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The importance of protecting your brand

  • Opinion
  • August 8, 2017
  • Paul Keane
The importance of protecting your brand

I have often wondered at the power of a brand and its influence on whatever market it may serve. Brands that come quickly to mind typically are McDonalds, and KFC. However, lesser brands also serve their own sector of the community very well and in turn are supported.

It was with a sense of satisfaction and "loyalty" that I observed that Banks Group, a shoe store group which had originated in Wellington had gone into receivership and then been rescued by a member of the Banks family and it seems will continue trading. I remember the original store well, it was located in Lower Hutt’s high street, and it was a faithful servant to the local and wider community. Naturally it was a family business and as such, the relationship between the company and customers was somewhat personal. 

Consequently it was not really a surprise that a family member rescued the company from receivership

Brands are seriously protected both by the company they serve and the people who work under the brand, some believe in the brand however more than others, and in some cases consumers are dominated by a brand rather than the other way round as demonstrated by the McDonald's and KFC examples.

Well represented brands however particularly in publicly listed companies are essential as a relationship between the company and its performance, a recent example of which was the "Fletcher" brand affected by a decline in its profit warning. Naturally this then impacts on the shareholding value, and investors will ponder the value of the shares and the "brand" comes under scrutiny.

Another example was the similar downsizing of the profit forecasting made by The Warehouse Group

As a result negative comments emerge about The Warehouse and its performance, something the brand could do without.

Brands therefore are a key element of any business. Once a brand is created, its owner is constantly looking at ways of protecting and enhancing its representation. Happy employees who understand the culture of the brand will inevitably be the keynote to the company's success.

It isn't always about growing the brand which is what ultimately led to the collapse of the Banks Group, but rather protecting and enhancing the brand we have, protected by good corporate governance, culture, and most importantly recognising what the brand stands for by its users, employees and stakeholders. Retention of Banks Shoes as a brand is therefore important not just to its long term customers but by the traditional values that its original founders perceived at the outset back in the 1930s.

We all go to a lot of effort to develop a new brand; signage, social media and the original culture all play a key part. Sometimes it is important that we pause and consider the part played by the brand we represent whatever form of business that brand may be part of. Sooner or later, it will reap the benefits of its success or conversely its failure!

 Paul Keane is a registered property professional and has vast experience in New Zealand’s commercial property industries. He provides retail and property consultancy including development management to many New Zealand property owners, developers and city councils. This post originally appeared on RCG's blog.

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Kimberlys will be gone by Sunday

  • News
  • December 11, 2017
  • Sarah Dunn
Kimberlys will be gone by Sunday

Womenswear company Kimberlys was founded in 1983, but it won’t see out the end of 2017 before folding. It went into receivership in October and as a buyer has failed to come forward, all remaining Kimberlys stores will close on December 17.

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In store music matters

  • In Association with OneMusic
  • December 11, 2017
In store music matters

Music. It’s always there, but it’s not often we stop to think about the effect it has on our environment. Mark Cowie, New Zealand operations manager for Recycle Boutique talks about how they use music targeted to their demographic to add to the in-store experience.

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Oroton luxury bags put into administration

  • News
  • December 8, 2017
Oroton luxury bags put into administration

Oroton Group, owners of luxury accessories chain Oroton, entered the brand into administration at the end of November. The chain is set to operate as usual until a decision is reached regarding the brand's future.

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Expected retail trends for 2018

  • Opinion
  • December 7, 2017
  • Courtney Devereux
Expected retail trends for 2018

The retail industry is a fast-paced, uncertain minefield, where retailers must keep up with the latest trends and expectations to survive in the market. This year saw many trends come in and out, but what can retailers expect to face from 2018?

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