Every time there is a brand strategy or a brand management issue, such as a lack of revenue growth, competitor dominance, poor product performance, lack of brand awareness or market penetration, you should ask yourself: is this a resource problem?
Resources most often lacking in brand strategy and management are:
Ask following questions to understand if these resources obstruct the strategy or management:
1) Are we using all relevant data which is at our disposal?
It is never possible to have all the data, so the above question is limited to data which can be accessed. Is there any data in the company which we did not use? Is there any data which can be purchased and used easily? The goal is not to try to have access to perfect data, but to avoid not using a minimum.
2) Do people who make the decisions have minimal know-how?
If not, you should find the people who can help you with the decisions or invest in training. The problem with the lack of know-how is that it blocks use of data, time, budget, and other resources.
3) Do people with know-how have the sufficient time to solve the problems?
Most common error is that know-how is present, but people who have it do not have enough time to work on the problems. For example, if a solution requires 3 people, only 1 is engaged.
4) Is lack of data, know-how, and man-hours a result of incorrect budgeting?
Businesses might have sufficient budgets to support their goals, but these budgets are allocated inefficiently and are slow to adjust. So even if there is enough money, it is used badly.
Conclusion is to avoid looking for external solutions before internal resource problems are eliminated. Most of the businesses struggle because of the internal resource problems and not because of the market changes or competitor actions.
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