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MANAGING BRAND.docx - IMPORTANCE OF BRAND MANAGEMENT: Brand...

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IMPORTANCE OF BRAND MANAGEMENT:Brand management is the science of crafting and sustaining a brand. This means defining the brand,positioning the brand, and delivering the brand value constantly. A robust brand differentiates itsproducts from the competitors and gives your business a leg up on the others, allowing you toincrease sales and grow your business.Brand management includes handling both the noticeable and intangible characteristics of a brand.When it comes to product brands, this includes : product itself, packaging, pricing, availability, etc.With service brands, tangibles include: customers’ experience. The intangibles include emotionalconnections and expectations with products and services.Your brand should:Make your product or service distinctive from the competitionIdentify what customers can only get from your brand (Don’t camouflage your strengths!)Trigger instant recognition with customers and prospectsPosition yourself as an expertBe present when and where it matters (Queue your integrated marketing campaigns)Remind people of the reputation for which you are known. Show up locally to reinforce thisPlace your company top-of-mind with your audienceSee better return on investment, more brand awarenessCapitalize on mind share to help drive salesCustomers will recognize your company, your product, your service and your status through yourbrand. You can build an incredible brand through messages, images and ads but whether you realizeit or not, your company is creating this reputation with everything that you and your local affiliatesdo. So you need to make sure you are consistently living up to your brand promise each and everyday. The most important part of brand management is ongoing maintenance and control. Properbrand management involves making sure that each promotional piece, touch point and every usageof your name, logo and message supports your organization and goals by reinforcing your brand inthe way you intended. This allows you continue to strengthen the association your brand imprints onyour customers. Even the best brands can fall apart if not managed properly. Many largecorporations hire a full-time brand manager to ensure the brand is held in high regard, and notdiminished or misused. Even with a brand manager, developing high quality promotional pieces thatconsistently strengthen your brand and controlling its use can be a challenge for anyone.Product vs Brand Product • Product is made by the company• Brand is made by the consumers• Product can be duplicated • Brand being unique cannot be duplicated• Performs general functions • Provides value to consumers• Product can be outdated quickly • Brand if properly managed can be timeless• Eg: cake Brand • Monginis
5 product levels / Five Levels of Meaning for a Product1. Core BenefitThe core benefit is the fundamental need or wants that the customer satisfies when they buy theproduct.

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Term
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Brand, brand manager, brand product, importance of brand management

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