Your brand is, without a doubt, one of your most valuable assets. It is what you stand for as a company. It is what people believe in when they see it. It is your brand which makes people fall in love with you. It is your brand which encourages people to spend cash with you as opposed to another company. As a result, you are going to want to do everything possible to maximise the value of your brand. Not all places do, however. On this page, we are going to outline the 5 Signs Your Brand Isnt Maximising Value and why it matters.
Using a low quality digital sponsorship tool
A digital sponsorship tool will allow you to create fan engagement. It will allow you to access exclusive fan generated content. It will allow fans to talk about you. It will allow all manner of things that can lead to a social media buzz. However, if you opt for a low quality digital sponsorship tool, generally some of the cheaper ones on the market, you will never reach your full potential in this regard. You will miss fan engagements. You will miss out on that social media buzz. You will be ruining the strength of your brand.
For example, you need a tool that’ll let you track fan engagement and sponsor value boosting overall sports marketing efforts. Our tool offers this plus much more. Additionally, you will require a way to reward fans for their contribution because if you incentivise your fans then they will come back for more.
It is important to consider that the price of a digital sponsorship tool does not translate to the quality of it, though. The quality is in the features the tool offers. We recommend that when you conduct your research into the sponsorship tool market, that you look out for the following three abilities:
- The ability to identify all fans at an event to give them rewards;
- The ability for social integration so that you can influence the coverage of an event;
- The ability to capture social and email details of fans to improve their experience.
Not engaging fans in a conversation
Your fans want to be talked to. They want recognition for being fans. They want to know that you care about them. If you are not encouraging them to talk to you, you are damaging your brand. You are showing that your company is pretty much a ‘closed-up shop’ when it comes to fan interactions. You don’t want this. These people will go somewhere that their opinion is valued. This is why you need to open up and talk to your fans. Encourage them to talk to you, perhaps to share their concerns, or maybe just stories of why they are a fan. You do not need to go overboard in terms of fan conversations really. Just a little amount of recognition could go a long way towards strengthening the core values of your brand.
Inadequate brand recognition
Your brand is the representation of your core values. Your brand is what people will think of you when they see it. If people do not understand what your company does from your brand alone, that is a sure fire way to know that you are not doing things properly. You are going to need to educate people about your brand. You may need to distribute literature, or run some form of advertising which talks about what you represent as a company.
Many of the largest companies in the world do not need to advertise. Think along the lines of McDonalds and Coca Cola. People know their products and would, most likely, continue to purchase them if advertising disappeared overnight. However, they will advertise. They understand the need to constantly drive home what the core values of their brand are. This is what you need to do as a company. Let people know what you do. Educate them about why you are the right choice.
Not breaking into new markets
Many companies out there get a little too comfortable in the market that their brand rests in. As a result, they are not all that willing to diversify. They do not want to take the risk. However, if you are not entering new markets, you are not maximising the potential of your brand. You are leaving fairly ‘easy’ money on the table. That is not to say that entering a new market is going to be easy. It will cost you money. However, if you do things properly and plan in advance, it is likely that you will greatly increase the value of your brand.
Do, however, note that if you are going to enter into new markets, you will need to evaluate your brand values beforehand. They may need to be changed ever so slightly for that particular market to ensure that you are going to be successful. You should never enter a market which does not correlate 100% to your brand. You will just be wasting money.
Missing out on exclusive fan-generated content
When you have a brilliant brand, fans will start to create content surrounding it. This content is exclusive to you. It shows that people care about what you represent as a company. This is brilliant. However, if you are ignoring this content then your brand is not reaching its full potential. You want people to know that your fans care enough about your brand to create this content, share it with them. Not only will it demonstrate that you have a strong brand, but it will also show that you genuinely care about what your fans are creating and they will feel ‘wanted’ as a result.