What is the Importance of Strategic Brand Management?
What Is Brand Management?
Brand management is the development of brand perception in the market. Constructing a positive relationship with the target market is vital for brand management. But it also encompasses all aspects of the customer’s brand association and relationship with the purchasing process. This includes tangible elements of a brand.
Who is impacted by brand management?
Branding and brand management is more than a marketing thing. If your brand only aspires to mimic the visual styles of the most successful brands, you’ll miss the opportunity to connect with an audience uniquely. A brand should be embraced across the business. As the ‘brand guardian’, brand managers maintain brand integrity across all company marketing initiatives and communications, and may manage a portfolio of products.
When your brand is embraced across the organization, everyone wins.
- Marketing has an easier time communicating the value of your products and services.
- Sales receives a pipeline of leads that better understand the value you provide.
- Prospective customers have a better understanding of what to expect from your business.
- Current customers feel confident in their decision become loyal to your business.
- Prospective hires will be drawn to your culture.
Why brand management matters:
1. Inspire a positive brand perception
Customers will recognize your company, your product, your service and your status through your brand. You can build an incredible brand through messages, images and ads but whether you realize it or not, your company is creating this reputation with everything that you and your local affiliates do. So you need to make sure you are consistently living up to your brand promise each and every day.
2. Know who you are
Positive influence starts with knowing who you are and what you stand for (your brand essence), which is no easy task. You need to ask yourself difficult questions, gain consensus about your organizational values and traits, and activate your brand across teams, locations, and channels.
To make sure everyone is on the same page about who you are, ask your leadership team these types of questions:
- What three words would you use to describe how your organization should always behave? And what three words describe how you should never behave?
- Who are your top competitors today?
- What are three meaningful stories you can share with your audiences that truly encompass the essence of your brand?
3. Develop Your Brand Internally
It’s critical to collaboratively ideate and evolve your brand from the inside. Get buy-in from other departments and external stakeholders. This helps you incorporate other views into the brand, which you may have overlooked. For example, the Product team knows how customers use your product. Incorporate this information to simplify the buying process.
4. Measure brand perception
How do you know if you’re managing your brand successfully? You have to talk to your customers and employees. Present them with your brand messages and ask them what they think. Try to get at:
- Message resonance – Do they understand who you are and what value you offer?
- Brand recognition – Can they describe what market you’re in and what you do?
- Brand loyalty – Would they recommend your product or service to others?
- Culture confidence – Do your people know your core values and brand essence? Do they know where to find your brand guidelines, templates, and tools?
A company’s brand is its corporate image and a huge deciding factor of business success. From the customers’ point of view, your brand is a reflection of your company and an indication of what to expect.
The stronger your brand, the more likely you are to be recommended by your customers. However, the chances of customer endorsement is low when your brand is not significant enough to be remembered.
Want to learn more branding strategies? Premium School of Digital Marketing provides Best Brand Management Courses in Pune with affordable Fees.