The key to successfully developing your brand may seem quite simple on the surface: develop a brand management strategy, and enforce it. But building relationships between your business and your audience is a process. In order to maintain your perceived value in the eye of your audience, you first need to firmly lay the groundwork of brand management.
In today’s blog, we’ll be breaking down all you need to know about the basics of brand management.
Brand management explained
These days, particularly in the age of social media, just about anyone can publish something negative regarding your business, and it can come in many forms: articles online, reviews, or even just posts on social media. If something attempting to paint your brand in a negative light ends up gaining traction, then it may go on to dilute the value of your brand. This dilution could also then lead to a drop in revenue.
One of the best ways to detract, or get ahead of, that dilution is by getting a handle on the narrative. That’s really what brand management is all about: taking control of your business’s story.
It’s not just about getting ahead of what others are saying about your brand, though. From the moment your business goes live, there should be utmost consistency when it comes to the tone, language, colours, fonts, and logos used across all channels.
Benefits of brand management
So, we’ve highlighted the importance of brand management… but what are the explicit benefits? Consistent brand management will help your business in the following ways:
- Your brand awareness will continue to grow
- Customer advocacy will likely receive a notable boost, which will in turn, grow your company’s sales
- Your pricing leverages will be enhanced
- Amplifying positive feedback from your customers will help you to scale your brand
The principles of brand management
The principles that make up a brand management strategy are fairly straightforward as long as you know the basics. Let’s take a look at some of the key elements you’ll need to get to grips with if you want to maintain brand management.
This is the concept of establishing value via your reputation and the public’s perception of your business. With strong brand equity, you’ll be altering the dynamic of your product or service. Ever bought a product without even looking at reviews of said product because you know you can trust the brand? Brand equity is what’ll make that happen for your business.
We all have certain brands we’re more loyal to than other companies. It’s in the same vein as brand equity, certainly, in the sense that customers are choosing to buy products from a certain brand, purely because of the brand. The branding informs their purchasing decision more than the potential quality of whatever they’re buying.
Off-brand supermarket products are a good example of this. Quite often, consumers would be unlikely to notice the difference between off-brand products and the products they perceive to be the premium equivalent. More so than buying the product, they’re buying the brand.
As the public’s awareness of your brand increases, so too (with any luck) will your brand reputation. Customer experience isn’t the only factor that can affect this; you should also be vigilant when it comes to your online presence. What comes up first on Google when you search for your brand, for example?
With the pillars of brand management in place, you’ll be well on your way to controlling your own narrative.
Looking for intuitive marketing solutions to help with brand management?
Book a demo today to find out why Enable by Perivan, combined with our range of marketing solutions, could be crucial for your business’s growth.