All That Brand Management Contains.
In business management, a lot of emphasis is placed on communication and advertising. In order to be heard by the people businesses need to resort to meaningful communication. Prospective clients sit up and take notice of your firm if they find a unique factor in your products and services. What gives your business that one-of-a-kind attribute? It is branding. It is the customer perception about all that your company stands for. Branding is perpetual and is referred to as an experience. For example, a customer feels a sense of contentment by the professional and after sale services he receives from your company’s executives. This is one facet of brand management. It is the sum total of carefully strategized public contacts a firm makes with its potential buyers and existing customers. Understanding The Two Dimensions Of Branding Brand management deals with laying a foundation, establishing and maintaining the brand of a company. It helps position the brand in the market. The efforts that go behind managing a brand assist a brand in finding its niche place in the industry. This includes managing both the tangible as well as the intangible aspects of a brand. Where the tangible features include packaging, labeling and logos, the intangible characteristics comprise of customer experience. The efforts place thrust on instilling confidence and faith in the potential clients and buyers. A brand manager supervises the management of a brand to build the brand image in the market. The elements of managing a brand are: • Brand personality • Brand extension • Brand positioning • Brand association • Brand equity • Co-branding • Brand awareness • Brand name • Brand image • And customer equity Brand identity is the mainstay of the concept of branding. It is the focus point of a brand’s strategic vision. It means how a company wants the industry and the market to identify its products and services. It is a spectrum of facets like color, taglines, logos, symbols and design. Besides it also tries to target market sentiments like customer feelings, emotions and expectations. It represents the face and individuality of your business. Through this, customers and prospects come in contact with your firm’s ideologies and principles. The positives of this are as follows. • Profitable financial returns • Brand preference • Brand reliability and loyalty • Brand credibility • Positively motivates employees • Increased brand awareness • An edge over the competitors • An integrated system of communication between company and customers