What is brand management and how can you do it effectively?
If you have a brand, brand management is crucial part of its success.
Think about walking through a department store. You are surrounded by different brands, products and sales. Inevitably, your senses are overwhelmed. The first place you go is to the brands you already know and trust.
You might not know it, but you end up at the Apple counter instead of another because your brain instantly recognized and trusted their design. Or you reach for the Coca-Cola at the till instead of the sugary new brand next to it because you know what to expect. As you step out, you choose a quick Starbucks instead of trying the greasy spoon next door. You can guess why.
What do all these brands have in common?
It’s a well-known fact that building a brand is only the first step in the long staircase to success. Brand management is the rest of it. It comprises marketing strategies dedicated to maintain, grow and create awareness around the brand and products it offers.
Good brand management results in close relationships with its audience, increasing its brand equity.
What is brand equity?
Brand equity is the broad value of a brand. Not just in financial and liquidity terms, but in its perception. It includes:
- Brand awareness
- Brand loyalty
- Customer experience
- Customer perception
It may seem subjective. But effectively, brand equity is the value a company has from its name. If a brand becomes the first choice among consumers (even when it’s next to generic, lower priced brands), it enables the company to increase price points and therefore, increase their revenue.
Brand equity is as tangible as financial returns. Management allows you to build and protect your brand equity.
Brand management strategies
Go over the basics
- Visual identity (logo, colours, visual elements)
- Tone of voice
- Mission and vision
- Target audience
Create brand guidelines
Understand your story and value
Use a brand management system