For a brand to succeed internationally, it usually needs to tailor its product and communications to local markets. If you browse the top ten programs on Netflix by country, you’ll see little overlap between the most popular content in the US and India, for example. Netflix excels at providing high-quality content and a great user experience, but the content it promotes varies by market.
A brand with strong mental connections and responses can charge a higher price for the same volume as a competitor. That higher price can be cashed in to deliver an improved margin for the business or reinvested in the brand for future success. Investments might include more money being spent on innovation or brand-building advertising.
Measuring brand progress allows a marketer to gauge how well the brand strategy is working, the impact marketing activity is having, and to keep an eye on the competition.
The growth of any brand will plateau if it is successful with its initial product range in its region of origin. Further growth must come from expanding the product range, extending geographically, or both. Before scaling your brand, the business fundamentals need to be in place. Investors seem keen to fund technology-based brands even if they have never made a profit, but this isn’t wise. According to Cyrine Ben-Hafaïedh and Anaïs Hamelin (2022), profit-focused brands...
