We are ‘invaded’ by brands in every sphere of life, almost every moment. We are also made to believe that branding is an unquestionable pursuit if you wish to be successful. Due to this enthusiasm, many branding initiatives get passed without adequate accountability; hence a few hard questions on what value branding adds:
- What is the net value delivered by branding – after ‘discounting’ for the contribution made by ‘converging’ functions like R&D, value based pricing via production efficiencies, retailing, channels, etc.?
- Has the net contribution by branding resulted in a sustainable increase in the bottom-line of the brand and the net financial value of the brand? If not, why invest in branding?
If the argument is that it is difficult to measure, there are many new scientific approaches in which you can find answers to these hard questions. It’s time for marketing accountability!