Brand Management is an art of creating and sustaining the brand in the market with a thorough analysis of how the brand is perceived in the minds of the customers and the overall market.
Definition of Brand Management
Brand Management can be defined as formulating an emotional and psychological connection of the company’s products and services with the customers with an agenda to gain the competitive edge in the industry by segregating the offering as compared to the contemporaries and increasing the brand loyalty amongst the customers and stakeholders.
The creation of a brand in the market is altogether a task for the marketers and brand managers but managing and sustaining a brand requires the factors of dedication, determination, and consistent effort for the brand to be able to survive and thrive in the market amidst the evolving tastes of the customers, cut-throat competition, and the changing market dynamics.
The 7 Principles of Brand Management:
1. You need to Define the Brand
It is very necessary for the marketers and managers to know and understand the brand in the most efficient and intricate manner by laying down its objectives, vision, mission, ethos, and fundamentals by having open discussions with the promoters and all the key members associated with the brand. Then only they will be able to communicate and market the brand and its offerings to the target market.
2. Brand equates to the business model
Brand Management has to be one of the crucial objectives of the company and should have its evidence and footprints in each and every facet of the business. Right from the new product launch, business expansion to every strategy; Brand Management is the vital activity.
3. Maintain Brand Consistency
Brand creation is a onetime process but managing and making it sustain in the market amidst the various business cycles, competition, and dealing with the evolving customer preferences is a continuous process that requires consistent effort and approach. The brand managers have to create a brand differentiation and generate high levels of customer loyalty for the business to generate profits and the required success ratio.
4. Connect at the emotional level
There are many brands in the market but seldom are able to have an emotional connection with the target market. The crux lies in the fact that the strategies and tactics of marketing should be devised keeping the needs, requirements, and problems of the customer in the mind in order to create an emotional and psychological relationship.
5. Empower your employees
The process of Brand Management starts within the organization itself by involving the employees and all the key members of the team in the process as they are the very first users and promoters of the brand.
6. Have a flexible approach
The market dynamics are changing at a very fast pace in today’s time due to digital marketing and high usage and relevance of social media. Hence, it is necessary to have a futuristic and a flexible approach during the entire process to stay significant with the current times.
7. The scope of Brand Management
There is a difference between the concepts of Brand Management and marketing but both works as a supporting factor for each other. As discussed earlier, Brand Management is not a onetime thing but a continuous and consistent practice for the business to curate a distinct identity in the market.
The main element is to develop the fruitful and long-lasting relationship with the target market fulfilling and exceeding the customer expectations.
The process of Brand Management involves working on the tangible and intangible features of the brand. Tangible elements include the logo, product, price, packaging, and the entire look and feel whilst the intangible elements comprises of the customer service and the overall experience that the customer has at the time of purchase and during the usage of the brand’s products and services.
One of the main functions of Brand Management is to elevate the brand equity and positioning the brand in the market as a niche as compared to the competitors.
Along with cultivating customer loyalty, it also helps the brand increase the price of the product demanding a premium plus creating a strong and positive awareness in the industry.
With the quality brand build up image, there is a competitive edge to the company.
The course of action of Brand Management involves using various marketing and promotional tools such as PR, corporate communication, social media, and digital marketing amongst others in a strategic manner.
With the elevated levels of trust amongst the customers, the strong brands have the high market share helping the company to attain the overall business objectives and goals.
An effective Brand Management lessens the risk of perceived safety along with the monetary and social risks as confidence is generated in the minds of present and prospective customers.
It provides a crucial impetus for customer engagement, handling the competition and analyzing it, and managing the overall business.
It involves a strategic plan and methodology to maintain the brand equity and make the brand sustain in the market by implementing varied creative and innovative tools and techniques that are relevant as per the current market conditions and the taste of the customers.
It also provides the knowledge and expertise to the promoters and brand managers about which product line would deem fit under the brand of the company plus the correct segregation of the target market and audience.
With the enhanced brand equity through the efficient Brand Management techniques, the brand equity works as an intangible asset for the company and it is more crucial than the price paid by the customer for the products and services purchased.
It positions the brand in the market and in the minds of the customer making the company command higher price for the offerings along with the various tangible and intangible benefits.
Brand Management has to be an important part of the organizational culture of the entire hierarchy following it in the most astute and dedicated manner at every juncture of the business.