Brand management is all about fulfilling the expectations of the consumers by providing continuous and consistent consumer satisfaction. Brand Management enables the companies to earn more money from the products, grab a large market share, and win the loyal customers by creating positive associations towards the brand.
Branding is quite a vigorous term for a very broad phenomenon. The marketing function and Tactics to connect the brand and the emotional perception of the end consumer for the purpose of creating a relationship with the customer by portraying the positive image of the product and building long term loyalty among customers. Building Brand Equity or Increasing the actual or perceived Value of the Brand name is called Brand Management.Establishing a Successful Brand requires the special techniques to build strong brand awareness.
The business are now focusing on identifying the core values a product offers and then design the Brand that depicts the core value of the product. Branding a product enables the company to reflect the core value to the targeted market. Now a day anything can be branded; a brand could be person, place, thing, product, or service.
The marketing forces that are shaping this century biz world have put the companies in a thought provoking situation for either to opt for transactional marketing strategy or to go for relationship based marketing. The consumer buying behavior, purchase patterns, spending trends, Income, internal and external marketing forces have made it very necessary for the business to brand themselves and the products or the product lines they offer.
Building Brand Credibility is essential for the Product. The Success rate of the Brand ensures current and future sales for the product. Brand management can help the businesses to grow, sustain, shift and earn profit.
Customer Loyalty and Brand Management
The Success of any business solely depends on the number of loyal customers. Customer Loyalty is something that is earned by consistently creating positive emotional experience, providing value to the consumers, taking care of the needs of the customers, ensuring satisfaction for the money spent by the customers and creating an emotional bond between the product and the consumer.
Brand management requires strategical investments and advertising budget. The process is done by spending funds in communication mediums, channels. The prestigious brands ensure growth in market share, positive margins in profits, Increase in the Brand Equity and elevated Consumer association and greater level of customer satisfaction. The efficient use of branding strategies can help in catering the price sensitive customers and meeting the market competition.
Brand management Strategies provides the marketer a clear picture of how a product should be branded based upon its core value and the consumer perceptions. The most essential parts of brand management is developing a good customer relationship and planning to market the product according to the customer perception. The tangible part of the brand management refer to the product itself and the core value that the product contains and the intangible parts are the experiences and association the consumer has with the brand. Managing the tangible and intangible parts of branding is crux of implementing a successful marketing plan.
Brand Equity – Utmost Goal of Brand Management
Brand Equity is the perceived value of the Brand Name of a product. The Brand management operates upon increasing the Brand equity of the product. Creating Brand Equity for a product in the advertisement cluster is not an easy job for the marketers. The marketers are now using data from market research to make the brands more memorable, more recognizable, more powerful, and more superior; which ultimately results with an increase in the Brand Equity.
A well-established brand name can yield more profits for the Brand Owner due to the positive perception of the end consumer. A Brand with positive image and consumer association ensure greater return on investments. A well-known brand is believed to be more reliable, is believed to be more satisfying, perceived to be more valuable by the consumer.
Awareness of the brand qualities and the customer associations which builds the perception of the brand is Brand Equity. A Strong brand name is a sign of a product quality and is preferred by consumers as compared to the same substitute product with less renowned brand names. Determining pricing strategy and yielding greater returns on the investments Return on Investment; brand equity is a major role player.
The Positive Brand Equity is the Future of any business or organization. The changes in the consumer market requires the companies to expand their operation and meet the changing demands, satisfying the new and unique wants of the consumers and meeting the increased demand.
The organizations cannot compete with the global giants with only manufacturing the single line of products today. The firms are in consistent need to spend funds in Research and Development sector and come up with new ideas for new products and expand the products line with increased benefits.
Building brand Equity requires positive reinforcements towards marketing efforts. Having positive brand equity increases the chances for the companies to have potential customers for the new products line. The companies can easily offer the new product in the market and can easily sell the new product to the customers by using the positive brand equity of the old product.
The positive association of the consumers with the Brand will make it easier for the firms to sell the new products. A well-known brand is the true asset for a company and establishing positive brand equity can increase the financial and monetary value of the Brand or a product.
Branding and Social Media
The primary goal of the Brand Management is to attract the new customers and to retain the existing ones. The companies are now facing new challenges due to the social media advancement. Social Media has provided the Marketers with greater opportunities to brand and market the products and services globally over the social media. Mass Marketing through social media has empowered the end consumer to talk about their perceptions, likings, dis-likings and experiences about a particular brand. The Marketers strongly rely on social media to Brand the Products.
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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