challenges which come beside the benefits. These are the changes in the digital landscape. The opportunities of connecting with the customers and the websites formed by the marketers change very fast in today's marketing systems making the systems obsolete and returns not bigger as expected. Secondly, instant customer reactions are not beneficial in the global market as opposed to the local markets. Customers in the global market find it difficult adapting to the international products and the marketers have a hard time introducing the new products and making the customers used to them. Third, the new disruptive business models that arise daily in the market make the global market to face influxes in the demand. Consumers change their behaviour with the business models that come making the global marketing trends inconsistent and unreliable. Finding talented marketers is another challenge that global marketers must deal with the fast-changing trends in marketing methods. Companies have to change the marketers regularly if they are to keep up with the changes in the market. The fast-changing wants and needs of customers all over.

The benefits of global branding

The globalization of the products benefits the marketers in many ways. These are, increased product effectiveness, once the product is branded it is easier for the consumer to define the use and apply it to its use. It gives the product the need and defines its application. Secondly, it creates a competitive advantage for the product in the market. It also opens doors for investment in the product. Third, it boosts awareness of the product by opening communication lines and knowledge of the brand. Globalization makes the product known and communicated across borders. The third is diverse product markets are another benefit of the product. Knowledge of the product opens new ways for the product to be marketed n different markets. Fifth, branding boosts awareness of the product across different markets and to many customers.

Unique challenges

Global branding however has some unique challenges specific to it. These challenges are like legal obstacles. The legal compliance issue facing global branding is recurrent and hugely affects the brands across different national borders. Another challenge is breaking through cultural borders. Global brands have difficulty in addressing the cultural issue as it has to operate in different countries where different cultures are practiced. Finally, brand flexibility is another crucial issue in the global market as a brand may not appeal the same way to a different culture and may need to be modified to get recognition in different places.