29 Jul Why is Brand Management Important?
Every marketer knows that Brand management is important, but not everyone agrees on the reasons. That’s because the strength of your brand is dependent on customer perception, and influencing how you’re perceived by a market is extremely complicated. To build a brand that customers choose over competitors, you need to start with a clearly defined brand vision, organizational self-reflection, and company-wide discipline.
What is Brand management?
In marketing terms, brand management is a series of techniques used to increase the perceived value of a product or service. Effective brand management builds loyal customers through positive brand association and has a positive effect on your bottom line. Additionally, strategic brand management can help companies improve brand recognition, boost revenue, and achieve long-term business goals. Brand management encompasses more than just the aesthetics of a brand. It involves management of an organization’s brand identity, or “all elements that a company creates to portray the right image to its consumer.” This includes packaging, press releases and public relations, customer service, event management, retail experience, how executive leadership styles are expressed in the news, or any other “touchpoints” with customers throughout a brand experience.
Importance of Brand management:
In a world where consumers make decisions on brands at the blink of an eye, companies must be prepared to have influence over the public’s view of them. In fact, many businesses will succeed or fail based solely on their ability to successfully market their brand. Developing a strategic brand management system to manage your brand equity requires a clear and comprehensive understanding of three things: the brand itself, its target market, and your company’s overall vision and goals. A good relationship with your target market is a must for brand management. If you have bad branding, it will be reflected in weak sales, poor client retention, and sluggish growth. To be effective, brand management must fully look after your brand, using marketing techniques in a way that ensures the entire brand is highlighted, taken care of, and promoted. Ultimately, it’s about making a commitment to your customers and then delivering on that promise. Brand management is aimed at continuously developing a positive perception among your target audience about your company. Every aspect of the marketing and content strategy must be aligned with your brand and what it has to offer.
No matter your brand’s industry, age, or size, brand management is instrumental in continued success as:
- It drives brand growth forward
- Allows Brands to Adapt rather than die
- Improves brand resilience and recovery
- Boost competitiveness
- Improves decision making and planning
- It takes a smart route rather than a long one
- It increases brand equity
- Controls the company’s recognition
When you think of brands, which ones come to mind? Coca-Cola, Starbucks, McDonald’s, Walmart, Apple, Nike. Millions of brands populate our world, but the true test of their longevity and resilience is brand management. Without brand management, none of these brands could have achieved the lasting success they have.
Brand management is vital to the success of every organization, and smart companies know that strong brands are not built by marketing alone, but require every employee to play a role. While each brand management strategy is different in terms of resources and execution, the goal is the same: to build a brand that is distinct and profitable. Consistent messaging across every marketing channel will ensure that when people think of your brand their perception is right in line with how you want it to be perceived.