Brand management is a process of creating, managing, maintaining, modifying and glorifying the identity of the company or a brand to produce the leads, have positive interaction and impact on the market and audience and drive traffic to the website or the page. The brand management helps the business or a company to attain the brand image or value, trust and create awareness among the audiences.
The brand frequently changes or modifies as per the needs and preferences of the people. It provides a visual identity and creates an impression on the business. It is a necessary practice for any business to make profits, achieving brand trust and gain the leading position in the market and among competitors
Key features of Brand Management
- Brand Name: the brand name is the first identity of the business and it should be created in such a way that it reflects the business objective of the company and customers will remember the brand.
- Brand Awareness: educating the audience or a targeted group about the company or a specific brand is the brand awareness.
- Brand Identity: the brand identity is the visual part of the brand which the customer will see and recognize the brand with those visuals, logos, slogans, taglines, packaging are the features of brand identity.
- Brand Loyalty: the trust brand created among customers or their preference of a specific brand over other competitors are considered as brand loyalty. This will easily help the companies to overcome the crisis.
- Brand Image: this refers to how the customer gives preference and looks at the products of a specific company.
- Brand Recognition: how the audience recognizes or remembers the brand is considered as brand recognition. Brand management helps to create a positive brand recognition.
- Brand Value: how the customer perceives or gives priority to the specific brand among the users is the brand value of the company. Brand stands for its values more than the products or services.
- Brand Consistency: consistency is the key to grow in a positive manner, more the consistency higher the chances of getting recognized and growth. Brand consistency is understood as the regular updating and communication between the audience or consumer and the company representatives to increase the value of the company.
Benefits of Brand Management
Brand management is beneficial for the business growth and consistency. It also creates brand awareness, value and trust among the audience. Here are some of the major importance of brand management.
- Growth: It manages and improves the quality of overall brand or a company that helps the company to nourish and grow.
- Customer loyalty: brand management creates an emotional connection between the business and the customers and gains their loyalty, so they prefer the specific brand over others.
- Brand awareness: the brand recognition among the customers can quickly be generated with the help of brand management.
- Uplift the brand value: brand management assists the businesses to enhance their brand value among audiences which may gather new customers to the business and grow sales.
- Risk management and crisis management: brand management not only focuses on maintaining the brand or company’s image or value, it also assists the business to manage and resolve the crisis in the company to regain and achieve the high value and image of the brand or the business in the market.
Brand Management Strategies
Brand management strategy is a long term process. As a saying it is easy to build an empire in a day but managing and maintaining it takes a lot of effort and time. Therefore, the company requires an effective, consistent and continuous strategy to manage and increase the brand value and reputation. Here are some of the common strategies followed by the businesses or companies to uplift the image of the brand and enhance the market value of the brand or company.
- Focus on brand value: the brand requirements and value in the market help the company or business to calculate the depth of the market, differentiate the brand with competitors and keep the latest updates for the growth of the brand.
- Brand objective: setting the brand objective is a crucial part of management of the brand. It assists the organization or a business to set a goal and help them to proceed according to the objective and keep the progress on track.
- Brand positioning: position of the company or brand image, services or product in the market in such a way that it will be differ from the competitors and place a positive image for customers and influence the consumer’s mindset to remember and recognize the brand positively. For example: there are several cold drink companies but Coca- Cola made a remarkable management strategy that people give more preference for its product than others. In India they even influence the market and increase the overall sales and marketing strategies with one of its popular slogans ‘Thanda matlab Coca-Cola’.
- Listening to the customers: taking feedback and suggestions from the customers is advised to perform the management smoothly as it helps the business to create brand trust and uplift the performance and brand image.
- Brand campaigns: run brand campaigns and advertisements to inform the people about the brand and the need of the brand in the market. It will also assist the business to understand and increase the reach of the brand and interest of the public in the brand.
- Create brand identity: the visual identity of a brand is referred to as the brand identity. Which assists the customers to understand and pictured the brand. It contains logos, pictures, taglines.
- Monitoring the brand performance: monitoring the performance of the brand will assist to understand the customer’s perception and preference.
- Maintain brand equity: maintaining and improving the brand equity varies on the value of a brand in the market or depends on the customer’s preference.
- Brand launch: before launching a brand focus on educating the consumers, organize the event and managing the launch as per the market conditions.
Type of Brand Management Strategy
Brand management strategies are divided as per their group or field of upliftment. Here are some of the types of brand management strategies on which a company’s growth depends.
- Product Brand Management: focusing on managing and marketing a specific product of the brand. It is generally done to draw attention of the consumers in such a way that the product itself creates an image of a specific brand.
- Corporate Brand Management: highlighting the development of the brand and the complete image, recognition and reputation of the company.
- Service Brand Management: to praise the brand in terms of its services or the company services than its physical product.
- Personal Brand Management: this section of brand management focuses on enhancing the image of individuals such as celebrities, industrialists, professionals.
- Digital Brand Management: concentrating on positioning and managing the company or business on the internet or online presence.
- Crisis Brand Management: managing the brand reputation and recognition during risk and challenges is described as crisis management.
- Global Brand Management: uplifting the brand values with the help of brand management across the globe or the global recognition of a company is considered under global brand management.
FAQS
Why is brand management important?
Brand management is a method to construct a secure and trustworthy value or image and generate sales and conversions in the market and among customers. Businesses are required to manage and maintain their brand value and image in the market and among audiences or consumers with time. Thus, the companies needed the brand management strategies to reach the preferred results.
What is the scope of brand management?
The scope of brand management is to educate the audience or consumers to create interest for the company’s services and products; additionally, it is also required to produce sales and conversions across markets and understand the needs of the customers.
