4 Principles of Effective Brand Management
Posted by instarify on August 5th, 2019
Brand management is one of those critical functions of business marketing that you simply can’t ignore. It does not only impact customers’ perceived value of your product/service and brand reputation but also pricing models. Because products are now getting rapidly commoditized and services can be cheaply outsourced, it is important that you take control of your own story and differentiate your company by managing your brand image. Here are 4 principles of effective brand management to improve the bottom line –Also See: Brand Management, Brand Equity, Reputation Management, Increase Brand, Brand, Reputation, Management
Create More Awareness - A brand simply does not exist if nobody knows about it. Creating brand awareness, both online and offline, is extremely important for you to separate yourself from the sea of businesses and grow your market share. Do more research and examine the target market and segmenting buyers, however, don’t drown yourself in data. Develop an emotional connection with your customers that can shape their perception in future interactions.
Brand Reputation Management – Not only do you need to create awareness about your brand, but build a good reputation. Even the best companies can be blindsided by bad press and negative reviews. It is important that you are aware of your company’s search landscape. You should know whether your Google search results accurately represent your company or they are negative, irrelevant, or nonexistent. Partnering with some of the best reputation management agencies allows you to develop and maintain a corporate reputation.
Increase Brand Equity - Brand equity is the value of having a strong brand name. It is what prompts customers to reach for your product on a store even if the generic one is cheaper. Customers tend to pay more for your product when they perceive that your product as unique, special, or simply better than the rest. The best reputation management agencies use reputation marketing techniques to help you increase brand equity.
Increase Brand loyalty - This is probably the only one thing that falls outside the scope of your marketing team but extremely important. Brand loyalty is primarily driven by customers’ experiences with your products and services rather than intangible assets like marketing exposure. Customer experiences expressed through reviews can have a huge impact on your online reputation which in turn affects brand equity.
No matter what business your company does, an organized branding strategy is very important for you to reduce reputational risk, establish a positive brand image, improve margins and boost revenue.
Author’s Bio – The author is an online blogger. This article is about brand management.
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