What is the most important thing that a company needs to stay afloat in this cut-throat competitive market? Sure, the quality of your goods and services and consistency of delivery matter, but these will only come to the forefront after you have the attention of your target clients. They have no way to judge the overall quality till they try the products. Only a company that has a magnetic and robust presence in the market will triumph over its rivals. The best way to create a positive market presence is to build a brand identity. “Branding” or “brand identity” is the most crucial aspect, as it has the power to make or break the company’s reputation. It is much more than designing the logo or coming up with a catchy name that will instantly attract the attention of the customers. Proper brand identity will offer the organization a solid foundation, on which, it can build a successful empire.
Why is brand identity necessary?
A company, no matter how big or small, it is a living entity. It has its own personality, values and business ethics. No organization will be able to succeed for long without these characteristics. But customers cannot interact with the entity. They see its representation in the goods and services it produces. Thus, branding allows the company to highlight its core values, ethics, and goals. A strong brand identity, not only makes the organization look more prominent, but also succeeds in producing a chain of faithful clients.
Apart from this, branding will set your organization apart from the rest of the companies, associated with the same business. Brand identity will set a specific tone for the corporation. It also makes clients aware of your products and goals as well. Thus, business experts, in industrial as well as retail sector, put stress on proper branding. It has to be the first stepping stone for any organization. Hire the best branding experts, and invest as much time and money possible to get perfect to the “T.”
Brandsparency: Meaning and importance
Business sector is anything but stagnant. New technologies, laws, developments, and ways to maximize profit are coming up on a daily basis. Something that meets the market standards perfectly today will be tagged “outdated” tomorrow. The quest to tap new avenues is always on. Thus, it is obvious that new business related terms will come up with time. The latest jargon that took the entire business world by storm is “Brandsparency.” Yes! You heard it right. Though it is relatively new, it has a major influence on the business sector, especially the retail industry.
“Brandsparency” is a combination of two words, “brand” and “transparency.” If you go through the business law books, you will realize that it has been there since the inception. Only, no one was aware of or care about it. Globalization has opened new markets for goods and service producers. Due to developed transportation, production system and technology, retail product manufacturers, located in one part of the world can send goods to clients, living at the opposite end. This geographical distance often blurs transparency. Clarity is very important in the business world. If the clients cannot see through, they will not trust you. If you do not have their faith, customers will not purchase your product.
Brandsparency allows the companies to come clean about the production-related facts and figures. Under the brandsparency rule, each company is urged to upload data about the location of their production units, warehouses, or dealers. It not only shows that the companies are legitimate but also highlights that they are ready to take responsibility in case an unfortunate event takes place. Nike was among the first few organizations that stepped up and divulged details about their accounts.
Proof of quality and price justification
People prefer to purchase imported goods over local brands as they desire to get good quality products. These imported products come with a steep price tag. But customers do not shy away from paying these prices as they believe that they are getting international standard products. But are all these products genuinely marketed from foreign lands? Most often, these international brands hire local vendors to produce and sell the things, with the tag of the brands. They produce the products at dirt low prices but sell them at excessively high an excessively rate, which is a felony, if you do not come clean with the details. Brandsparency compels the companies to release these details.
Preservation of labor laws
Labor laws are created with the aim of protecting the interest of workers. In the real world, we see a blatant violation of these acts. Local vendors exploit workers in every way possible to maximize their profits. The actual brands know nothing about the inhumane treatment, meted out to the workers. Thus, they cannot do anything to help the poor souls. In case of tragedies, like fire in the local factories, vendors go scot-free without paying any compensation. Workers have no way to fight back as they know nothing about their actual employers. Brandsparency aims to put an end to this.
As more and more companies, associated with the retail sector, are joining the “brandsparency” campaign, safeguarding workers’ rights has become possible. The workers can use this as a tool to reach out to the actual employers and complain about the vendors or intermediaries. Though several companies are not showing any signs of warming up to this idea, others are eager to do their bit in creating a better business environment.