3 Ways Your Brand’s Value Can Quickly Diminish
With an ultra-competitive commercial landscape and one that provides consumers with a near infinite list of online stores from which to buy, brand allegiance is now more crucial to business owners than ever before. Attempting to achieve success with an unfavourable brand will invariably result in your company being ignored and cast into certain oblivion. For this reason, businesses must be extremely careful of ways in which your brand’s value and reputation can be harmed.
While the modern age offers businesses with more chances to prosper than ever before, it also presents an equal number of dangers. The following is a list of several ways in a which your brand’s value and good name can become tarnished.
1) Your computer program is the victim of piracy
Piracy has been a thorn in the side of business owners long before the advent of the internet. In the early days, pirating an application or game was as easy as simply copying it to another computer or storage disc. Anti-piracy protection was eventually unveiled, but it never took long for software hackers to found a way of circumventing it.
Solution: to this day, there is no definitive solution to the problem and all businesses can really do is keep an eye on known piracy sites and issue takedown notices.
2) You drastically cut your prices
Virtually businesses experience dry spells where their sales decline and their revenue dwindles. When this happens to your business, it’s important that you take the time to examine the underlying causes and map out a solution, instead of initiating dramatic price cuts. Why does this matter so much? While doing so can help improve your bottom line, it won’t benefit your business in the long run as consumers will become accustomed to bargain prices. Furthermore, low prices are synonymous with low value products. If your prices are consistently low, then consumers are naturally going to assume that your items are poor quality.
Solution: refrain from lowering prices immediately and instead opt to provide special offers on select items. Also consider prize draws, which are a great way to increase business exposure while times are tough.
3) It’s undermined by counterfeits
When you’ve invested a countless amount of time, effort and money into developing an impeccable business reputation, patenting and trademarking their designs through an IP lawyer and creating a series of highly sought after products, there will very likely be those who are eager to cash in on your good name. Counterfeit items are an enormous problem in today’s world, particularly online where they can be readily sold on the world’s largest retail websites.
Counterfeit items create a number of problems, including:
- The dubious products can be sold for far less than the genuine products can, creating a false perception amongst consumers that the brand is cheaper than it really is, diminishing its value
- Any ill feelings a customer may have towards a purchase of a counterfeit product will be directed at your business
- Disreputable sellers can blatantly exaggerate the functions of the product, creating disillusionment with your brand and products when it doesn’t meet expectations
The widespread problem of counterfeits propagated by the ease at which products can be sold online, is once again indicative of the yin and yang effects created by our modern day world; selling products online is now easier than ever before for legitimate businesses, but this unfortunately also means that fraudulent retailers have the same opportunities. So far, efforts to eradicate the sales of online counterfeits have been unsuccessful.
Solution: similar to businesses who wish to protect themselves from software piracy, one of the most effective – if only methods of remedying the problem involves businesses actively monitoring the presence of their branded products online. Understandably, this is hugely time consuming and difficult.
If you wish to protect your brand and your intellectual property, seek the professional advice of a qualified patent and trade mark attorney.
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