Impact of Technology on Branding

The business environment in recent years has gone through a sea change in its shape. One of the key factors of the unprecedented change in shape was the result of change in technology, which has also forced companies to get rid of traditional techniques of communication. The impact of the Internet on brand strategies is enormous. It has changed the boundaries of the competitive playing field and
created a land rush to establish brand through online channel. IBM, Microsoft, Coca-Cola are few of the pioneers of online branding exercise. Though new branding techniques have forced companies to get rid of traditional techniques of branding, the basics of branding remain same – winning customer mind share. Dr. Paul Temporal argues that, there is no change in the way people perceive a brand, traditional or hi-tech. People go for only those brands which they feel like accepting.

A brand in a networked economy can be defined using four inter-related elements satisfaction, collaboration, relationship and a story to suit the networked economy, which ultimately gives loyal customers to the company. Michael Moon and Doug Millison define it as ‘Fire brand’. A fire brand ignites the hearts and minds of customers through its interactions with the company and other customers. It unveils beginning-to-end strategies for strengthening company’s brand and building customer loyalty. A brand can become a firebrand when it fires community to action, and provides self-service satisfaction to vendors and other members of the community.