What is brand management? First of all, this topic is very important for any business.
Did you know that 73% of consumers claim they love well known companies because of the customer service they believe they provide?
During the past couple of decades, companies have grown more and more to the point where they reached billion dollar valuations.
You’ve probably heard the saying “brands thrive”. But what does this actually mean? Why is it so important to create a brand nowadays?(1)
Also, once you create a company, do you need to manage it in any way? If you’re here to find out the answer to any of these questions, you’re in the right place!
By the end of this article, you will know everything there is about what this type of management is, and how you can take full advantage of the opportunities that you have in regards to branding.
What Does Brand Management Mean?
As previously mentioned, brands thrive. There’s no question about it.
A brand is not only represented by the products you sell. But also by your values and everything you believe in as a company.
This kind of management is simply making sure that your values are consistently conveyed to the public, as we as to your own employees.
If you don’t enforce any kind of measures, then your values will simply not be recognized by anyone. In short, your image is very important.
Brand management is a way for you to maintain your reputation and the way that your customers perceive you.(2)
What Is Brand Management?
My guess is that you don’t want me to bore you with corporate mumbo jumbo. Sadly, I will have to (just for a little while).
Brand management is a multitude of tactics used to raise brand awareness and increase the perception of the public about your company.
If you have good trademark management, you create recurring customers. Look at Apple. Why do you go every year and buy their new products? Because they have good management (and good products).
Huge corporations like Apple have an entire department full of people whose only job is to mold the perception of the public about their company.(3)
Why Is Brand Management Important?
Brand management can dramatically decrease your costs. When done correctly, trademark management establishes solid brand awareness and creates loyal customers.
What does that mean, you ask? Well, you will need to spend significantly less money for marketing and advertising. To stick with our previous example, Apple doesn’t pay almost any money on advertising.
Seriously. When was the last time you saw an Apple ad? 10 years ago?
Even if they don’t spend money on marketing and their phones are very expensive, they are still #1 in smartphone sales every year.(4)
Your Target Market
When you’re creating a brand and planning to increase its image in the eyes of the public, one of the most important aspects that you need to keep in mind is your target market.
This is very important because not all customers are the same. For example, if you have a fast food brand, your customers will have a different mindset as opposed to having a sports brand.(5,6)
Every market is different, and that’s why you need to pay close attention. Otherwise you will end up wasting money without knowing why.
Focus on building a relationship with your customers. This is how you create loyalty and value. The only way to create recurring customers is by putting them first.
After this pandemic, brand management became much more important. Nowadays, if you don’t create a solid company, you have very little chance of surviving.
If you want to learn more about branding and business in general, I recommend taking the challenge. It’s really packed with value and you will thank me after you take it.
Final Thoughts
As previously mentioned, brand management is crucial for any business moving on. After the pandemic and the restriction, people have become more and more suspicious and distrusting.
It has become mandatory to have good trademark management, so that you can create a long lasting relationship with your customers. If you fail to do this, you will probably struggle.
If I were to give you an advice, focus on providing value. Because again, in the past year or two, we saw the true colors of the human nature (every man for himself).
If your customers see that you are generous and don’t care only about your profits, you will distinguish yourself from your competitors in a very radical way.
Related:
Business Ideas Worth Millions Of Dollars
Putting Customers First: Should You Do It?
Andrew is an entrepreneur and has been in the business game for a couple of years. Read more