Tesla cars are expensive. They carve out a huge chunk of your savings. This is why Tesla never promotes its vehicles using its price tags. They always use the ‘electric solution’ or the ‘super-designs’ of their sleek-looking cars as the main face of their brand. They go much deeper than this; they stand out from other electric vehicles by promoting themselves as a premium brand.
It is very easy to stick to what you know when it comes to brand management. After all, well-established methods don’t run out of steam. But with the pace of disruption in the market, even those well-established methods break down and are transferred to the junk lot.
It is important to stay ahead of the curve in brand management, and the best way to do that is to be prepared to make some brand adjustments. Additionally, from the consumer’s perspective, there are hundreds of ads they are bombarded with every day.
This poses a unique problem for the brand – how should they retain the consumer’s attention? What makes the brand stand out and get picked by the customer?
These questions lie at the center of brand management and show the difference between a successful brand and a forgotten relic.
What is Brand Management?
It takes a person 0.05 seconds to form an opinion about your brand. Brand management ensures that that opinion is positive and gets the leads converted to sales. This domain includes using various strategies to put the brand on display and increase its value.
Brand management aims to distinguish the brand from its competitors and let the customers enjoy the products as the brand intends.
Importance of Branding
When your brand is managed properly, several benefits come your way. Along with goodwill, the brand enjoys customer loyalty, where customers stay open to any new offerings from the brand.
It also develops a unique business-customer relationship that can significantly leverage costs for the business.
These points can sum up the importance of branding:
- Increased revenue
- Customer loyalty
- Increased brand awareness
- Social responsibility dispensed by the brand
- Better cost/price leveraging
- Better edge against the competition.
Brand Management Principles You Should Know
Brand equity is the reason why you choose Coca-Cola over any other soda. It’s that invisible sway enjoyed by the brand over its competitors.
Brand equity is a clever mix of perception, impression, and goodwill of the brand that ensures that the consumers choose their products over others.
One incredible benefit of brand equity is the price control enjoyed by the brand despite a saturated market with stiff competition.
Consistency is the key. According to a Lucidpress Report, consistent branding can increase your revenue by 10 – 20%. This recipe immediately ensures that the brand will survive all weathers for a long time.
Brand loyalty takes time to cultivate, but it is the most important principle of all. The best example of brand loyalty is Apple, which has maintained its customer base throughout all its successes and failures.
The first and foremost job of any brand is to create awareness. A brand needs to shake people up and tell them that it exists. Awareness breeds familiarity, and familiarity breeds comfort.
People who are comfortable using your products will stay with you loyally. The first step to lasting success is awareness.
An often overlooked principle, a brand’s values project far-reaching consequences and can be a make-or-break basis for decision-making for the customer.
People tend to choose brands that they share values with. Therefore, defining your brand values and projecting them confidently is important.
Targeted Brand Management
In order to get better at branding, it is important to know who your target audience is. Targeted brand management aims to launch branding efforts at the target audience in order to generate a positive perception of the brand.
The efforts and the skills required to revolve around the needs of the target that the brand intends to attract. For example, if the brand wants to target younger audiences, it needs to focus on creating engaging online videos (as the youth prefers videos to other media).
When it decides on this plan of action, it needs to define the skills required for creating and editing videos, like, for example, the know-how of how to edit a video online using an online video editing software. Then the brand needs to create a workable mold of creativity by mixing the brand’s USP with the video graphics to create a targeted branding strategy.
It is important to know your audience, know your brand and create a symbiosis of both in your brand strategy.
Aids to Efficient Brand Management
Know your brand
Knowing your brand goes way deeper than just knowing the company’s products, policies, and mission. KyB reaches straight to the soul of the brand – its reason for existence. Or, in other words, it’s ‘why.’
Simon Sinek, the founder of the Optimism Company, states that the ‘why’ of a brand is the most important message the brand can communicate to define the value proposition and inspire action.
His ‘Golden Circle’ is the best way forward to know your brand and to own it with zeal and passion.
Know your USP
A Unique Selling Proposition (USP) sets your product (or brand, in a broader sense) apart uniquely from your competitors.
A simple question to ask here is – what can you offer that your competitor cannot? A USP provides a key selling point and competitive advantage by using emotive value.
A staggering 88% of consumers state that authenticity matters to them in making a decision to support a brand. This concept is relatively new and was pushed by millennials and Gen Z people who prefer honesty from their brands.
Today, brands are expected to care more than just about their bottom line. Authenticity goes a long way for a brand to create lasting customer loyalty.
The Strength of Visual Elements
Humans prefer perceiving visually than any other sense. In fact, recognition of a brand is increased by 80% when the brand uses its signature color (e.g., red for Ferrari, blue for Facebook, etc.)
Visual elements like logo, font, color palette, and imagery create a solid identity for a brand, so strong that consumers can identify the brand even without its name present.
The bottle layout of Coca-Cola is a solid example of this – you can identify the brand just by the design of its bottles.
Consistent Tone Across All Platforms
Consumers get to know about a business through its brand, and it is very important to stay consistent in your tone while branding. Every brand has a voice that is integral to its being. It is important not to deviate from that voice.
This applies to all branding strategies across all platforms. Sticking to your brand voice ensures immediate trust and authenticity. Consumers will innately feel that they trust your brand if you keep a consistent tone in your branding.
Social Responsibility Branding
Today’s brands need to do more than sell their products or services. They need to contribute to the society they operate in. Incorporating social responsibility in your core values helps you harness your brand to additional elevated positions.
Moreover, 64% of people prefer brands that take social responsibility seriously.
Social Media Power
Billions of people have some presence on social media, making it the most powerful channel for branding. Social media also has a superpower of reachability; your brand voice can spread to different parts of the world through sharing.
With over 2 billion monthly users of Facebook and 774 million users of LinkedIn, B2B, and B2C social media platforms can help you elevate your branding game and reach wider audiences.
Trends catch on like wildfire today, and brands who ride these waves have a definite upper edge over others. Excellent brand management includes researching and harnessing the power of trends to portray your brand as modern and dynamic.
Keeping with the trends also helps project your brand as a torchbearer for the future.
Brand management is all about dynamism and adaptability, especially in these fast-paced times. But it need not be stressful; it is a highly creative process if you get the basics right. Apply the knowledge you received in this article and be the best brand manager around!