What is Brand Management and How Is It Used?
A strong brand is one of the most useful assets for
businesses of all sizes and sectors. For guiding marketing strategy, improving brand positioning, and
controlling the quality perception of a brand image, effective brand management is essential. Your
branding is more than simply your product or service. It has a reach and a personality that takes
the core values of your business and uses them to build relationships.
It's your brand image that makes you stand out from your competitors. That means it's critical that you can use strategic brand management to build a more successful brand and a better business model that has immediate brand recognition. But what is brand management, and how do you use it in your target market?
What is Brand Management: The Basics
brand management delivers an increase in the perceived
worth of your product or
service. It is a way to include the product or service in the overall perception of the
value of your business. Brand
loyalty is one of the most useful targets to aim for in business, and
more strategic brand
management will mean that you will develop a brand association with
whatever it is that you sell.
Modern-day consumers have plenty of options when it comes to buying a product or service, and that means that you need to take control over how your business is perceived by them. When buying choices can happen quickly, brand awareness and brand loyalty can make all of the difference between a sale and lose out to your competition.
Managing a Brand in a Target Market
There are three main factors to look at when it comes to implementing a strategic brand management system. These can often be challenging to develop and manage, which is why it is increasingly common to use an established and experienced branding agency to develop a brand identity or to guide a brand strategy. The three factors to be aware of are:
● The Brand: This will mean the full development of a brand identity, with branding guidelines in place and a clear mission statement for your brand.
● The Target Market: You will need to build a good relationship with your target market. Failure to do so will mean that the result is lower sales figures, less likelihood of customer retention, and growth that slows down or halts completely. Customer research is vital.
● Business Goals: From more sales to taking over the voice share of your industry, the goals that you have prioritized will make a more strategic branding management process significantly easier.
What is Brand Management Used For?
Brand management often feels like
something intangible to those with little experience of it. While a business's
assets like products, technology, and employees are resolutely tangible, a
'brand' can feel like something out of reach and hard to define.
That's where your brand guidelines come in. They are a critical component of effective brand management because they will ensure that every member of your team is left in no doubt as to the basics of branding. From the tone of voice to use online, the logos that are used, to the color palettes that represent your brand's personality, consistency is the key.
That's where brand management comes in. Effective brand management means aligning all of those assets into a seamless experience for a target market, for your employees, and for your suppliers.
What is Brand Management: Best Practises
Digital assets can be incredibly difficult to keep track of. Documents can be scattered across an organization at various stages of development, outdated forms and marketing materials can still be used in brick and mortar outlets. There's a reason why brands without effective brand management are often slower to move and more chaotic. Effective brand management means taking the following steps:
● Brand Audit: This will mean developing an understanding of all marketing assets, understanding what the business needs, its goals, and the existing touchpoints for the target market. The goal of the audit will be to identify inconsistencies and misalignment. A robust brand audit will measure brand value, brand equity and develop a brand baseline position.
● Brand Guidelines: The next step is to establish a brand guidelines document. This will make even an already strong brand even stronger. The goal of the guidelines will be to create consistency across the entire business so that the finance team is not sending out invoices with outdated logos, or the marketing team is not using flyers from a decade ago. The brand guidelines will be a mission statement that will guide brand growth and help to improve brand awareness.
● Employee Training: Once your brand guidelines document is complete, every member of the team needs to have access to it. Even freelancers working remotely will need to be able to read a copy of your brand guidelines to make it easier for them to avoid mistakes. It only takes one member of the team to disrupt the branding for a customer, so in-house alignment is vital.
● Technology/Outsourcing: Next, you will want to make sure that you have the relevant tech to make it easier to maintain a strong brand that remains consistent. While there are collaboration tools that can help with this stage of brand management, it is often more practical and cost-effective to outsource to a professional branding specialist that offers the relevant branding agency services. Investment in technology and training can be laborious and expensive, so it's no wonder that outsourcing this branch of brand management has become the norm.
With your branding clearly defined, your
team trained so that inconsistencies are minimized, and your brand assets
identified, the next stage is to track and monitor brand value and brand equity.
This can be a specialist task to tackle, but it's a crucial process for effective brand management. Alongside the quality of your product or service, your branding can be your most valuable asset.
No marketing strategy in the modern age is complete
without any understanding of branding and how to perform effective brand management.
What is brand management?
It's the best way to improve target
market loyalty, improve customer reach, and develop return customers.
Strategic brand management is one of the most valuable processes for businesses, and those that ignore it are doomed to fall behind their competitors.