What is Brand Management
Brand management is defined as a series of marketing activities
designed to develop the overall image of a product, product line, or
brand. Some say that it is the art of creating and maintaining a brand.
An art. That’s what it’s called. It is not just another boring
management function. An effective brand management scheme separates a
product from the competition.
Some business owners take brand
management for granted, though everybody knows it’s important. All of
us have to understand that simply having a good product isn’t enough.
What use is the best product in the world if no one knows about it?
Positioning
is the key. Knowing how to position one’s product in the market makes
all the difference. When a customer hears your brand name, what is the
first thing that pops up in his mind? The least I would want to sound
like is a marketing text book, but it looks good on paper as it does in
real life.
The biggest successes began with simple ideas backed up
with crazy management, planning, and execution. From there, anything
can happen. The carts-and-kiosks gig is a very competitive industry.
This may be a bad thing for some, but this also provides a large venue
for innovation. You can try virtually anything. In this area, trial and
error works and is quite useful because you can immediately feel and
see the effects of any implemented plan.
Take the risk. It’s the
only way to learn. Just like any piece of art, the first try isn’t
always right. Brand management is not a science, remember? It’s an art.
Go for it!
Benefits of Branding
*Greater perceptions of product/service performance
*Greater marketing communication effectiveness
*Greater customer retention and loyalty
*More appreciative customer response to price increases and decreases
*Larger margins
*Less vulnerability to competitive marketing actions
*Less vulnerability to marketing crises
*Greater trade cooperation and support
*Possible licensing/franchising opportunities
*Greater brand extension opportunities
