It’s not new news that brands play a fundamental role in business success, by generating demand. What is less discussed is the critical role brands play in justifying price.
A pricing storm is brewing due to current conditions: global supply chain issues, labour shortages, and rising material and energy costs. If ever there was a time to batten down the hatches to protect the bottom line, it is now. Strong brands are a key defence strategy. They help justify the prices asked and help ensure businesses continue to thrive.
The question is: is your brand strong enough to face up to this storm? It starts with you. Do you have a rock solid understanding of the value your brand has in the minds of consumers? Do you have the guts to invest in your brand to protect your bottom line? Do you have unshakeable confidence in your brand’s identity and relevance?