Is Brand Management necessary ?

Before talking about what is Brand Management. Let’s understand what does a brand mean first.

What is a brand?

A brand is an identifying symbol, mark, logo, name, word and/or sentence that various companies use. They do so to distinguish their product from others. A combination of those elements are utilized to create a brand identity. Legal protection given to it is called a trademark.

Importance of branding
  • Reducing the risks in product decisions.
  • Branding also gets us recognition.
  • It also increases business value.
  • Generates new customers.
  • Improves employee pride and satisfaction.
  • Creates trust within the market place.
  • Branding supports advertising.
  • It’s the source of competitive advantage.

It’s said that every brand has its own story of how it has evolved into what it is today. Let us see the journey here in the picture.

  1. Appealing format
  2. Frame it well
  3. Data driven approach
  4. Emotions
  5. Innovative
  6. Real customers
  7. Why the brand exists
  8. Consistency
  9. Lessons from failures

“YOUR BRAND IS THE SINGLE MOST IMPORTANT INVESTMENT YOU CAN MAKE IN YOUR BUSINESS”

By Steve Forbes
What is brand management?

Brand management its the process of managing your brand reputation . It also improves your audience’s view point of your brand. We do it in a way that builds brand awareness, equity, and loyalty.
Branding is the process of building one’s brand. Brand management is the process of monitoring and maintaining the brand.

Principles of Brand Management

Brand management includes the tangible and intangible characteristics of brand.
In product brands, the tangibles include the product itself, price and packaging. While in service brands, the tangibles include the customers experience.
The intangibles include the emotional connections with the product or service.

Brand Awareness

It is how familiar the public and the target audience is with your brand. Consumers can’t engage or buy products or services from your brand if they’re not aware of it. To solve this issue brand awareness is important.

Brand Equity

It is how consumers value your brand on their experiences, perceptions and associations. Importance of brand equality is that a valuable brand can support higher prices. It can also increase your merit among investors, shareholders and potential buyers.

Brand Loyalty

It refers to how your customers and followers engage with and buy from your brand. We can increase our customers by focusing on satisfaction and relationship. Its importance is high as it creates brand ambassadors who do the marketing for you.

Brand Recognition

It is how well a consumer, can recognize your brand through our logo, tagline and packaging. He does so even without seeing the brand name. By recognizing and recalling your brand, consumers keep your brand top-of-mind. They are also more likely to choose your brand above the competition. This is why brand recognition is very valuable.

Brand Reputation

Brand Reputation refers to how the audience perceive the character, status, and quality of your brand. It is very important because it can be some customers first impression of your brand. Many factors can influence the reputation.In Internal factors (customer service, product quality, etc.). While in external factors (customer reviews, news mentions, etc.).

When done successfully, brand management can:

  • Increase your brand awareness
  • Allows you to charge extra for your products or services
  • It can influence your audience’s buying decisions
  • Builds customer loyalty
  • Increases the sales
  • Creates a happy customer that become brand advocates
Conclusion: 

Brand management is important for the success of every organization. We also know that strong and successful brands are not built by marketing alone. For that reason it requires every employee to play a role. Above all we have the same goal i.e. to build a brand that is different, unique and also profitable.

Want to know more on Online Reputation management. Click here!!!

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