What comes to mind when you think of the word “brands”? Apple? Adidas? McDonald’s? There are millions out there, but the names firing off in your brain have stuck for a major reason: brand management. Without it, these companies wouldn’t have reached their present success — and they certainly wouldn’t have remained successful.
In business jargon, brand management is a subset of marketing utilizing techniques to increase your business or product line’s perceived value. With an effective strategy, you’ll increase the actual monetary value of products and build customer loyalty with a positive brand association.
Here are 4 reasons brand management is so important to your business. Without it, you will be missing out on potential sales, long-term customers, among other benefits. Keep reading to learn more.
1. Set Yourself Apart From The Competition
Brand names distinguish themselves from the competition tosoar above the rest. Even if your company exists in a saturated market, developing an image that stands out can make you seem like one in a million.
A major way to distinguish your business involves determining and selling what makes your company different from those in your niche. This is called your unique selling proposition or USP for short.
You’ve probably already determined what your USP is, leaving the question, “How do you sell it effectively?” Business consultants like marketing and operations expert, Jasdeep Singh can help you navigate these tricky areas. Or perhaps you don’t know your business’s defying trait. A consultant can determine that too.
2. Consumers Know Who You Are
People don’t want what they don’t know. This is why brand awareness is essential to brand management. For a customer to purchase from you, they need to know you exist. Otherwise, they’re likely opting for the competition.
More than that, they need to trust your authenticity. Don’t believe us? Believe the 81% of consumers that said they need to trust a brand before buying from them.
3. Consumers Like Consistency
Brand consistency is ensuring your company values, presentation, and messaging are the same everywhere. If you’re constantly changing, how can they remember you? And how can they know you won’t change again?
For consumers, there’s comfort with consistency. They start associating you with certain feelings, colors, wording and know exactly what to expect. And what’s in it for you? Well, there will be an increase of loyal customers, hence revenue.
4. You Get To Know Your Consumers
Yes, your customers need to know you, but you also need to know them.
An effective brand manager knows its target market, everything from spending habits to where they’re hanging. This knowledge helps your company determine advertisement placement (typically where your customers spend their time and money).
You should always strive for building customer loyalty to amass recurring purchases. While yes, funny replies on social media will earn you brownie points, don’t forget superior customer service. No one wants to work with a business that offers poor customer service. Make sure you nail your customer care and consumers will consider your company for their purchasing decisions.
To Sum It Up — Work On Your Brand Management
For your market to trust you, buy from you, and choose your company over the rest, you need to manage your brand. Being a brand manager is a unique skill, and strategies evolve with the market. Effective brand management is both creating and maintaining your brand. We won’t lie. It takes work! If your strategies haven’t proven fruitful, it may be time to reach out to an expert.