Brand management is basically a marketing technique used to promote a product, or brand through various means. Brand management makes your product unique which attracts customers. Brand management starts with the common understanding of what exactly a brand means. Brand management is headed by the top level professionals in an organization who actually define and create the brand. This is further taken by marketing professionals who interact with customers and can analyze how the product can be applied. To make your brand or product famous, you need to apply some branding techniques which can be well executed by frontline marketers. Every single organization spends millions and billions to make their product famous amongst customers. It is evident that strong and famous brands get better revenues and higher amounts of shareholder value in comparison to small and weak brands. Branding increases the longevity of a product in the market, size gives them economies of scale, and a diversity of products gives them protection against down cycles.
Brands are basically treated as small businesses within a company and brand managers act as owners of these small businesses. Brand managers are responsible for all the branding essentials such as regulating the competition that is found in a particular brand category, developing new strategies to promote the brand and their implementation, and delivering the sales volume, market share, and profit projections for the brand. The value of the brand is determined by the amount of profit it generates for the manufacturer. This can result from a combination of increased sales and increased price, and/or reduced COGS (cost of goods sold), and/or reduced or more efficient marketing investment. An organization must keep a pace with the increasing competition in the market for a specific brand.
Brand management helps customers to feel confident about the quality of particular product and that too it holds the promise that it will continue the same. Brand management helps both consumers as well as manufacturers. Customers can identify the source of a product, reduce search cost, reduce risk, develop a promising relationship with the manufacturer of the product, quality and many other thing with a brand. On the other hand the manufacture will get various benefits of a brand such as signal of quality to satisfy customers, help to protect the unique features legally, updates for competitive advantage, regular financial returns. With so many benefits of a brand, a manufacturer can certainly present a new product in the market which will be welcomed by the customers of the existing brand without much questions.
There are various marketing techniques to promote a product and to establish it as a brand in the market. Among others, internet has become the most widely used marketing place these days. E-marketing is the most widely used internet marketing technique which makes a brand even more powerful. One can use various online marketing techniques such as SEO, SMO, and others to promote a product. Search engine optimization(SEO) has become an effective means of online marketing as it helps to improve the ranking of your business on major search engines. Thus it increases traffic to your website which in turn makes your business lucrative as you make more sales through it. Social media optimization(SMO) has also become an exciting online marketing tool. Its a great place to establish your product as a brand.
A brand helps a customer to choose the best among the various options available in the market. Brands gives the confidence of long life and easy assistance. A brand stands in the market with a promise that it make to the customers, depending upon its utility, which can be represented through a slogan or a logo. Brand management helps the organization to retain their revenues. The development of a consistent brand strategy, in line with the corporate targets, is the basis for brand success. In mature and fiercely competitive markets, the brand becomes a key success factor for maintaining and committing customers or achieving and safeguarding a price gap.
The challenges that are faced during brand management includes analyzing decisive brand indicators, developing corporate strategies for brand target, target positioning, comparison of planned targets with the operational targets in the brand management system, optimizing marketing for brand, brand reporting steering and controlling, integrated marketing, and much more. All these factors are crucial for brand management.
You should always deliver the promises that you have made at the start otherwise it will not take much time to ruin the brand image in the market. Customers are very sensitive and they purchase your product just because of huge promises that you make. You can keep their trust by providing what you said and enjoy a great brand image in the market. You can always take benefits from an established brand. In order to enjoy a good brand value one must consider these points:
- A good brand should be under a trademark law
- Easy recognition
- A brand must have unique features which helps in making it attractive
- It must be simple to speak
- Must have the company logo
- It must be positioned correctly
Make your brand a success by following brand management rules.