Branding can be tricky, sticking to what you think works for your target audience until you realize it doesn’t work unlike before. Building a successful brand is one thing. Keeping it that way and maintaining that level of success is another. This is where Brand Management comes in.
About 80% of marketers say branding is the most crucial factor in overall brand growth. The majority of marketers also say that brand awareness should be a priority in every Marketing plan. Here’s everything you need to know about Brand Management and how it can help your business growth.
What is Brand Management?
Brand management is the process of developing, implementing, and maintaining a strategic plan for the marketing and promotion of a brand. It includes managing, coordinating, and overseeing all aspects of branding for a company.
Branding may involve product design, advertising, public relations, packaging design and development, sponsorship deals, licensing agreements, etc. The goal of brand management is to create a consistent image in the minds of consumers.
Brand managers are responsible for developing and executing marketing campaigns that will increase awareness of their brands with current customers while attracting new ones. They are also tasked with building strong relationships with external stakeholders such as suppliers or retailers who can help promote their brands.
Creating a brand is just the beginning of brand management. As the world-renowned entrepreneur and billionaire Richard Branson says, branding “demands commitment… to continual reinvention”.
In other words, brand management is a non-stop process. As a business owner, it is your responsibility to be on constant track with the latest market trends, make sure you won’t be left out, and be ahead of your competitors.
Elements of Brand Management
These elements need regular assessment which will ensure successful brand management. Here are the 3 important elements of brand management and why each of them is important:
Brand equity is important because it establishes brand value through its impression, perception, and reputation.
Customers tend to trust a brand based on their perception of its product or service, regardless of its price.
As a result, most people would still prefer a known brand that is slightly more expensive than a lesser-known brand that is cheaper. Most customers don’t mind paying for these products or services due to their established brand value, which is exactly what brand equity is.
As the name suggests, brand recognition is when people recognize your logo or tagline without seeing the brand name. This also typically uses a visual element such as a slogan/tag lines, logo, color scheme, packaging, and even ad jingles.
These elements can be powerful enough to define the brand and help create a strong connection with the target customers.
Brand loyalty is when a customer stays loyal to a certain brand through the test of time. It is often interchanged with customer loyalty, which is two different things. The latter involves a customer buying a product or service because of its certain quality.
On the other hand, brand loyalty involves customers buying a certain brand simply out of loyalty. Yet, being loyal to a brand means they are satisfied with it and stay that way through the years.
In return, brands should keep working hard and be consistent or even level up their product or service quality to ensure their customers stay loyal and do not stray away.
Benefits of Brand Management
Your brand is not only about the business name. It also involves building a positive reputation and being always on top of your target audience’s minds. Every business needs good brand management so you can:
- Ensure long-term customer loyalty
- Enhance pricing leverages
- Increase brand awareness
- Generate more sales
Marketers and business owners need to understand how Brand Management works and why it is important when running a business.
There is no such thing as a template or a cookie-cutter pattern in Brand Management. Every business has its unique needs and has to be managed uniquely so it would work.
Brand Management Tips for 2023
Brand management is not only about making your brand popular. It also involves creating groundbreaking plans that will put your brand on a pedestal and stand out from the rest of the competitors.
Here are tips to help manage your brand better and make it succeed in the long run:
Use your USP to elevate your brand.
A brand’s unique selling proposition or USP is a branding element that makes you stand out from your competitors. Take the tagline examples from Nike’s “Just Do It”, or Guinness’ “Guinness Is Good For You”.
To create an iconic slogan, understand where your product is positioned in the market. What makes your brand stand out from the competition? Is your product cheaper than the leading brands?
Whatever you come up with, take note of those. It will help you identify your USP, and ultimately, your tagline. It will then serve as a backbone of your marketing campaign – and take everything from there.
Take brand assets seriously.
Your brand assets should be taken seriously if you want to ensure a successful brand management strategy. These brand assets every business should have are the following:
Your message should express its specific ideals and values, and tell a story that brings light to your brand. To achieve this, you should be able to understand your audience. Your brand messaging should be aligned with your tagline and what you want to communicate to your target audience.
Social Media accounts
It is also crucial to choose the right platform that will help communicate your brand message to your audience. Whichever social media platform you choose, ensure to stay true to your brand message. Each social media page should have the same personality, ideals, and values you intend to communicate to customers.
Many brands often make the mistake of ignoring the power of a website or app. All calls-to-action should lead to your website. Since you are doing business and you take your business seriously, your official website (keyword: OFFICIAL) should look professional and has a user-friendly interface and features.
Branding can make or break a business, that is why business owners should learn the art of brand management. The better your brand management strategy is, the farther your brand will go. More people will patronize your business and stay loyal to your brand.
The abovementioned tips should help you create an effective brand management campaign to ensure your business stays strong now and in the years to come.