Brands have been growing in number in the business world, which has surprised many. The word brand management has been seen in most browsing histories these days.
To be a respected brand, you need to have a robust branding process in place.
Let’s discuss how to do brand management and what all you need to know.
What is branding in marketing ?
“It’s the culture that creates a brand,” says Tony Haish, Founder of Zappos. “It’s a gut feeling about a product, service or company”. There are usually words, numbers, or other characters that make up a company’s brand, but it’s not just that. It’s what makes a commodity identifiable and attractive.
What is brand management ?
Brand management shapes the perceived value of a commodity. The function is to increase perceived value collectively and systematically. It cannot be isolated from the main business or product management as a supplementary task.
The How does Digital Marketing effect Consumer Behaviour and brand is important nowadays. In order to maintain the brand image, businesses must maintain their digital brand strategies as well.
What is strategic brand management ?
Companies create strategic branding to achieve their long-term business goals. It will help brands maintain their standards and align their management efforts with a collective goal.
4 reasons why Brand management is important.
Here are the 4 reasons why we should implement brand management in our business. Strategic branding can skyrocket your brand image.
- Product recognition
Without a brand logo, a product is just a commodity. It’s cheap and untrustworthy. When you add a brand logo, it becomes a brand. It builds brand equity, brand identity, brand name, and brand awareness.
If you want to upgrade your brand in case of low brand image, you might have to rebrand. To do that, you need a strategic brand management strategy there. After all this branding activities, your product will get identified by consumers and as per your brand design. - Brand loyalty
The brand design and the brand culture attract customers. Those who like a particular brand along with its brand culture will remain loyal. Brand loyalty is very important because it saves cost through retaining customers and increasing lifetime customer value.
The brand loyalty can’t be purchased but it can be nurtured through a brand design and digital brand management these days.
According to trends, UGC is the most effective way to appeal to the exact customer group and build brand loyalty. read further here on 8 benefits of UGC for marketers - Brand growth
Sustaining a business requires growth. When a brand remains the same, it is actually fading. In order to grow a brand, certain brand management strategies must be employed, such as,
•Line extension
•Brand extension
•Multi-brands
•New brands
No matter what strategic branding method you use. This should help the current brand rather than compete with it. - Workflow efficiencies
To provide consistent value to each of its customers all over the world, a brand will have a specific brand architecture. Thus, the workflow will be effective and efficient.
From hiring to firing, it will provide strict standards, and you may be able to use it to reduce the cost if you play your cards correctly.