Hi, our lovely readers,
This time our Marketing Manager Anahit will talk about the key points of Brand Management. 3 essential tactics that you can pay attention to during your professional activity.
So, let’s start😊
What is a Brand Management?
Brand management is a marketing function that uses tactics to boost a product line’s or brand’s perceived value over time. When we practice Brand Management successfully, it provides cost leverage, increases consumer loyalty, and establishes meaningful brand awareness.
So what should you focus on when managing a brand?
The first reason is the BRAND LOYALTY.
For any business, it is expensive to gain new customers and relatively inexpensive to keep existing ones, especially when the existing customers are satisfied with the brand. Further, at least some existing customers help us present and reassure the brand to new customers.
The loyalty of the customer base reduces the vulnerability to competitive action. For that reason, competitors don’t want to spend a lot of resources to attract satisfied customers. Corporations spend a lot of money on customer service and marketing to build and sustain brand loyalty for a well-known product. Coca-Cola Company is an example of an iconic brand that has resulted in customers demonstrating brand loyalty over the years despite Pepsi’s products and marketing efforts.
The second is AWARENESS OF THE BRAND NAME AND SYMBOLS
Consumers will often buy a familiar brand because they are comfortable with the familiar. They think that a familiar brand is probably reliable, long-lasting, and of reasonable quality. Customers will buy the know product or service more than an unknown brand.
In addition, the brand awareness campaign aims to raise public recognition of a new or redesigned product and differentiate it from the competition.
The name is the basic core indicator of the brand, the basis for both awareness and communication efforts. It will be unique for the company and correspond with the services offered. Nowadays, there is a problem with name defend which can be difficult and costly for companies. An established brand can benefit from the establishment of a new subname. A subname can identify a new model which has a particular characteristic. It can also identify a group of models which have a common relevant attribute. Turbo Pascal, Turbo Basic, Turbo C. Plus, if the name already has public awareness it’s possible that the subname will also succeed in the future.
The name creation is a too important process. Yeh, the name is much more permanent than most other elements of a marketing program. Such as a package, price, or advertising theme usually can be changed much more easily than a name.
The truth is that most businesses and products are very similar; the differences do exist, such as service quality, communication methods. When products and services are difficult to distinguish, a symbol can serve as the central element of brand identity, a brand’s primary distinguishing feature. So, symbols should help gain brand awareness, for example, Mickey Mouse, Apple.
Symbols can be almost anything, such as:
The name and the symbol are an important part of the brand identity. However, the slogan is also essential. It can correspond with the company’s positioning plan, for example, LG – life’s good. The slogan is significantly less restricted by legal and other restrictions than either a name or a symbol. On the other hand, there’s a brand name and symbol combination that don’t need any slogan, for instance, Ford.
And the third is Perceived Quality
Perceived quality can be defined as the customer’s perception of the quality of a product or service. First of all, it’s a perception by customers. Perceived quality can be different for customers because their expectations are also different. Perceived quality is intangible, and it’s feeling about a brand. It can be a reason for customers to buy a product or service. It will help the company to differentiate itself from its competitors. Moreover, perceived quality has a positive impact to purchase decisions, it can make all elements of the marketing program more effective. If the perceived quality is high, the job of advertising and promotion is more likely to be effective.
To sum up, I’d like to mention that we as marketers must do everything that our product and service be perceived correctly by our customers. So, we can take into consideration the above 3 key points during the management of our brand. And we will record success in our business activity.
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