You hear the term brand management being mentioned very often. But this is not said to mean what exactly it is. A brand doesn’t just refer to a product. It is much more than that. Companies that have recognized the wider meaning of this word have successfully managed it to take their business to greater heights. Before we look into what elements make up this process we must know what brand management really is.
Understanding Brand Management
A brand is just not something tangible that is being offered by a company. It refers to an organization’s values and beliefs. Every interaction that a firm has with its customers, employees, suppliers, and stakeholders is part of its image. It is what separates an establishment from others in all aspects. This is why it is not enough to just create an identity, but also highly important to nurture it.
Courses that are MBA alternatives teach that, in marketing, brand management refers to a series of activities to improve the perception of products or services. This process helps to increase their value. There are many items that are better known by certain brand names rather than by their generic names. Fiberglass is a good example. It is a trade name for an item called glass wool.
Also Read: Executive Development Programme In Strategic Brand Management from IIM KASHIPUR
Why Should You Invest In Brand Management?
There are many benefits to managing a brand. Creating a label is like planting a seed. Managing it is like watering regularly to grow and give fruits. Once a good name for a product is created and established, it is easier to get customer loyalty. People need an easy name to remember a product and this is what branding does. In a supermarket, customers are more likely to buy something whose name they can recognize.
When a product name is popular it stands apart from competitors. This helps in easier selling and better pricing. It also results in better revenues for a company. When a brand name is established introducing new merchandise with the same identity becomes much easier. People will try them with less hesitation. They connect with a strong brand and the values it represents. Those with a master’s in management can tell you that such names are remembered even through generations.
Now that we know what brand management is and why it is important to companies, we must see what elements are involved in this process.
1. Projecting A Purpose
What sets apart a product more than its name and logo is the purpose for which it has been created. There are many items that will provide similar benefits to customers. But what unique quality sets apart some is their purpose. A good product will project a purpose that is much broader than what benefits it provides. Brand management must aim to tell buyers what bigger role this product will play in society.
2. Evoking An Emotion
People don’t always buy something seeing its quality or price. There are other emotions attached to them. There are hundreds of items serving the same purpose. But some sell better than others because they are able to connect with customers in a better way. It could be excellent after-sales service. Some people attach great importance to aesthetic aspects. Many also buy a product because they want to belong to a community using that particular brand.
3. Earning Loyalty
Digital marketing courses that are MBA alternatives provide masters’ diploma certificates in online marketing. These courses teach students that earning the loyalty of customers is very important for an item to continue to survive and earn profits. Those who buy a brand and talk about its benefits to their friends are worthier than any celebrity ambassador. This is why it is important to earn customer loyalty. Such allegiance can be achieved by giving some extra benefits to people who regularly buy a brand.
4. Creating Employee Ambassadors
A company’s employees are part of its identity. They must represent what a product claims to stand for. There can be no better advertisers for a commodity than its employees. Companies must involve their staff members in the marketing process. Organizations can post videos of workers using their products on social media pages. Providing employees attires with brand names is another way of involving them. People take pride in being part of branding. Involving employees will also help in retaining them.
5. Competitor Knowledge
Courses awarding masters in management teach that knowing a competitor is as important as knowing one’s own products. Watching what competitors are doing can help a big way in managing your brand. It can teach what can succeed and what will not. Keeping a watch on their activities will also help in creating a niche for a company’s products. It will also give a lot of indication about how a market behaves and what must be done to nurture a brand.
6. Brand Consistency
This is an important element in ensuring growth for a brand. Everything that represents the item must be similar. If there is a color with which it is associated, effort must be put to ensure that all promotional items are in the same color. Websites, applications, and other places where customers connect with a company must all have similar themes because it improves brand recall. Familiarity is a quality that buyers like to see in a product. This can be achieved by consistency.
7. Promote Flexibility
While consistency is one virtue to cultivate, those studying MBA alternatives specializing in branding can tell you that flexibility is also necessary. This is especially true if sales are spread over countries with different cultures. International fast-food giants that entered India have quickly adopted local cuisine to attract more customers. The famous “Barbie” doll is sold with Indian attire to connect with local consumers.
Wrapping Up
A program for master’s in management with a specialization in marketing will teach that every business needs brand management. Customers always prefer a product that is unique and stands apart from others. People also like to buy items with popular names. This can be achieved by brand management.
More Information:
Advantages & Scope of Digital Marketing
Top Benefits of Business Analytics for Marketing
Why Brand Managers are Important for Start-ups?
Executive Program In Marketing Strategy from IIM LUCKNOW
Benefits of Financial Management for Marketing and Advertising
