What is brand management for you?
- October 22, 2018
- Posted by: Subash Chandran
Brand management is one of the major things to keep in mind if you want to build your distinct reputation as an enterprise with a distinguishing personality. However many entrepreneurs have their own notions about brand management that may or may not be right so it should be great to discuss the same in details:
What is brand management?
In simple words, brand management refers to managing and streamlining various exercises to build the corporate identity on various factors that distinguish you from your competitors. With the help of branding, you can define the personality of your business and tell the people what is the profile and work areas of your business and what are the professional and social responsibilities or ethics it follows.
- The brand management strategies are geared towards leaving an indelible and long-lasting impression on the customers and makes a subtle yet quick connect with the branding explains the reason behind the origins of your business and what do you aim to achieve with your presence. It helps the customer is determining the value they can expect while doing business with you as a stakeholder.
- The influence of branding exercises expands beyond just customers and also touches the other stakeholders of your business like partner’s employees, business associates, and various other levels. In short, branding is the flesh, blood, and soul of your business. So doing business without building brand means building a house without first laying the foundation.
Brand management vs marketing
Brand management refers to the efforts that focus on creating a loyal series of devoted clients, patrons, and supporters. Marketing is the process and efforts geared toward reaching potential clients in the most effective manner and convincing them to buy your products. In other words, we can comfortably replace the term branding management with organic publicity – give or take a few aspects. Likewise, there are multiple differences between marketing and brand management:
- The results of marketing efforts are easier to compute and within a reasonable period of time, you can calculate the RoI of your efforts. On the other hand, it is more difficult to calculate the impact or RoI of branding exercises and you need to be more patient before you are able to calculate the real impact of your branding exercises.
- It is like sowing a seed and wait to see if it really germinates but the buck does not stop there. You also need to offer the best support and supply a constant supply of resources to it throughout different phases of growth until it becomes powerful enough.
- While your marketing is affected by the product-specific aspects (costing, quality, after-sales service, etc.) the branding is impacted by a wider number of organizational aspects that involves product-specific factors, brand values, CSR, media engagement and even the media perspective of the key figure like CEO or president. So there are comparatively very few aspects that affect the marketing exercises while the branding exercises are impacted by nearly every aspect of your company.
- The multiple layers (i.e., aspects) involved in the handing management exercises strengthen the end results. If done properly the impact of branding exercises can endure years or even decades. The examples include Microsoft Corporation, Nestle and Johnson and Johnson. These conglomerates are still reaping the benefits of their branding exercises and even the occasional “jolts” cannot harm these brands due to their deep-rooted branding image.
Real life examples
- Maggi a nestle products had suffered deep losses in India a few years back due to media reports that gave rise to the health concerns but it has bounced back and much credit goes to the deep solid roots of its branding exercises.
- However, any other brand that might have gained a competitive advantage with the help of pure marketing exercises would have found a difficult time to prevent there once forming impacted by these occasional negative impact.
- The branding is more demanding than marketing. If the marketing efforts go wrong, it will not really take long to rectify the same but repairing the negative impact of branding is more difficult and in some cases nearly irreparable.
How do marketing and branding complement one another?
As already discussed it could not be easy to demarcate the difference between branding and marketing. Both of these exercises are geared towards explaining the audience about the returns they can expect from your business and offer them a definite and logically agreeable reason to prefer your products over your competitors. So marketing needs a strong brand to leave a solid impact while the branding needs a strong marketing plan to remain viable in the long run of the period. Building a house without foundation would not be strong enough to bear the extremities of the climate or geography while laying just a foundation without building a house does not make any viable sense. In other words, the branding makes you qualified to prove your mettle but it is the marketing that helps you realize the real-life potential of your qualifications.
Brand management strategies
There are various strategies that can be employed to strengthen your brand management exercises:
- Develop your USP: It is important to recognize the best selling point for your product and service and present the same in a compelling manner to help increase the sales. It will make you a distinct entity when compared to your competitors and helps you achieve the loyal following
- Create brand awareness: The very first thing to ask the people aware of your brand presence. And hence it is very important to build our own unique branding awareness campaigns that would invest the activities ranging from meeting your targeted audience till helping the community and working actively with your buyers to help them fulfill expectations
- Make the social impact: CSR activates defines the social impact of your business and can establish you as an ethically drive brand.
- Unleash the maximum opportunities: This is a feat that can be completed by strategic market penetration – starting from the easiest target and then moving on the next one. The benefit is that the brand strength already achieved in one geographical segment can help you in your brand management efforts while entering the other segments.
Branding management involves a number of things that define the personality of your brand and marketing just the rest of the competitors. In this article, we have discussed the various factors that distinguish your brand from the competitors.
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