What Is Brand Management: Definition, Principles, Strategies, and Benefits

Are you wanting to launch your brand but have no idea where to start? Your brand is a lot more than just your product — it’s an expansion of you. From your brand's core values to every customer and client, this is all a part of the bigger picture. 

Good brand management can make or break your business. It helps to get you off on the right foot. Digital marketing is also going to be key for your brand management strategy, but don’t worry. We’ll walk you through it!

What Is Brand Management?

According to Cory Schmidt at Canto, brand management can be broken down to mean, “a branding component that involves maintaining and bettering products, services, and brand perception. Brand management, when practiced correctly, gives cost leverage, increases customer loyalty, and establishes meaningful brand awareness. It also embodies the customer purchasing process relationship.”

Simply put, you want to implement solid brand management for your business to keep customers happy and boost your brand's perception. Maintaining a positive image will help to cultivate positive relationships, thus allowing your brand to thrive. 

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How Brand Management Works

Think of brand management as a garden. You plant your seed (your brand) in your garden, hoping for the ripest vegetables of your dreams. 

You’ve taken that first step, but now you must figure out exactly how to water your seeds to ensure they’ll grow and flourish into beautiful plants. How much water is too much? Does the soil need to be replaced? What about sunlight? These small factors are your brand (the vegetable plants) management that will lead to your eventual success. 

You can have the greatest product in the world, but with ineffective brand management, no one will have the chance to experience it. This is what makes your management strategy so important. Essentially, brand management works by ensuring that your product or service resonates with its potential customer — it is the rug that ties the room together — happy customer, happy life.

Principles of Brand Management

The principles of brand management are important to understand before moving forward in the process. Now that you know how brand management works, next are the key principles to get it to work.

Brand management principles to consider include: 

Brand Equity 

Your brand’s reputation is key. You want customers to trust the brand, so they’ll buy more or recommend it to a friend. Your brand name should be recognized in a positive manner, drawing people in.

Brand Loyalty

Brand loyalty is similar to brand equity when customers buy your product solely out of loyalty to you. This helps with word-of-mouth advertising and reputation to keep folks coming back.

Brand Recognition

Brand recognition can be self-explanatory but is still a key factor for the success of your business. You want your brand to be recognized by more and more people in a positive light to attract more business. They won’t even have to know your brand name and can still recognize your product.

Brand Management Strategies

Now it’s time for some strategies to get you started on your brand management journey.

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Do More, Be Unique

Do you have a unique, eye-catching angle on what it is you’re selling? What sets your product apart from the competition? Why should people want to buy your product?

Focus on your why. Remember why you loved your brand in the first place, and whatever that feeling is, use it to help with your branding.

Evaluate

Do you have an evaluation plan? Evaluate what performs well and what doesn’t. Be prepared to do this again and again over the lifespan of your business.

When something works, do more of it. If something doesn’t, reevaluate how you can make it better. The key to branding is to continue evolving.

Digital Marketing

Digital Marketing is the key to the future. There are so many things to consider when starting a brand and having a digital marketing component is one of them. From amazing visuals to social media strategy, digital marketing covers it all.

It may be worth it to invest in a graphic designer and social media manager. Humans (and especially those who shop) are inherently visual, so having a great design is imperative for good branding. 

Likewise, with digital marketing, everything is online these days. This is where your brand messaging will come to play as well, as you can really highlight what you want your brand to say and be. If your business is not online, you’re virtually invisible.

Brand Management Benefits

Now that you have an idea of what brand management is and why it’s important, here are some of the benefits you can expect to see:

  • Grows business
  • Cultivates customer loyalty
  • Creates brand awareness and recognition
  • Increases pricing and value of product
  • Grows sales through loyal customers

Why wouldn’t you want to incorporate brand management into your business strategy? Branding is what makes or breaks a lot of products and services. 

If you want to become a household name, there are many benefits to doing so through brand management.

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About the Author

SimplilearnSimplilearn

Simplilearn is one of the world’s leading providers of online training for Digital Marketing, Cloud Computing, Project Management, Data Science, IT, Software Development, and many other emerging technologies.

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