Re-look at markets to minimise damage
Business people cannot use the same tools as before with the global
recession and they need to re-look at markets to minimise the damage
said, Director, Centre for Research in Brand Marketing Birmingham
University Business School, Prof. Leslie de Chernatony.
Leslie de Chernatony
He was addressing Sri Lankan Marketers at a workshop on “Achieving
leaps in value by becoming a market driving brand,” organised by the
Chartered Institute of Marketing at the Cinnamon Grand Hotel recently.
Prof. Chernatony said that people have to think differently and act
differently in this situation and highlighted four steps to be taken
towards this journey. They are Characterising market driving brands,
Having strategies to drive greater value, Capitalising on brand beliefs
and Thinking differently about value with challenger brands.
A market driving brand means a cluster of values promising a unique
experience, challenging market norms, either through radical ideas,
innovatively redeploying assets or with a unique business system. They
offer a leap in customer value and are typically visionary, exciting,
unconventional and boundary pushing, Prof. Chernatony said.
Elaborating on the culture required for a value driven consumer
choice, he said doing things right, timely, efficiently with quality and
achieving specialisation is very important and at the same time it has
to be done first, innovatively anticipating the future and to do it fast
to achieve the objectives and do things together ensuring staff
development and satisfaction.