For anyone that dreams of assailing great heights in pushing forward or marketing his product or service, there are golden rules that are required for excellence: This is also called BRAND MANAGEMENT.
To begin with, you need to have a thorough knowledge of the term “brand”. It includes developing a promise, making that promise and maintaining it. It means defining the brand, positioning the brand, and delivering the brand. Brand management is nothing but an art of creating and sustaining the brand. Branding makes customers committed to your business. A strong brand differentiates your products from the competitors. It gives a quality image to your business.
Brand management includes managing the tangible and intangible characteristics of brand. In case of product brands, the tangibles include the product itself, price, packaging, etc. While in case of service brands, the tangibles include the customers’ experience. The intangibles include emotional connections with the product / service.
Branding is the assembling of various marketing mix medium into a whole so as to give you an identity. It is nothing but capturing your customers mind with your brand name. It gives an image of an experienced, huge and reliable business.
The aim of branding is to convey brand message vividly, create customer loyalty, persuade the buyer for the product, and establish an emotional connectivity with the customers. Branding forms customer perceptions about the product. It should raise customer expectations about the product. The primary aim of branding is to create differentiation. You must cut a niche for yourself, stand out of the crowd and be different.
Strong brands reduce customers’ perceived monetary, social and safety risks in buying goods/services. The customers can better imagine the intangible goods with the help of brand name. Strong brand organisations have a high market share. The brand should be given good support so that it can sustain itself in the long run. It is essential to manage all brands and build brand equity over a period of time. Here comes importance and usefulness of brand management. Brand management helps in building a corporate image. A brand manager has to oversee overall brand performance. A successful brand can only be created if the brand management system is competent. If you run a small business of your own – perhaps one-man outfit, then see yourself as the image maker or brand manager/marketer of your business or trade. It does not matter. But packaging is all.
By Morgan Nwanguma
By Morgan Nwanguma