Obtaining an established perceived value for a brand can potentially be a lucrative intangible asset for any organisation. Implementing a robust brand management strategy can be the key factor between a strong brand and a mediocre one.
Therefore, the practice of brand management can aid the development of perceived value, this function of marketing is crucial as a result.
What is brand management?
The brand management meaning revolves itself around capturing the target market that your brand naturally attracts.
The aim of this operation is to vividly convey the right message which ultimately leads to an increase in brand loyalty.
Whereby increasing brand loyalty, will persuade a consumer to repeat their purchases with your brand.
A strong brand implements strategies that reduces the perceived safety, monetary and social risks that a consumer can undergo. These perceived risks can deter a consumer from purchasing the said product or service.
Therefore, brand management can be defined as:
Brand management is a process of preserving, enhancing, and maintaining a brand in order for it to be associated with positive results. This concept includes imperative aspects that aids success. These come in the form cost, customer gratification and competition.
Marcus' Key Fundamentals to a Successful Brand Management Campaign
Establish your brand
Authenticity, purpose, mission, vision, position and value are key elements for a successful brand management campaign. By focusing on what your brand does so well and then communicating regularly, results can be expected.
The brand defines your business model
Support and challenge your business for maximizing the potential of your brand. Think of personal brands like Richard Branson, Martha Stewart or Barack Obama.
These individuals almost built their businesses right atop their personal brand, and everything they offer are an extension of that brand promise.
Connect with customers on an emotional level
A brand is not just a logo, name, website, public relations exercise, or TV commercials. These are merely brand management tools and not the brand. A brand is a much larger thing, a desirable idea manifested in products or services, places, people, and experience.
Coffee major Starbucks created a third space experience that was exclusive and desirable so that people preferred staying back and pay for the overpriced coffee.
Try selling something which satisfies not only the physical needs of people, but also their emotional needs. They will slowly start to identify with your brand. Thus, enhancing a strategic brand management plan.
Commission brand champions
By awarding customers that die by your brand can set out a message that you appreciate your customers and recognise them. Customers love to know that they are help building a brand that they have fallen for.
Internal brand champions can be found in your employees. If you go to an Apple retailer and you speak to a colleague there, they are more than likely to show a passion for a product they are selling.
Alternatively, external brand champions can be found in brand communities. A Harley Davidson owner is highly likely to be a member of the HOG (Harley Owners Group). This brand community are passionate and love the brand and it's culture.
These are just examples of near perfect brand management strategies.
Brand management in practice
Brands that incorporate a strong brand management strategy can create a substantial influence upon the engagement of the customer.
Any brand seeks to be at the top of mind of any customer, this will be explained in depth below.
Developing a robust branding strategy can boost the brand's presence among their competitors as customers will differentiate product A to that of product B & C, and so forth.
When a brand strategy is being formulated, the people overseeing this will have to consider the tangible and intangible characteristics of the said braid.
The tangible features of the brand can come in the form of: logo, corporate colourways, packaging, price, and product.
These aspects are sought after, as they can truly differentiate a brand over another, e.g. The classic contour shape of the Coca-Cola bottle was patented, as in 1916 it was decided that the original bottle wasn't distinctive enough, and that customers were becoming confused of Coca-Cola with 'copycat' brands, as a result the bottle design as we know it today was formed as a strong brand strategy to create uniqueness.
Jingles within advertisements can also be utilised as a methodology to build attention of the customer e.g. McDonald's affiliating with pop-sensation Justin Timberlake to create a jingle for the use in their TV advertisements.
The song 'I'm loving it' came into fruition and through the means of repetition, consumers can now associate that song with the brand.
The intangible factors of a brand is concerned with the emotional connection that a consumer has with a brand or the advantages that a brand possesses but doesn't have any physical presence.
These intangible features will enhance the brand equity. Brand Equity is a multidimensional notion which comprises Brand Loyalty, Brand Awareness and Perceived Quality.
Gaining a strong level of brand awareness will make it easier for the consumer to learn about the brand in question and it will rank better within the consumers’ mind.
Another benefit can come in the form of awareness will provide a choice advantage in low-involvement purchase decisions.
As seen below, we can view Aaker's Awareness Pyramid as it describes that brand awareness is represented by three levels e.g. Top of Mind, Brand Recall and Brand Recognition.
Aaker explains that the Top of Mind as being 'the first-named brand in an unaided recall task has fully achieved Top of Mind awareness.
I want you to think of a soft drink brand, just think of the first one that comes to your mind - I am confident that I can predict your response, I will post my forecast at the bottom of this blog.
Brand recall is retold by Aaker as 'asking a person to name a brand in a product class, the participant can do this in an unaided recall manner'.
Brand recognition opposes brand recall as this is based upon aided recall tests where the participant can recognise a brand but once seen a logo or associated text that is related to the brand.
Unaware of a brand is the lower tier of the pyramid, where the typical consumer conveys no recollection of the brand, therefore that brand would subsequently be positioned here.
It is said that a high level of perceived quality would aid a consumer choosing a brand over a competing one as the customer builds a long-term association with the brand from its high superior value.
On the other hand, achieving a satisfactory level of perceived quality has become more difficult in contemporary times as continual product developments have led to consumer expectations heightening.
Brand loyalty is what it says on the tin, it is the tendency of consumers that purchase the same product/service continuously or at a pulsating rate. It is proven that customers will carry on purchasing products/services from a brand if a strong relationship has been formed. For a brand, having loyal customers can certainly aid a business to beat a competitor to market share.
My prediction for your top of mind response is that of Coca-Cola? Am I correct or wrong? Be sure to let me know.
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