Emotional, social and moral values, in addition to functional values, cited as keys to corporate branding success and sustainability.
The Master in Branding and Marketing (MBM) Programme of Chulalongkorn Business School (CBS), Chulalongkorn University, recently organised a brand talk on Sustainable Top Corporate Brands delivered by Dr. Vincent Mak of Cambridge Judge Business School, University of Cambridge and Asst. Prof. Dr. Wilert Puriwat, Dean of Chulalongkorn Business School.
The talk was part of ASEAN’s and Thailand's Top Corporate Brands 2019 event series, organised by the MBM programme and Stock Exchange of Thailand. The event which has gained considerable recognition both nationally and throughout the region, was based on a research paper by Prof.Dr.Guntalee Ruenrom and Dr.Ake Pattaratanakun which received increased attention among corporate leaders for the potentially vital role of corporate brands in achieving sustainable success.
During the talk, Dr. Vincent Mak described a company’s brand as a kind of ‘nudge’ for consumer purchasing behaviours.
“Whereas in the past brands were like the consumer’s master, today they must act as a servant. They should allow customers to create their own experiences and lives.”
Dr.Mak argued that it is, in fact, the customers who “own” the brand, and who decide what it is in terms of its image. Therefore, companies should “…establish their brand characters by not establishing them.”
Assist.Prof. Dr.Wilert Puriwat, Dean of Chulalongkorn Business School, advised executives to gain real insight into customers and then focus on their future needs and fulfilling those needs even before the customers realise them.
”It is important to continually change the brand dynamically… people are addicted to seeing new things,” he said. He also pointed out that engaging the new generation is key, and that executives need to “change the methodology to grab them”. He added that “the world still belongs to humans” and “the human touch is still needed to effectively engage coming-of-age customers. So emotional and social values are keys to success and sustainability.”
As for the key challenges brands and organisations face in achieving sustainability, Dr.Mak cited maintaining “moral intelligence” through doing CSR which, although it is an expense for companies, helps build emotional and moral values.
Asst. Prof. Puriwat concluded that companies not only need IQ and EQ to survive beyond the digital era but DQ (Digital Quotient) and SQ (Social Quotient) as well.
“We should disrupt the disruptor … fight back and not wait to be disrupted,” he said.
“Setting the goal first… keeping the brand dynamic… reaching people both on-and offline… and keeping the brand unique are all crucial to achieving brand success and sustainability.”
The world is continually evolving, and brands must keep up with the changes in order to achieve success.