What Is Brand Management? a Comprehensive Guide
Brand management, at its core, is about crafting and nurturing a brand’s identity, ensuring it resonates with the target audience, and stands out in the marketplace.
Managing a brand is an intricate process that involves many different aspects. It’s a combination of strategies, practices, planning, and execution that come together to create a brand’s image.
In this guide, we will break down these components and explore the process of brand management in depth. Whether you’re an entrepreneur building a brand or a marketer looking to get into brand management, understanding how brand management works is a must for finding success.
Without further ado, let’s dive in.
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What is Brand Management?
Every business needs to have a brand that creates a unified identity for all of its products. The brand is what helps make your business and products recognizable and build a connection with the customers.
Simply put, brand management is all about managing the brand and shaping the consumer perception. This process involves every part of the business, from the creation of the products to marketing strategies, advertising campaigns, and brand identity.
It’s through this process that brand management increases brand equity and brand loyalty to lead the business toward success.
Brand management is always an ongoing process. It takes a role in everything your company creates, including the brochures in the office, blog posts you publish, and even the social media posts you share on the business pages.
Key Aspects of Brand Management
Brand management consists of several different sub-categories. These are the most important ones of them all:
Creating the brand identity is arguably the most important aspect of brand management. This includes everything from choosing the right colors to creating all of the visual elements of the brand, from the logo designs to packaging designs, letterheads, and much more.
The brand identity is what makes your business and the brand memorable and recognizable by the consumers. And it also plays a role in creating the brand’s personality as well.
In order to make your brand consistent, engaging, and memorable, you need to create effective strategies to communicate with your audience.
This involves public relations, providing efficient customer support, engaging with customers on social media, storytelling, and even advertising.
Attracting new customers is not enough, you also need to maintain loyalty among existing customers to create a strong brand.
This is achieved through a combination of things like creating useful and high-quality products, engaging with customers, creating rewards programs, and offering personalized experiences to each customer.
Another important part of brand management is understanding how customers perceive your brand, which plays a key role in the brand’s image and success.
To understand customer perception, you need to conduct market research, actively seek customer feedback, do surveys, and look for ways to continuously improve different areas of the brand.
Branding and marketing have a close relationship. Even though some identify them as the same thing, they have different roles as marketing is just one aspect under the umbrella of brand management.
Creating advertising campaigns, content strategy, and pricing are just a few of the many responsibilities of marketing a brand.
The Role of Brand Managers
A brand manager is responsible for overseeing and managing all of the key aspects that we’ve mentioned before.
As a brand manager, you need to:
- Actively monitor the market
- Follow and stay on top of new trends
- Manage marketing
- Oversee advertising campaigns
- Conduct research
- Manage brand assets
Of course, all of this can’t be achieved by the brand manager alone but only through effective team management. And it’s one of the core skills you need to develop to be a successful brand manager.
Brand Positioning and Market Placement
Making sure your brand is properly positioned in the minds of your target customers is key to creating a successful brand. This leads to customers associating your brand with a specific product and making your brand more desirable than the competition.
Take the American hot tub brand Jacuzzi, for example. Their brand positioning is so strong that many Americans refer to hot tubs as Jacuzzi.
Market placement, on the other hand, involves finding the right niche and the right market for your products. This is managed by finding the best distribution channels to sell the products, identifying geographic locations of the market, retail strategy, and digital strategy.
Measuring Brand Success
The success of effective brand management is not measured by the monetary value alone. It can also be measured by the level of brand recognition, brand awareness, customer loyalty, and market share of the brand.
Apple is a great example of excellent brand management. It’s through their strong brand loyalty they are able to maintain a top position in the world.
Amazon is the leader in eCommerce by providing irreplaceable customer service.
Coca-Cola is instantly recognizable around the world as a result of its impressive brand identity and marketing efforts.
While some brands do certain aspects of brand management better than others, it’s a combination of all the aspects that creates a successful business.
For example, creating a great marketing campaign is not going to make your brand successful if you have a terrible product.
A brand manager’s work is never complete. It’s a continuous process that needs to be nurtured and improved according to current trends and market changes.
Needless to say, every business shouldn’t think twice about investing in brand management, as it is crucial to building a successful brand that lives and breathes in the minds of the consumers.
5 FAQs About Brand Management
These frequently asked questions about brand management will help you further understand the process more clearly.
Why is Brand Management Important?
Brand management is crucial for creating a strong, recognizable brand that stands out in the market. It helps in building customer loyalty, increasing brand equity, and ensuring long-term business success by aligning the brand with customer needs and market trends.
What is the Difference Between Brand Management and Marketing?
While they overlap, brand management is broader, focusing on the brand’s long-term strategy, identity, and position in the market. Marketing, however, is more tactical and concerned with promoting and selling products or services, often within the framework set by brand management.
How Does Brand Identity Differ from Brand Image?
Brand identity is how a company presents itself to the world, including its visual elements and messaging. Brand image, on the other hand, is how the public perceives the brand, which can sometimes differ from its intended identity.
What is Brand Equity and Why Does It Matter?
Brand equity refers to the value a brand adds to a product or service, based on consumer perception. High brand equity means strong brand recognition and loyalty, leading to increased customer retention and higher profit margins.
Can Brand Management Impact a Company’s Revenue?
Yes, effective brand management can significantly impact a company’s revenue. A strong brand can command higher prices, foster customer loyalty, and attract new customers, all of which contribute to increased sales and profitability.