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Brand Power

All over the world, consumer brands are struggling to reach their sales targets for the year and the quarters ahead. The negative consequences of the Russian invasion of Ukraine and the hangover from COVID-19 pandemic have created a monster called inflation. 

As brands continue to raise prices to keep the lights on, interest rates are being hiked to tame this ‘monster’. Unfortunately, consumers are cutting down on spending to avert huge debt burdens that could upend their lifestyles and goals. As we prepare for the third-quarter corporate results, one fact is becoming obvious, some brands might disclose some of the worst performance while a few might report one of the best quarters in recent years (pre and post-pandemic).

In economics, some of the brands that do well during an inflationary economic condition are said to have ‘pricing powers (brand power)’ — ‘a company or brand’s ability to raise prices without reducing demand for their products’. While this is self-explanatory, not all brands have this privilege. In one of our data benchmarks, the data showed that brands with pricing power often have stronger brand equity across all metrics. They are also top of mind and they are in the top 100 most valuable and admired brands in the world. This is why it is important to invest in your brand no matter the weather. 

Building a brand that is well-differentiated, market-relevant and consistent will give you stronger equity which culminates in an important position, such as the ability to have positive brand power.

The journey to building your brand starts today, talk to us Reach out to us via email: info@sbimedia.com.ng