Delve into the Intricacies of Brand Management – Principles,
Strategies & Benefits
Table of Contents
- jaro education
- 8, December 2023
- 11:00 am
The term brand management is trending these days. But what is brand management? It is a marketing technique that employs strategies to raise the perceived value of a brand or product line over time. Successful brand management allows product prices to increase while building loyal customers through favourable brand associations and imagery or high brand awareness. Brand management involves foolproof strategies to make it visible to the audience and stand out from its competitors. A strategic brand development thus helps preserve or increase brand equity or value and necessitates a thorough grasp of the brand, as well as the company’s overall goal and its target market.
What are the Principles of Brand Management?
Brand management is the process of creating and maintaining a company’s identity and reputation in a constantly changing market. All on-brand strategies, including product plans and marketing, are built on it. When done properly, a company can hold its market worth, increase revenue and extend the brand’s longevity.
Brand recognition
The journey of a brand to getting recognition begins with raising awareness or letting people know that it exists. The more acquainted customers are with the brand, the easier it will be for them to recollect. If a company becomes successful, its brand will leave an impact on consumers’ minds, triggered by simple signals like logo, packaging and even colours they are using. To attain brand recognition, a brand needs to catch the attention of the audience. For that purpose, brand managers must ensure that the brand’s touchpoints work together. These touchpoints include websites, salespeople, commercials and packing. Also, a brand should also have authenticity, as most people turn towards brands that stand out in the market.
Brand loyalty
To create a loyal customer base for a brand, it is essential to build brand awareness. Collaborating with celebrities and relevant influencers is one way to create and raise brand awareness. However, it is important to make sure that the feedback they are providing is honest and authentic. So, often, brand managers can ask real people to provide their testimonials on a brand.
To improve the brand value, it is thus important to create a community of loyal consumers. Brand managers can set up loyalty and referral programs to reward their fix customers. Furthermore, brand managers can build channels for customers to exchange their opinions and experiences with the brand, like social media forums and communities.
Evoke emotions in customers
Brand managers must create the brand, keeping the emotions of customers in mind. For instance, if an ad campaign of a brand was meant to trigger happiness, when the products are in line, it should make the customers happy instead of sad or sentimental. Humanising a brand entails engaging with customers at an emotional level. One great example that has successfully established an emotional connection with customers is Coca-Cola.
Innovate to stay relevant
When a brand fails to achieve recognition, business leaders keep rebranding until they find the right solution. The issue is that once they find an idea that works, they are typically too hesitant to experiment with it. Their opponents are well ahead of them when they decide to overhaul. To prosper in a competitive environment, brands must innovate. When it comes to exploring new solutions and designing goods, data is a brand manager’s best friend. Innovation should also be evident in their teams. After all, employees are the face of a brand.
What are the Strategies to Employ in Brand Management?
Here are some strategies that one can employ to get their brand management journey started.
Evaluate
Brand managers should have an evaluation plan which shall include what’s working and what’s not. This is an ongoing process in the lifespan of a business and so companies must hire skilled talents to perform it on a daily basis.
Create a Unique Selling Point of the Brand
Brands should have a unique factor when it comes to building a brand image. Brand managers should thus make plans that would set their products or services apart from their competitors. They should also address the question of why people should buy their products and remember why they loved the product in the first place and what emotion was attached to the brand initially so that they can use that factor while branding.
Use Digital Marketing
The key to the future is digital marketing. There are several factors to consider when launching a brand, one of which is having a digital marketing component. Digital marketing encompasses everything from stunning images to social media strategies. Investing in a graphic designer and social media manager may be worthwhile. Because most buyers pay attention to detail on the look of a brand, it is vital to give it a beautiful design that is visually pleasing.
Benefits of brand management
Some benefits of brand management are as follows: