By M. Isi Eromosele

The era of the preeminent world brand is here, driven by the connection that has developed in the interconnected global markets. For companies that are striving for global success, achieving global brand dominance could become the ultimate competitive weapon.

State-of-the-art technologies and Web 2.0 as well as political and economic trends have merged to produce unprecedented opportunities for companies to build global brands. As such, big companies should look to capitalize on this world economic environment. At the same time, smaller companies have the opportunity to reposition themselves as global models.

A strong brand carries a huge influence on the global marketplace, reflecting all about a company and its products or services that are communicated in the company’s name and related symbols. Your brand plays a large and direct role in convincing customers to select your products or services. Your brand is your biggest asset.

Quite often, companies confuse the strategy of global operations with the model of global brands. A company can accomplish the former through sufficient capitalization, while the latter involves developing a brand that has a clear and consistent message that builds up its value.

Great brands are generally positioned with a single message across various countries. The brand delivers the same benefits, uses a consistent promise concept. However, there must be room to adapt to local needs.

In trying to go global, companies will have to face the fundamental reality that world consumers in many countries tend to prefer domestic brands over foreign ones. Despite the challenges, the potential rewards of achieving global status are phenomenal.

In order to realize the desired results, companies must rigorously analyze and manage their brands and demonstrate a clear and consistent commitment to growing their brand. This is an imperative foundation for a preeminent global brand strategy implementation.

The foundation that anchors a global brand lies in an integrated approach to brand management in which growing the brand equity is directly linked to key economic critical success factors such as price, market share and brand value.

This approach results in information that is truly beneficial in recognizing targeted marketplace actions that need to be implemented as well as strategies that will result in improved brand equity and business performance.

Brand equity is the total value of all the qualities and attributes entailed by your brand name, thus impacting the decisions customers make. All brands have equity. The equity can be of positive or negative value, depending on how well it convinces customers to buy. The equity can range from weak to strong.

Brands influence customer buying decisions because they act as signals to consumers, conveying what is called brand image information.

M. Isi Eromosele is the President | Chief Executive Officer | Executive Creative Director of Oseme Group - Oseme Creative | Oseme Consulting | Oseme Finance

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