8 Essential Elements for brand management
Brand Management helps an organization by creating its brand. This brand represents the company by various attributes like unique, reliable, creative, competitive etc appropriate to that business. A good management consists of various essential features as mentioned below: • Creates strong brands that provides fewer risks and gives mental peace to its customers. Building of trust and reliability is one of the essential features. • Focuses to make the brand portfolio reach and expand various new segments and geographical markets. It helps a company to negotiate in a better way with its vendors and distributors. • Brand equities determine the company’s value in the market place so it works on increasing company’s value in the markets through brand equity. • It helps to survive a company in critical situations or crisis. Due to the quality rendered by the brand, it manages to again bring it to normal condition. • Helps in being leader in the market segment and prevents other from entering into the competition • Increase the profit ratios of companies as customer is ready to pay high price for a branded item and not for a non branded product. • It helps in presenting a unique and different image of a company. It defines and presents a point of differentiation in the functional area. It helps in establishing credibility of the business with its own tone of voice, personality and visual identity so that it could sell the products with greater credibility. • Good brand instils a sense of purpose and gives proper direction to their employees thus increasing the employee retention rate. This increases the loyalty quotient of the employees towards their company. There will be lesser problems of finding regional , local or international distributors and suppliers for a brand which is well established and known for its name. Brand Identity is constructed by business itself. It is the way in which a business wants its users to perceive its brands, not essentially how it is actually perceived. A modern example of a it is Coca Cola which belongs to the Coca-Cola Company. Various elements make up an identity of a company. These items can be defined as • Name of the company, • Its Logo, • Tagline, • Representation of Visual Identity – Can be hard corporate like identity or friendly, creative and artistic nature • Dialogue: Does only company speaks on the site or it also welcome opinion and response of their customers. In other words is it a one way or two way communication. A two way communication is always recommended and makes a good image. • Overall Graphics including header and footer images,
• • •
Shapes of the graphics Colours used on the webpage and Sounds or audio played in the background.