The concept of ‘branding’ your unique items has been around for thousands of years. People wanted to make it known that their possessions were not up for grabs by others. Brand management is a larger concept that encompasses all the parts of branding. Currently, the idea of branding your products is an important part of business.
What is brand management to businesses?
Brand management is all the aspects that come together to make your company known. This could include the marketing, distribution or advertisement services that you offer to your customers. Brands typically consist of logos or designs that have the purpose of drawing attention to your products. This is how customers recognize you and your products. Overall, your brand is how you are known by the marketplace and how customers react to you. Having proper brand management is the key to analyzing how well your company is doing in the market.
What can your brand be?
A brand is individual to each business. Take the time to focus on what you are trying to accomplish as a business. What are you offering your customers that is unique and new? For example, Dove is a business that works to sell hygiene products to their primarily female audience. For their brand strategy, they went over and beyond. Their social media movement (#speakbeautiful) works towards giving women more confidence and self-esteem. This is how Dove is recognized by consumers, and how their reputation has spread. Another example of good brand management is Starbucks. The CEO has made it clear that he is in favour of giving back to the community at large. He started a movement called ‘initiative’ through Starbucks. Through this, the company has shown their commitment to helping fight hunger and global warming, among other things. Starbucks has shown that its brand has a good purpose, and a good goal.
Why is it important to have brand management?
It is essential for a retailer or business owner to create a relationship between their customers. The customer needs to have a great experience with the business, so that they will remember for next time. When you make a promise to your customer, this is a part of brand management. You are promising them that you will create and deliver a satisfying product for them. If there are any mistakes made, you are expected to take action to make them right. Excellent brand management occurs when the business owner comes through on every single promise that they have made.
As a business owner, you are expected to help others to various degrees. By incorporating your commitment into your brand strategy, you are likely to attract more positive attention. Having good brand management means that you are working to show others that you live up to your brand. You are showing that the commitment you made to other people will always be fulfilled. Overall, this is exactly what customers want to see; a company who stands up for what is right.