The concept of brand management revolves around building a memorable experience for customers. It's about establishing your brand’s identity through your company’s logo, website, products, taglines, and colour codes. All these elements of branding help in overall brand management and enable one to stay on the same page and consequently understand the overall direction the brand is headed. For example, McDonald's is one such fast food chain that has cultivated a mind-jabbing branding strategy. Whenever you hear the phrase "I'm loving it," you know it's McDonald's. Whenever we see the yellow and red joker, the word M, the constant thing that comes to mind is McDonalds. In a research done by students of an MBA institute in Kolkata on brand management, it was found that 77 percent of consumers buy from brands that have established their identity as they have gained the trust of their target audience. The importance of brand management cannot be emphasized enough. Here are five ways you can establish a successful brand management process.
1. Lay down a set of brand management rules
The first step towards establishing a branding process is laying down brand management rules. You must lay down the current brand image of your company and set achievable targets. It entails defining the standards that brand assets must meet as well as the procedures for managing brand assets, such as use cases, image rights, and the brand's logo and design. Maintaining a record of the established guidelines and maintaining them so that everyone involved in utilizing and managing brand assets has access to them is equally important.
2. Create a buyer persona for brand management
Your target audience is the foundation of your brand management strategy. When setting a brand management strategy, it is essential for you to analyse the buyer persona. A buyer persona means who is your target audience: gender, location, buying habits, income level, etc. Any information you can obtain about your target audience will help you better tailor your message and brand content to appeal to them. Many management colleges in Kolkata have a distinctive course structure that makes the students aware of how to do research and find out their buyer persona.
3. Build an emotional connection with your target audience
Have you ever seen the TV commercial for Colgate? It says, "Har Maa Ka Bharosa". With this distinctive branding strategy, they were able to build an emotional connection with their target audience—that is, the mothers, the housewives, and the individuals who take care of the basic necessities of the household. In addition to carving out a space for themselves in the global food market, many companies are now well-known. Additionally, their product placement on the big screen supported marketing objectives and helped in building relationships with a diverse customer base.
4. Focus on the branding elements
One of the most important aspects of the brand management process is the branding elements. The logo, tagline, and color code are the most important aspects of a brand since they allow customers to recognise a business right away. Think about the Apple logo. Well, it's just a bitten apple, which is fairly common and unremarkable. However, those who swear by Apple products instantly connect the logo with the company. For this reason, creating a unique logo that supports the business's theme is crucial for brand positioning.
5. Be consistent with your brand management strategies
Last but not the least, be consistent with your branding efforts. Many firms lack consistency. For a brand to expand and mature, consistency is necessary. Why should customers choose your company's brand above others? Apart from the services and products you offer, what else makes your brand distinctive? Simply put, there may be hundreds of brands with comparable offers to yours; but, it's not just the items or services that draw buyers to a brand. The secret to forging an enduring connection with your audience is consistency. You must demonstrate a degree of trust and transparency that is more precious than any material value if you want them to select you over a rival. To put it another way, the message you spread about your brand should be consistent throughout everything you do.
A business's journey from a "company" to a "brand" requires stagnant efforts and great strategies. A recognisable and consistent brand that is present on both traditional and digital channels is a company's most valuable asset. However, managing a brand strategically and efficiently across a variety of stakeholders and constantly evolving delivery channels can be quite a difficult task. As a result, organisations must maintain a unified tone and identity across all channels while also paying attention to brand asset management. The Bengal Institute of Business Studies is one of the top B-schools in Kolkata that provides you with a masters in business administration. This course gives you access to vital knowledge in the fields of marketing and brand management.