An efficient and scalable business model combined with innovation is necessary to stay ahead of the competition. But individually these are not sufficient to make a successful global brand. Five further overlapping components are required:
1. A great brand experience
Brand experience is not limited to the product or service. Every contact with the brand counts.
2. A clear and consistent positioning
People need to know what a brand stands for. That's why an established and successful marketing campaign should not be abandoned simply for the sake of saying something new. When change is required, the challenge is to re-interpret the brand positioning in a way that is appropriate to the current time and culture.
3. A sense of dynamism
Innovation is key to brand success but it is not limited to the functional benefits of the brand. A brand that sets the trends rather than reacting to them is likely to be seen as different and more popular.
4. A sense of authenticity
Today consumers in developed countries have a finely tuned sense for what is true and authentic versus shallow and contrived. They are still drawn to brands with a strong heritage.
5. A strong corporate culture
Today people seek out brands that display their values by the actions they take. In industries with a strong customer-service component it is particularly important that everyone involved with the brand understands and embodies its values.