THE IMPORTANCE OF BRAND MANAGEMENT
Marketing experts will emphasize that the success of any organization or business is contingent on its branding techniques. Companies like Ralph Lauren, Coca Cola and BMW have reached monumental levels of business success because of their exceptional brand management.
Brand management may involve analyzing and outlining how a brand is going to be perceived by the target audience. A good brand strategy highlights the paths your company needs to follow in order to become successful. Entrepreneur explains that “your brand is your promise to your customer”, and you must keep this promise if you want your business to grow.
The efficiency of your brand strategy correlates with the number of customers that will pick you over your competitors. Two companies could offer the exact product or service, but the one with a well-thought-out and strategic branding plan will attract more customers. According to Forbes, customers tend to associate themselves with a brand that is trustworthy and makes them feel appreciated. For instance, travelers are more likely to fly with an airline with a flight crew that makes its passengers feel valued and safe than the one who serves the best peanuts and pretzels. It is not just the message, product or service that interests the customer but most importantly, the way it is delivered.
Talk about delivery, the Beatles exemplify the importance of strategic branding, even in the music industry. It’s been 50 years after their debut but the Beatles are still successful and their topnotch achievement has a lot to do with how they delivered rock ‘n’ roll to their fans. Their achievements illustrate a remarkable example of how branding can define the success of any industry. John, Paul, George and Ringo were branded with not only an impeccable sense of fashion but also by centering their music around their fans. Today, the Fab Four are regarded as one of the highest selling bands with over a billion albums sold.
The stronger your brand, the more likely you are to be recommended by your customers. However, the chances of customer endorsement is low when your brand is not significant enough to be remembered. Strong and trusted brands like Apple are comfortable charging more for their products, knowing customers are willing to pay. Some people don’t even mind camping all night in front of an Apple Store to get the newest iPhone.
Marketing is about crafting a brand that will grab the consumers’ attention. Al and Laura Ries discuss in The 22 Immutable Laws of Branding that if you can’t create a strong brand, there is no way promotions, advertisement, content packaging or public relations can help you achieve your goals.
A company’s brand is its corporate image and a huge deciding factor of business success. From the customers’ point of view, your brand is a reflection of your company and an indication of what to expect. Don’t let your rival steal your customers; if you want your business to continue to grow, contact us at 866.977.4728 for brand management consultation.