It is essential to develop an effective relationship with the target market. The brand management involves various aspects such as customer satisfaction, cost, competition and in-store presentation. It is considered as a marketing foundation that directly focuses on the brand to create a favourable impact on customers. Effective brand management results in higher sales of products that are associated with the brand. For instance – the customers who love Pillsbury chocolates, are likely to buy any of the product of Pillsbury chocolates such as choco-chip cookies.
Principles of Brand Management
- Define the brand – For effective brand management, it is essential for companies to define its brand among customers. It begins with the key vision, mission, purpose and value of companies. The organisations should communicate their strengths with the target audience.
- Consistency – A person or an organisation should make consistency in messages to differentiate its products and services in the market. For example – In the presidential campaign of 2008, Obama focused on only one key message i.e. Change. In addition, an automobile organisation named BMW has often maintained consistency in its message i.e. Ultimate Driving Machine.
- Connect customers at an emotional level – The organisation should build connections with customers by knowing their emotional needs. In order to increase profitability, companies should understand and know the physical and emotional needs of its customers.
- Alignment of tactics with strategy - For proper brand management, the organisations should convey their brand statements or tactics through the most appropriate media. The organisations should invest in a correct media strategy in order to create awareness among their target customers.
- Measure effectiveness – ROI (Return on investment) is considered a key indicator that helps in measuring the effectiveness of brand management. Also, the effectiveness is reflected by the brand valuation of products of companies i.e. how the customers (Favourably or unfavourably) react to products and services of organisations.
- Stay relevant and flexible – An organisation should always remain open to adjustments to ensure effective brand management. It should change its strategy according to changing marketing needs. The companies should develop a positive environment by increasing flexibility and relevance in the market place.
- Cultivate the community – The community plays an active role in the success of business functions. Organisations should develop effective brand management in the eyes of the community. It should reveal its business values, purpose and mission among customers.
- Brand strategy thinking – For effective brand strategy thinking, the organisations should introduce a new strategy of products and services. Along with this, it should execute tactics to compete with competitors effectively.