In this competitive world, brands must differentiate themselves in the market to make their products or service visible. World’s top brands don’t spend so much money on branding; instead, they strategically plan on things which can enhance their brand value. The brand value will directly contribute to the purchasing decision of the user.
There are tons of products available in the market, and every product is accessible for the user in this digital world, which is why it is important to do branding to stay out of the competition.
What is Branding?
Branding, by definition, means creating company’s name, logo, design, tagline, etc. that can be used to identify your product or service and to differentiate from other product or service in the market.
What Is Brand Management?
Brand management is developing a brand perception in the market. You need to create a positive relationship with the target market. Brand Management includes how a customer is associating with your brand and building relationship, which can lead to the purchasing process.
Brand Management is a vital part of marketing, and it boosts the value of your product or service. It builds a loyal customer who uses your brand and consumes your messages.
So how to get started with brand management. Here are five simple and effective brand management principles,
1. Leverage Your Unique Selling Proposition
Your Unique Selling Proposition (USP) will differentiate you from your competitor. E.g., Best featured smartphone which is affordable is the USP of Xiaomi phones in India, likewise, premium-ness is the USP of OnePlus and Apple. Your brand should have a clearly defined USP.
To create your USP, you must first understand where your product and your business fit in the market. What are your product features that make it different from its competitors? Is it price or quality or durability or performance? How is your company different from others? Is it stable or big or innovative? Whatever is your answer, make a note of it.
Once you defined your USP, promote it with a catchy message. Use this as your communication in all your future promotions. Just like Nike – Just do it, Apple – Think Different etc.
2.Use Marcom to Push Brand Awareness
Use your USP’s key message to promote your brand. Every marketing activity should have brand awareness element across every channel that you promote. Measure performance of these marketing activities.
Market your brand in the appropriate medium to appropriate users. E.g., if your brand is innovating and fresh, promote it through content marketing, social media, influencer etc. to millennials.
3. Develop Your Brand Internally
It is important to ideate and evolve your brand internally. Discuss with all departments, management team, other stakeholders. This will help you get unique views about your brand, which you might have overlooked. For e.g., a supply team knows better about the demand for product, product team knows better about customer usage etc. Use the collective information to create your plan which can simplify user’s buying process.
All the employees are your brand ambassadors. Discuss with all possible members in your organization about your communication. Internal adoption is important to maintain your brand’s consistency. Ensure that all departments are communicating the same way to customers, partners, suppliers, media houses etc.
Build a solid plan on brand asset management and share it with all the internal stakeholders. Keep these resources accessible in a central repository where they can download and share. This makes all the team members to distribute and maintain brand assets.
4. Entice Influencers to Circulate Your Brand
There is always a difference in you marketing your brand and someone else marketing it for you. And, who can do better marketing than the influencers themselves? This is known as 3rd-person effect. The logic is simple if someone who is not part of the company promotes about the company, it will be a trustworthy and reliable product to buy.
The most challenging part of working with influencers is to connect with them and to maintain a relationship. Engagement and communication is the key to sustain a beneficial relationship. There are several to engage influencers like social media, events, webinars, influencer platforms etc.
5. Utilize Brand Management Software
People may move on, processes will update, products will change, but one thing which remains the same is your brand. Evolution of your brand is critical, but the core value of your brand never changes. You can showcase the brand’s progress by making changes in visual elements – changing colors, logo, etc. can showcase a transformation of your brand.
Digital Asset Management (DAM) is the most comprehensive brand management system. DAM allows you to store digital assets like images, videos, powerpoint presentations, logo, documents, etc. It also has metadata for easy search and share capability. If you are using Dropbox, Google Drive etc. then you have probably outgrown them, and you need to move on to better and advanced brand management solution.
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