“Branding demands commitment; commitment to continual reinvention” – Richard Branson
Brand management is a continuous path to reinventing yourself, as a creator, and the brand you’re committed to. It’s an exciting, adventurous and somewhat dangerous journey that requires you to be always curious, hyper-attentive, well-aware of possible pitfalls, and well-prepared for problems.
Brand management is much about listening to the world and transforming the heard information into the solution that will help your brand level up. It’s about listening to your consumers, listening to your competitors, listening to the market, listening to the trends, and listening to the pace of life. Great brand management is only possible if the manager and the brand share the same values, goals and mission.
What is Brand Management?
Brand management involves building and protecting a brand reputation, bettering products and services, and improving brand perception. If practiced correctly, brand management grows brand awareness, gathers a dedicated audience, establishes customer loyalty, and, as a consequence, increases sales and business revenue. Brand management combines a brand identity design, a tone of voice, reputation management, and marketing.
Uncovering 4 Brand Management Aspects
Brand management has four main aspects: brand awareness, reputation, equity and loyalty. Brand awareness means that people know the company and easily recognize it. Reputation means that there is already a halo of opinions, experiences and impressions around your brand, whether they are positive or negative. Brand equity means people see your value and the reason to buy from your brand. Brand loyalty – they trust the brand and return to it again and again.
Popularity and recognition are the indicators of success, whether it goes about the individual or the entire company. Brands spend a lot of effort and budgets to grow brand awareness. However, the key is in being original and relevant to your target audience. Listen to them on social media to understand their way of thinking, their needs and preferences. Businesses can significantly reduce advertising budgets if they do better customer persona research and investigate their customers’ intrinsic motivations. It allows offering solutions and content that gains traction and increases brand awareness organically. Marketing budgets can go into the ashes if your brand message isn’t unique and what you’re trying to sell doesn’t constitute value to your people.
We often purchase things just because they are from the brand that we know, love and trust. Brand equity is what drives our buying decisions in these situations. Brand equity creates value through reputation, perception and impression. Companies build it over the years along with their success and popularity. It is the earned brand advantage in the market that often becomes the reason for making the price higher than competitors. Brand equity refers to recognizing the brand as the industry leader with an established and strongly positive reputation. It’s the indicator of the company’s influence and dominance in the consumers’ hearts.
Brand loyalty involves the purchasing decision based solely on the consumer’s trust and loyalty to a brand. The brand might be neither super-popular nor the market ladder, but we still trust it, and it’s what defines our decision to buy from this company. Loyalty is born from the brand’s close communication and relationship with a target audience, as well as the consumer’s previous experiences with the brand. Social media is a perfect medium for building trust with your audience and earning their trust. Maintaining conversation between the brand and its audience is essential. It allows you to set emotional bonds and personal relationships with customers. It’s a chance to tell about the goals, values and mission behind the brand.
Naturally, people are more likely to buy from brands with a good reputation. It’s based on previous customer experiences, expert recommendations, and media reviews. Whether it’s positive or negative, it much depends on people’s experiences with the brand. Modern consumers love to share them on social media, so it’s advisable to run constant brand monitoring to always stay in the know about what people say about your company.
A brand manager is a person that cares about brand reputation, first of all. It’s important to react to negative comments and reviews timely in order to stop the wave of disсontent as soon as possible, find the best solution to the problem, share it publicly, and eliminate the threat to the brand reputation.
Brand Management Tips from Experience
These three simple tips can help you manage your brand more successfully.
Don’t save on brand identity design
Design is frequently perceived as the identifier of brand quality. Don’t underestimate its power. Design is the way to be different and stand out from the competition. You can consider it as an opportunity to express your brand’s vibe, values and mission. Design is the first thing that makes an impression.
Use social media for reputation management
Social media is the most powerful stream of information. They expand news faster than any other online channel. And it’s where most consumers like to share the experiences they have had with a company. Be there to answer them at the right moment, support your consumers when they need it, and protect your brand from aggressors in a polite and professional manner.
Tell about your brand value in a truly original way
If your brand delivers products or services that benefit consumers and bring value to them, it’s really great. However, to be successful, you also need to communicate this value extraordinarily and creatively. We love things with eyes and hearts, it’s in our nature. We decode much more information about the object if we perceive it visually. We get a better understanding of things when we see them. Tell about your brand value in a way that will allow people not only to hear about it but also to see it, even feel it and receive the full comprehension.
Evolve together with your brand
I believe that building a brand is the way to build yourself as a professional and personality. Brand management is always about inventing new ways of doing things and making a difference through creativity and better solutions. Set your brand goals right, think of social good and deliver on your promise.