Brand management is a common term in marketing. It is the process of planning and analysis on how that brand is observed in the market. For a powerful brand management, they have to develop a good relationship between the target markets. The process of improving, maintaining, and safeguarding a brand, so that the brand name is connected with the positive results is the brand management. It involves numbers of significant features such as customer satisfaction, cost, competition, and in-store presentation. Even though brand management is made on a marketing foundation, it focuses the customers in which how the brand is favourable to them. A powerful brand management can result in good sales of not only one product but also on remaining products connected with that brand.
In this section, we are going to discussing the rules and strategies of a powerful brand management. There are mainly seven rules and you have to strictly follow them for a powerful brand management.
- 1) Ensure that your employees know what the brand actually stands for. If you are looking for a culture of teamwork, every employee should know and understand about your vision, your definition of winning, your brand differentiation and how the personal contributions affect the whole organization. For extending the individual work description, give them a sense of purpose. Without any sense of purpose, there is no passion and without any passion, there will not be a mediocrity.
- 2) Make sure about your brand is delivered via each phase of the sales cycle. Explain the touch points and train the people about how your brand will be delivered via each. Every people should make everything as easy at your company for every customer at any time.
- 3) Explain the brand metrics that you desire to focus on growth. What is your goal? Do you have to grow awareness of the brand? Or do you have to focus on brand credibility, brand consideration, brand understanding, or customer retention and acquisition? Since there are eighteen brand metrics, your selection must align with the business strategies.
- 4) You should aware about what is next. By giving enough capital and time, the competitors can duplicate the products and your services for making them even better. The patent must be valuable, for the innovative competitor they will motivate to influence the brilliant idea to something better, bigger, cheaper, or faster. Make a culture to support it and build a challenge to your people and yourself to come with next big idea.
- 5) Every people of your company should be in a continuous state for continuous improvement. If it is not broken, break it and build it better. If it works, make out a way to work better. How can you give more value to your partners and customers? How will you get more from your workers in terms of production, dedication, teamwork, and ideas? What are the motivators and incentives? Work hard and keep lifts the bar.
- 6) While hiring, looking for the people those are act like, quack like and think like entrepreneurs. Reward and recruit the people who know what it means to take the responsibility and ownership for everything that they do. Seek for those understand how significant it is to meet deadlines, honour commitments, keep customers happy, keep promises, and take pride for their work. Unfortunately, it is hard to find out these people, but after you find them, they will be invaluable to the whole company.
- 7) Make reviews of your brand performance in every 12-18 months. This is just for a good business practice. If you rebranded the company in the last year, assign a date with the senior leaders to ensure the brad is going well and the metrics are improving. If they are not, understand the problems, build appropriate changes, and hold the people accountable.
Now we are going to discussing the strategies of a powerful brand management. There are mainly five strategies for a good brand management:
- Individual Branding: – This branding is highly useful for numbers of large companies that provide wide range of goods. So many of the products in this brand is compete for head to head. This strategy permits minimum risk of the parent organization and which is being hurt by an individual brand and permits the sense of competitions between the brands.
- Multi–product Branding: – Multi product branding permits companies like Apple, Samsung, Sony and Virgin to focus the loyalty of the consumer in the parent brand. By doing like this, the investment in this branding will boost the brand across all products. This will creates some efficiency in the promotion of the brand, but connects all the risks and positioning to that single brand name.
- Sub-branding: – some of the cross between the multi-product and individual branding, sub-branding allows a company to make relatively high sub-brands for the assigned group of products.
- Co-branding: – As the name indicates the companies work together on the projects and follow branding together. For example, Google is co-branded with Samsung products and so each organization will get the benefits from each other’s consumer base.
- Ionic Branding: – Ionic branding is all about making a person. This will tends to come up with stories, building a community and establishing a counter-culture. This type of brand management is extremely difficult to accomplish and complex, but which can build a powerful and reliable following.
As you know, your brand is your main assets, since brands are the reason behind the existing of a company. You will begin to witness a new power and excitement within the organization filled with the employees who will fight with good fight which helps you to win.
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