Brand management is the process of building, managing and improving a brand. It begins by having a thorough knowledge of the term “brand”. Hence, brand management includes developing a promise, making that promise and maintaining it. It means defining the brand, positioning the brand, and delivering the brand. It is an art of creating and sustaining the brand.
What is a brand?
A name becomes a brand when consumers associate it with various benefits they get from the product or service. Brands are not the same as products. Products are any offering by a company to a market that serves to satisfy customer needs and wants. A product can also be a project, service, idea etc.
People connect emotionally with brands that stand for things that are important to them. Customers use brands as a means to show, “This is what I stand for” and hence, use brands to express themselves. Customers remain loyal to brands and they become advocates for those brands.
The Purpose of Brand Management
The aims of branding are:
• to differentiate a company’s products and services from it’s competitors.
• persuade the buyer for the product
• convey a brand message vividly
• create customer loyalty
• establish an emotional connectivity with the customers
Brand management plays a crucial role to form brands. The strategies also provide good support to the brand so that it can sustain itself in the long run. Also, through brand management, brands are managed and brand equity is built over a period of time. It helps in building a corporate image. Thus, only a competent brand management system can create a successful brand.
4 Steps of Strategic Brand Management Process
1. Identify and establish brand position
2. Plan and implement brand marketing programs
3. Measure and interpret brand performance
4. Grow and sustain brand equity
The Skills Portal offers a variety of marketing and advertising training courses. Take a look and see how you can improve your marketing and advertising skills.