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. A brand manager ensures the innovation of a product or brand, creating brand awareness via the use of price, packaging, logo, associated colors, and lettering format.
Brand Management Process
- 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 to how they want the customers to perceive their product or service as a part of brand development.
- Brand Marketing Planning: 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 come under this step. Companies use integrated marketing communications to promote their products & services.
- Measuring Brand Performance: It is not simply important to create a 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: It is the last step in this 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.
Advantages of Brand Management
- It helps create an emotional connection between customers and products.
- Effective management helps the business grow as consumers become loyal and advocate for the products & services. Customer loyalty further helps boost business.
- Taking critical feedback helps companies improve based on consumer insights.
- It helps companies adapt their strategies to changing times based on the needs and requirements of the customers.
- Tools like the brand development index, help a brand grow and fight competition.