Brand management is a part of marketing, where the market value along with the perceived value of the product is increased. These are done by consumer engagement, consistency in marketing and advertising the product or service the company provides, spreading brand awareness, and so on. These functions are performed by brand managers. Branding goes beyond just marketing. This is the stage where brand loyalty plays a significant role, i.e., when a consumer chooses to buy a product at a given price despite the availability of similar products at lower prices. Branding improves recognition; creates trust with keeping promises; supports advertising; builds financial assets; inspires employees; generates new customers.
To set apart a company and to form a brand, is not a quick process. It requires dedication and patience and correct strategies of digital marketing. There are different aspects and elements involved in creating a brand, such as the company’s name, logo, jingles, color associated with the brand, and so on. The topics we will cover here are as followed – What is brand management important, why is it important, how is it done, what is brand reputation management, what is strategic brand management.
WHAT IS BRAND MANAGEMENT:
Brand management starts with the understanding of the term “brand”. What is a brand? It is the cumulative functioning of tangible and intangible elements. Also, it is how customers perceive the brand. The formation of the emotional connection of the consumers and the company, to make promises and maintain them, to create content to spread awareness of the promises made, and to deliver them to the specific target audience.
Branding is what sets a company apart and above its competitors. An example to understand this better is, if you visit a trade fair and approach the concession stalls to purchase beverages. There are only two soft drinks available one of them is a name you haven’t heard before and the other one is Coca-Cola. Statistically proven a consumer will purchase a product that belongs to a well-recognized brand. Even though another product provides the same purpose (even if the price is lower than the branded product). Hence, here as a consumer one will purchase the Coca-Cola drink.
Few such company names have established them as top brands in their respective fields. Some of them are – Coca-Cola, Apple, Amazon, and Samsung.
- Intangible elements involve the promises made, the personality of a company, positioning in the market, and the emotional value attached to its product or services.
- Tangible elements are the features used to identify a company as a brand. These involve visual features such as symbols, graphics, logo, colors, and audio like music, jingles, catchphrases.
WHY IS BRAND MANAGEMENT IMPORTANT?
- The first and foremost reason for companies to adopt strategies of brand management is to be a step ahead of their competitors in the market.
- The establishment of a brand involves the simultaneous cooperation of tangible and intangible elements. The intangible elements result in building brand equity. Hence, brand equity is the social worth of a brand name.
Enhancement in Brand Equity results in brand awareness, association with other brands, gaining brand loyalty, and perceiving a good quality of products.
- Consistency in promoting positivity regarding a particular brand, and delivering the promises of quality products or services. This will further enhance brand loyalty and consumer loyalty. Additionally, consumers tend to stick to a brand they know and trust. By maintaining your brand reputation, you convey the message that you are committed to providing them your output with integrity and efficiency.
- It also fuels the company’s treasury. Better the brand name, attracts more customers leading to flourishing business and profits gain.
WHAT IS BRAND REPUTATION MANAGEMENT?
A company can’t always control what people perceive of them. But they can work on improving themselves and shape public opinion regarding the respective company. Negative feedback or comments can damage the sales of a company. It will result in potential customers perceiving the worth of products of the company as negative before even trying.
To establish a company as a brand with good brand equity, one must maintain a good social reputation. Hence, to manage a brand reputation there are various methods-
- Ensure that whoever is in charge of the brand management of a company, comes up with innovative and creative ideas to promote and advertise the brand.
- Earlier news media and journalism played an important role in spreading the positive word for a company. But, credits to the real-time social media usage that despite audiovisual branding, website and content marketing rules the stage in either forming an image or damaging it. Hence, one must focus on creating content and engaging with consumers through social media posts, blogs, and so on.
- Constant monitoring the google search engines and social media platforms where customers can put down feedback and comments regarding the company.
- The content creation must be excellent to attract a greater number of potential consumers. To deliver it to the particular target audience, an equal amount of effort must also be put
- Additionally, get in touch with influential people like celebrities or influencers, to promote your brand and give positive public feedback.
- Interact with consumers online, analyze their comments and keep improving based on those comments. Furthermore, only they can tell where a company needs to work, to satisfy the consumers.
WHAT IS LUXURY BRAND MANAGEMENT?
Luxury brand managers are mostly related to the fashion industry and other upscale brands. These brands have an objective to spread their awareness to the crowd that keeps up with the latest trends. There is much more efficiency while proceeding to brand marketing for luxury brands, there is no room for try and error. Moreover, these brand managers work with premium brands and corporations. Few examples of such categories are- Gucci, Louis Vuitton, Dior, and so on.
Additionally, the “how to do’s” are similar to brand management of any other company.
Brand marketing attains an effective amalgamation of language, design, and experience that manifests into a very specific feeling. These are passionately and emotionally driven feelings that can endorse high-value loyalty (brand equity) and affinity that branding unaided can acquire.
The understanding of one’s brand, collecting the data (in form of SEOs and social media comments and feedback). Analyzing the data and thinking out of the box to promote the brand in such a manner where the objective target audience. Maintaining a positive outlook and persona of the brand with the help of all the strategies mentioned above. It can help any company (even small-scale business) establish itself and set itself apart from others in the industrial market.