Reviewed by Aug 27, 2020| Updated on
What is Brand Management?
Brand management is a way of marketing which uses techniques to increase the perceived value of a product line or brand. Efficient brand management causes product prices to rise and create loyal customers through positive brand interactions and images, or clear brand awareness.
Developing a strategy to preserve brand equity or acquire brand value includes a clear understanding of the brand, its target audience, and the overall vision of the company.
How Brand Management Works?
Brands have a strong impact on customer loyalty, market competitiveness, and a company's management. A powerful brand presence in the market differentiates the products of a company from its rivals and builds brand loyalty for the goods or services of a company.
A brand founded has to preserve its brand identity continuously through brand management. Efficient brand management improves brand recognition, tracks and maintains a brand value, promotes programs that show a positive brand image, recognises and accommodates new brand items, effectively places the brand on the market, etc.
Establishing a brand takes years, but when it actually happens, it always needs to be sustained by innovation and creativity. Over the years, prominent brands founded as pioneers in their respective industries include Coca-Cola, McDonald's, Microsoft, IBM, Procter & Gamble, CNN, Disney, Nike, Ford, Lego, and Starbucks.
Brand management requires developing not only a brand but also considering what goods could work under a company's brand. When developing new products to carry on with the company's brand or consulting with analysts to determine which businesses to combine with or buy; a brand manager also needs to have his target audience in mind.
Benefits of a Brand Manager
A brand manager is responsible for handling a brand's tangible and intangible assets. The tangible aspects of a company's brand are the product(s), size, packaging, logo, associated colours, and format for lettering.
The role of a brand manager is to examine how a brand perceives itself in the market by taking into account the intangible elements of a brand. Intangible considerations include the brand experience the customers had and their emotional relation to the product or service. A company creates brand equity on intangible characteristics.