What is Brand Management
Brand management is the process of maintaining, improving, and upholding a brand so that the name is associated with a good reputation in the marketing world. Brand management involves a number of important aspects such as cost, customer satisfaction, in-store presentation, and competition. The basis of brand management is built on a marketing foundation, but focuses directly on the brand and how that brand can remain favourable to customers. Proper brand management can result in higher sales of not only one product, but on other products associated with that brand. For example, if a customer loves one particular product of the company then he might like to try other products as well due to the brand image of the Company in customer’s mind
What is the purpose of brand management
For a brand of products to be successful in the today’s competitive world can only be created if the brand management system is competent. Brand management mostly comprises of tangible and intangible characteristics. By the word tangible we mean the product itself, its packaging pricing etc. The intangible aspect refers to the emotional connect which the consumer has with the product which leaves a very positive impression about the product
Role of a Brand Manager
Now the important role in brand management is of the Brand Manager. He is the one who oversees brand performance, from boosting the product’s value in the market and sustain it for a longer period. He has a vital role to play in managing both the tangible and intangible characteristics. A successful brand can only be created if the brand management system is competent.
Brand management in the digital marketing world.
Do you know the success mantra of most of the top most companies in the world. How they have managed to stand out in the crowd since years and are still unbeatable. How a Company achieves such a liking that the consumer always chooses your Company when he has another option of your competitor.
Then here are some little known tricks that some of the biggest companies in the world use to turn first time customers into loyal fans. Reputation is universal and here its how working for companies of all sizes.
Benefits of Brand Management
Good brand management attracts customers:
Reputation in turn becomes a sign of good quality and service to its consumers for a brand, it’s a sort of an incentive to deliver and maintain quality. Strong brand reputation simplifies a consumer’s buying decision and increases one’s trust towards your brand.
Good brand management helps during PR crises:
In the today’s world of social media one has to be very careful about his reputation. Negative news will affect the Company’s reputation no matter what big the Company is Good brand reputation management means being able to spot situations that can potentially harm a company’s reputation and escalate into reputation crisis.
Web and social media monitoring tools can help in identifying such threats. Yeah, but what makes a threat a threat?
A disappointed customer will lead to serious loss to the Company’s reputation. With the increased use of whats app and other social media channels negative news spread faster than good ones.
It sometimes happens that industry news or experts may negatively review your product or service which can put your company in a bad light this is where web and social media monitoring tools are irreplaceable.
Adjust Your Strategy
How? Simply, know what consumers want.
In order to survive in the competition one has to know the needs of the customers and to encash those needs in the best possible way
A good brand manager keeps an eye not only on the social media conversations of his Company but also of his competitors. He tries to figure out what changes will help him in his product in order to overcome the negative comments and increase customer satisfaction.
Increase Brand Awareness
We have understood what a good brand image will give us. It gets converted into good profits. Hence a Company needs be constantly working on improving its brand awareness and image.
One has to approach social media influencers in order to get benefits of word of mouth. Influencers and brand ambassadors interested in your business spread a word across their fan communities. More people hear about your business and your brand awareness increases as the influencers are well versed with such skills and they a very important role in increasing brand awareness
Monitor Your Competition
All the efforts will go in vain if one does not monitor the performance after putting in all the above efforts. There are tools available to measure them and a good brand manager is the one who will analyse the available data and find out ways and means to overcome the gaps and encash the best results in good business
Engage Your Community
Good brands should be quick in responding to its customers on the social media community. This will keep the consumers engaged and also they will have a feeling of being a valued customer as all this comments and concerns are addressed promptly. In social media getting the engagement of consumers is easier as they use the official handle for communication. However it becomes challenging for companies where consumers go without the official handle for their feedback and concerns. Here to engage the community is a tough job
In business, people certainly judge the book by its cover and that book is your brand reputation. It’s absolutely crucial for your market presence to have possibly the best brand image as it draws customer attention and increases profits.