8 Major Principles of Brand Management for Successful Business

When you are offering a unique product or service, it simply existing isn’t enough to get sales going. This is where marketing comes i...

When you are offering a unique product or service, it simply existing isn’t enough to get sales going. This is where marketing comes into play. There are certain steps that you need to take to ensure that your product or service stands out from your competitors and attracts the attention of your potential customers.

Marketing has a lot of facets to it, though, and no one single way alone will launch your brand. In this article, though, we are going to look at brand management in particular. Brand management is when you work on how the market perceives your brand. Here, we will take a look at 8 of the main ideas that you need to keep in mind as you manage a brand.
  • Know Who Your Brand Is
The very first thing you need to do when you are considering brand management is to make sure you know exactly what your brand is. You need to have your brand clearly defined internally before you can project who your brand is to the market. 

Ask yourself a few questions about your brand and make sure that you can answer them fully. For example, what do your customers need/want? How does your brand answer those wants/needs? Remember, if you don’t have an identity, you can’t project one to your potential audience. 
  • Differentiating Yourself
It’s good to know how your brand helps your customers but that is only part of the battle. The truth is that when it comes to specific services and product consumers - usually - have options as to who they want to work with. For example, if your consumer wants a car, they have options between a lot of different dealerships to work with.

So, what you need to do is create a way that makes your brand different from your customer’s other options. Take a look at the Dollar Shave Club, for instance. It answers the same need - razors and shaving supplies - that other companies like Gillette do. However, it differentiates itself by being more affordable than other shaving and razor brands.
  • Defining Your Consumer Base
Around the same time that you are defining your brand, you need to think about who your brand is for. If you just blanket your brand and market to everyone, you are going to end up wasting money and resources on consumers that don’t need or don’t have the wants your brand satisfies. 

For example, if your brand sells cars, it would be a waste of money to advertise on a children’s network. On the other hand, if you were selling children’s toys, it would make sense to advertise to children (and their parents).
  • Shaping Your Brand
Once you have the concept of your brand down, you need to consider the physical part of your brand. This means focus on logos, color palette, and other imagery. This is important because it develops a visual association for your brand. For example, when someone sees a red and white soda can, they don’t need to necessarily see the logo for them to make the connection to Coca-Cola

When you are shaping your brand, you will also want to consider the tone that you want your brand to be represented by. Take Charmin, for example, they advertise their product with a sense of humor. 
  • Keeping It Consistent
Another crucial thing to maintain is consistency. Once you have your brand identity down; keep it. If you are constantly using resources to change your logo or constantly tweaking your brand’s message, you are doing far more damage than just monetary cost. 

Your consumers and potential consumers need to be able to recognize your product at all times. Think about it this way; if a new consumer sees a commercial you put out and are interested in your product, they might try to buy your product the next time they go to the store. However, if by the time they get to the store a week later you’ve changed your logo and color scheme, they are less likely to recognize your product. 
  • Be Flexible
While you want to stay consistent, you don’t want to stay static. As change comes to the company, you need to be able to handle it. You don’t want to lose relevance in your branding. This means staying consistent without clinging to tradition so much that it kills your brand. As times change, so will branding and marketing techniques. Staying flexible is less about changing the actual brand and more about changing branding techniques as times go by. 
  • Gauge Response
The most important part of marketing and branding techniques is the response of your consumers. For example, if you try something new and you see profits and sales drop, you might want to scale back that decision and come up with a more effective strategy. To follow this, though, you need to be sure to carefully track customer response. 
  • Keep Track of Your Competition
While it is important to constantly focus on innovation and cultivating your own brand, you don’t want to get tunnel vision. You need to know what your competition - new and seasoned - is offering so you can stay ahead of them. The last thing you want is for your competition to come up and snatch your customers out from under you because you didn’t notice and keep up with their innovation.



Vyas Infotech: 8 Major Principles of Brand Management for Successful Business
8 Major Principles of Brand Management for Successful Business
Vyas Infotech
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