Often, we have come across products with distinct branding and designs either on YouTube, Instagram, or physical marketing media (billboards, newspapers). In most cases, we can differentiate a brand from others by their colors, bylines, logo, or even certain symbols attached to them. What we most times don’t know is that a lot of work goes into all these designs and branding we see everywhere, that’s brand management.
This very important marketing technique has tons of benefits, one of the reasons organizations dedicate a large chunk of their budget to the branding department, often headed by a brand manager/designer. In this article, we define a brand, brand management, identify the importance of brand management and look at some techniques to brand management.
What is Brand Management?
A brand is a name, term, sign, symbol, or design (in most cases, a combination of these four), created to differentiate the products (goods or services) of one seller from other sellers (competitors). To manage this, that is where brand management comes into play. Investopedia defines brand management as a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. In simple terms, it is increasing the way both the general audience and your customers see your brands, and this is achieved through improved brand offerings, brand designs, and genuine feedback. For this to happen, the organization must be able to develop a strategic plan to maintain brand value, and this requires a comprehensive understanding of the brand visions, offerings, its target market, and its future goals.
Types Of Brand Management
There are three types of brand management and they include:
Product Brand: In this case, the companies are known for their products. In most cases, tangible products like lifestyle and household products are tied to brands. They could either be a single product or a series of products. An example is Coca-Cola and Dominos Pizza.
Service Brand: Service brand is similar to the product brand. In the case of service brands, they add a distinguished value to services offered by these companies. An example is Eden Lifestyle in Lagos, Nigeria; a tech-enabled service that puts your home’s chores on autopilot. However, this is more difficult because these services are less well-defined than product brands.
Corporate Brand: Corporate branding is when all the branding activities and promotion of an organization are focused on the brand name rather than the services or products they offer. Examples include Nike, Nivea, Wix. When you hear these names, the first thing that comes to mind is athletics, skincare, and a free website builder. This happened because of the solid corporate branding.
Benefits of Brand Management
According to Forbes, 77% of consumers purchase items because of the brand name, 82% of investors prioritize brand recognition. These statistics offer a deep insight into the benefits of brand management, as great branding distinguishes you from the competition (other sellers). Building a different, unconventional brand proves the value of your organization’s individuality, as it provides your audience a clear understanding of what you are doing and offering.