Key Principles of Brand Management |
The marketing of a certain product or brand in order to increase the popularity among the consumers with an intention to increase the sales and market share is known as Brand Management. It is commonly used to increase the value of a certain product over a period by using different techniques of marketing.
If you have done a great job in brand management then you would be able to let the price of your product or brand rise higher and build loyal customers by maintaining a positive image and brand associations and creating awareness among the people. The marketing of a certain product or brand in order to increase the popularity among the consumers with an intention to increase the sales and market share is known as Brand Management. It is commonly used to increase the value of a certain product over a period by using different techniques of marketing. If you have done a great job in brand management then you would be able to let the price of your product or brand rise higher and build loyal customers by maintaining a positive image and brand associations and creating awareness among the people. There are however, many categories of brands in the industry of marketing,products that are expensive are known as premium brands. On the other hand, the brands that havecomparatively cheaper price but claim to be of good quality are known as economy brands. If a competitor of a product comes out claiming to be of superior quality then a new brand or product deemed “better than ever” before May also is introduced. You can download brilliant presentation slides on brand management and strategy here. Most of the marketing people consider a brand as a promise to the users that the quality level that people expect out of it would keep increasing with the passage of time. By making and fulfilling such promise, the companies end up increasing their sales with their competitive products. Moreover, if the quality and valueof the product is perceived to be greater in eyes of consumers then the manufacturers could also increase the price of product to get more profit. The word “promise” to the marketers means to define and position the product and brand in the mind of consumers. The good brand is always desirable and memorable because if the users could not remember a certain product then it would be of no use and would not be able to bring profit to the company. That is why brand management is considered to be the most difficult element of branding but important at the very same time. The basic purpose of brand management in a company is to create an emotional connection of the brand to the consumers. If you are capable enough to create an effective and memorable image of your product in the mind of consumers, then the profits your company could earn would be unlimited. However, five pointers could be used in order to make sure that the brand management of your company is sound and effective. Brand Equity: If you have become successful in creating a unique and memorable identity of your product in the mind of consumers then you already have gained competitive advantage. If you have strong competitors then you could also use price reducing or free gifts sort of campaigns occasionally to attract more customers and creating emotional connections. You can download brilliant presentation slides on brand management and strategy here. Consistency: You need to ensure that the promotional campaigns and strong brand awareness that you are doing is consistent with the philosophy of the brand. It would help you to leverage off the common identity you had and create a unique identity by creating familiarity in the consumers. Strictness: The individual targets are achieved by the individual product managers and would different effective strategies in trying to gain profits. By doing so, many managers tend to forget what exactly their core brand philosophy is. Therefore, you should be strict enough to avoid any creeping because if you don’t then the customers could lose their trust over the product and won’t identify your product anymore, thus, making your brand to suffer. The changes: If you start realizing that the brand you have built is clashing with the objectives of company then it is important for you to know that it’s time to bring changes rather than being stuck in the middle of problems. If the brand equity you have built is based on a different concept then it would bring no good to strategically move one place. Therefore, you should always try to keep the brand philosophy and strategic objectives should always go hand in hand. Extending brands: Many companies make mistake of linking to many products or sub brands to a core brand proposition. Because of this marketing approach, the core message gets dilute because audience gets confuse and fails to feel an emotional connection to the brand. Therefore, you need to ensure that you are not doing the same mistake. If the existing core brand fails to add value and the audience that you intend to target is specific then it is always best recommended to create a new brand rather than combining it with the core brand. Thus, brand management should always start by making the objectives and goals clear that what your company needs to achieve in a specific period. You should also have a fair idea about the demographics where you plan to penetrate the brand and the strategies and techniques that could be used in order to make your brand appealing. You could also create a brand value that is resonating with the values of your company or brand management. You could use a unique and attractive logo to make people aware of the product. Beautiful and bright packaging also makes customers like your product and maintains a particular position of your brand in their minds. By doing so, you would be able to increase the familiarity, popularity and connection of the brand you have developed with the customers and you would end up making increased rate of profits more than you imagined. However, you need to keep monitoring the marketing team of your company to make sure that the things are being implemented and carried the way they were planned and necessary steps are being taken to increase customer satisfaction and expectations at the same time. If you are a good brand manager then you would be aware of all the things that might be going on and would have a firm control over them. You can download brilliant presentation slides on brand management and strategy here.
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