Know the basics of brand management
Martech Perspectives | Monday, December 20, 2021
Strong brands aren’t just built by marketing or the product alone, but by constantly iterating their customers’ brand experience.
Creating a brand is exciting, but it is not enough. As the business evolves, grows, changes and succeeds, the brand must follow suit. Brand management manages brand reputation and improves public perception of the brand in a way that develops brand awareness, fairness and loyalty. Here’s a guide that covers the basics of brand management and equips brands with the tools they need to manage and maintain a fantastic brand.
Brand awareness is the degree of familiarity of the audience and target audience with the brand. Brand awareness is essential because consumers cannot engage with or purchase branded products or services if they are unaware.
Brand equity is how consumers value the brand based on their experiences, perceptions, and associations. This concept goes hand in hand with branding, which is the commercial value of the brand as perceived by the market. Brand equity is necessary because a brand of value can help drive up prices and increase merit among investors, shareholders and potential buyers.
Brand loyalty is about the consistency with which customers and subscribers engage and buy from the brand. While marketing can’t necessarily influence this, customer service can focus on satisfaction, and relationship building can bring customers back again. Brand loyalty is essential as it creates brand ambassadors who do the marketing for the brands.
Brand recognition is the ability of a consumer to recognize the brand through the logo, tagline, and packaging, without seeing the brand name. This concept parallels brand recall, which is the potential to think of a brand without seeing or hearing any brand prompts. Brand recognition is essential because by recognizing and remembering the brand, consumers keep the brand in mind and are more likely to select the brand above the competition.
Brand reputation refers to how the audience and target audience perceive character, status, and quality. Reputation can be influenced by internal and external factors such as customer reviews, WOM marketing, news mentions and many more. Brand reputation is essential as it can be the first impression of the brand by some consumers.