If your business was a person, your brand would be its personality. It would define how you introduce yourself to new friends and how you build a trusting relationship with them. Your brand is a living, breathing entity, and it’s your job and responsibility to help it grow and improve. All this is what we call brand management. Creating a brand can be a thrilling experience. As your business scales grows and changes, your brand must follow suit. This guide covers the basics of brand management and will help in equipping you with the tools you need to maintain a fantastic brand experience.
Brand management is the process of managing your brand reputation and improving your audience’s perception of the brand, in a way that builds brand awareness, equity, and loyalty. While branding is the process of building your brand, brand management is the process of monitoring and maintaining it. Your brand is a living, breathing thing, and that means it is constantly changing. Your brand is also suspect to external factors such as news, trends, and current events. In the current world, brands face a lot of pressure from influences such as journalists, influencers, and social media users. Brand management is basically how you take control of your business story.
There are key principles that define brand management. They include the following;
Brand awareness refers to how familiar the general public and your target audience are with your brand. Brand awareness is very important because consumers will not be able to engage with or purchase products or services from a brand they are not aware of.
Brand equity refers to how consumers value your brand, based on the experiences, perceptions, and associations they have. This concept is closely related to brand valuation, which is basically the commercial value of your brand, as perceived by the market. Brand equity is very important because a valuable brand can support higher prices and increase your merit among shareholders, investors, and potential buyers.
Brand loyalty refers to how consistently your customers and followers engage with and purchase from your brand. Your marketing will not necessarily influence this but your customer service department can. All they need to do is to focus on satisfaction and relationship building and doing so can bring customers back from time to time. Brand loyalty is very important because it creates brand ambassadors who do a lot of marketing for you.
Brand recognition refers to how well a consumer, ideally in your target audience, can recognize your brand. This can be through elements such as logo, taglines, packaging among others. This happens without seeing your brand name. This concept is related to brand recall, which is the ability to think of a brand without seeing or hearing any branding prompts. Brand recognition is very important because consumers keep your brand top of their minds and are more likely to choose your brand over the competition. Another important element is brand reputation which refers to how the general public perceives the character, status, and quality of your brand.