A brand is not just a product or service but its reach is much further. Every brand has a prevailing impact on customer engagement, market competition and management of the company. A strong brand management can create a brand affinity for a product. This helps to differentiate it from the rest of the products and services in the market.
In a way, a brand is a mark of distinction for every company. Brand highlights the core values of the organisation and extends relationship with every customer.
Effective brand management helps to increase brand awareness, measure and manage brand equity, identify new market opportunities, place new products in the market. It can play a significant part in maintaining your reputation and ensuring people experience it in the way you intend.
What is Brand Management?
Brand management is an essential part of marketing that involves a series of techniques used to increase value of a product or service through brand perception. Effective brand management builds loyal customers through positive brand association and has a positive effect on your bottom line.
In a world where consumers make decisions on brands in the blink of an eye, companies must be prepared to win over their trust with their brand promise. The importance of brand management lies in the fact that it encompasses all aspects of the customer’s brand association and relationship with the purchase process.
In fact, many businesses will succeed or fail based solely on their ability to successfully market their brand.
Brand Management and Your Target Market
Regardless of what is the vision and mission of the brand is, developing a strategic plan to manage your brand equity requires a clear and comprehensive understanding is essential. There are things that need to be considered – brand itself, its target market, and your company’s overall vision and goals.
Finding your target audience can help you solidify your relationship with your customers which is a must for brand management. To have an effective strategy in place, it is important to ensure that brand management fully takes care of your brand.
The Intangibles of Brand Management
The concept of brand management is split into two parts i.e. the tangible and intangible. While the tangible includes the product itself, logo, design, color, packaging etc., the intangible includes the overall experience that the consumer has with the brand and the loyal relationship they form with it. To say, brand management is nothing less than an art of making a promise through the brand and maintaining it to sustain it throughout its existence.
Both customers and employees can build emotional attachments to a brand and it is important must bring the brand experience vision to life. This can then turn into strong loyalties and long term associations with the brand.
There are many concepts which together form the flow and process of brand management. The most important ones are:
- Brand Name – it should be unique and should denote the key feature or USP of the product
- Brand Attributes – it should highlight the characteristics of the brand to build its identity
- Brand Positioning – it should ensure that the brand is fitted in such a manner in the market that it is set apart from the competitors
- Brand Identity – it should clearly state how an organization wants its brand to be perceived in the market to persuade the consumer to form an emotional and functional association with the brand
- Brand Image- it should form an overall impression in the mind of the consumer
- Brand Personality- it should make personification of a brand by giving it personality traits of human characteristics.
Every brand management strategy is different in terms of resources and execution, the goal is the same: to build a brand that is distinct and profitable. Consistent messaging across every marketing channel will ensure that when people think of your brand their perception is right in line with how you want it to be perceived.