Competition for brand recognition has never been more fierce. Digital-native newcomers are using tech-savvy, direct-to-consumer approaches to enjoy unprecedented ease of entry. They’re weaving compelling, socially conscious brand stories on social media. And traditional retailers are struggling to differentiate themselves not only from the digital entrants but from their peers, in a landscape oversaturated with stores.
STRATEGY + BUSINESS
For business leaders and entrepreneurs, marketing is a powerful tool to build brand awareness, engage customers, increase sales and reach growth objectives. While the benefits of advertising, marketing and sponsorships are significant, there are potential risks. Claims of misleading advertising, misinformation, deceptive marketing or non-compliance can damage an organization’s brand and reputation.
Montreal-based TFI International, a major North American transportation and logistics firm, has announced that its four Canadian courier divisions (Canpar Express, ICS Courier, Loomis Express and TForce Integrated Solutions) were victims of a ransomware attack on Aug. 19. And now, hackers say they have personal customer information that they’ll publish on the dark web if the ransom isn’t paid.
When I entered the business world years ago, I primarily hired friends and family members, only to discover that they could not provide me the candid feedback necessary to inspire growth and innovation. Simply put, I needed to be challenged. I needed to rely on colleagues who knew more than I did about a given topic, who could give me new ideas and open new horizons.