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Top Branding Management Course Online
Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time.
Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations and images or a strong awareness of the brand.
Developing a strategic plan to maintain brand equity or gain brand value requires a comprehensive understanding of the brand, its target market, and the company’s overall vision.
How Brand Management Works
Brands have a powerful influence on customer engagement, competition in the markets, and the management of a company.
A strong brand presence in the market differentiates a company’s products from its competitors and creates brand affinity for a company’s products or services.
A brand that has been established has to continually maintain its brand image through brand management.
Effective brand management increases brand awareness, measures and manages brand equity, drives initiatives that support a consistent brand message, identifies and accommodates new brand products, and effectively positions the brand in the market.
The Importance of Brand Management
Brand management is a concept adopted by companies & marketers to create an emotional connection between customers and their products. Through brand management, an image of the product or brand is created in the mind of the consumer.
This becomes the foundation of not only acquiring new customers but also increasing brand loyalty amongst existing users.
Also, brand management is important for any business as it helps companies evaluate the performance of the brand and helps them improve and adapt to changing times.
Types of Band Management
- Identify Brand Positioning and Value
The first step in the brand management process is to understand the product and service offering in terms of positioning and brand value it offers to the customers.
This is the foundation for companies as how they want the customers to perceive their product or service is a part of brand development.
- Brand Marketing Planning
Brand building is the next step in brand management for a product/service. This process includes the creation of the brand by creating components like pricing, packaging, customer service etc.
Also, brand awareness techniques like marketing, branding & advertising also come under this step. Companies use integrated marketing communications (IMC) to promote its products & services.
- Measuring Brand Performance
It is not simply important to create brand but to also measure its performance vis-à-vis competitors & other market dynamics. This step in brand management identifies parameters like brand recall, brand preference, brand recognition etc.
- Growth & Sustainability
The final step in the brand management process post evaluation is to improve the brand performance to ensure growth and sustainability. Brand equity is the measure of the quality offered by a product and service.
Job of a Brand Manager
A brand Manager is a professional who is responsible for ensuring that their company’s products, services, and product lines resonate with current or potential customers.
In addition, they monitor marketing trends as well as keep an eye on competitive companies in the marketplace so they can stay ahead of the competition.
Brand Manager responsibilities include:
- carrying out market research in order to keep up to date with customer trends, as well as trying to predict future trends
- developing strategies and managing marketing campaigns across print, broadcast and online platforms to ensure that products and services meet customers’ expectations and to build the credibility of brands
- analysing the success of marketing campaigns and creating reports
- Analyzing our brand positioning and consumer insights.
- Helping shape and communicate our vision and mission.
- Translating brand elements into plans and go-to-market strategies.
I sincerely hope that this in-depth essay has taught you anything new, but don’t forget to share your opinions in the comments below.
