Introduction to Brand Management
Brand Management: Before addressing the concerned topic, it is important to know “what simply brand means.” The term “Brand” can be defined as a name, symbol, design or any other feature which helps in identifying the products of a manufacturer as distinct from other manufacturers.
It plays a very important role in making the product successful in the market. The brand differentiates the product in the market among the products of key competitors. It significantly helps in making the product visible in the market among the competitors’ products. It is a great source of competitive advantage and hence every organization must extensively focus on developing a strong brand and manage it significantly to achieve competitive advantage in such a competitive market.
Managing a brand is a very challenging and tough task. There is very high competition in the market and every organization is busy in developing a strong brand to attract more and more customer. So, it has become important for organizations to focus on innovation and advance technology to manage the brand effectively and efficiently. Here, it is important to gain some knowledge about the concept of Brand Management.
It is nothing but an effort to enhance the perceived value of a product. It can be defined as a process of improving, maintaining as well as upholding the brand in order to yield a positive result. Brand Management involves several important aspects including competition, customer satisfaction, cost, as well as in-store presentation. Proper managing brand improves the sales of the product. It also improves the sales of associated products with the brand. Therefore, it is important to manage the brand effectively and efficiently. Now our experts from Assignment Help Australia will tell you about the need for branding.
Need for branding
As it has been identified that branding plays a very significant role in improving the performance of the product or services in the market, the organization should extensively focus on branding. Branding is necessary because with the help of branding the organization can make a memorable impression on the customer. It also allows the consumer of the organization to know what to expect from the organization.
The corporate world is very competitive and every day the level of competition is increasing which creates issues for the organizations to sustain and survive in the market. In order to compete in such a competitive market, the organization should achieve a competitive advantage. Branding helps in gaining competitive advantage and competing in the market. Competitive advantage can be defined as an attribute which helps the organization to outdo the key competitors. Competitive advantage is also needed to improve the performance of the company. So, with the help of branding the organization can improve its performance as compared to the competitors. Therefore, branding is needed to gain competitive advantages.
Branding is also needed to gain the trust of the customers. Branding creates trust among the potential customers which is very important for the success of the organization. It has also been studied that people purchase goods and services from the organization they trust. Hence, it is important for the organization to focus on creating trust among the potential customer. For this purpose, it is important to build a strong brand. Apart from this, branding also helps in building loyalty, enhancing market share, increasing the relevance of the brand in the mind and heart of the potential customer, etc. Now instant assignment help will tell you about the essential elements of branding.
Essential elements of branding
A brand consists of several elements which make the brand strong. Some of the elements and attributes of the brand are essential and hence the organization should be very careful while branding. The following are the essential elements of branding.
Brand position describes the unique value of the organization and the product. The brand position also describes what differentiates the organization from other organizations. It also informs the consumers what they can achieve or gain by using the goods and services.
The most important thing which an organization promises to deliver is a brand promise. It is important to ensure that what has been promised to the customers is being delivered to them in order to enhance the performance of the brand. The organization needs to consider the expectations of the customers, employees, as well as partners in order to come up with the brand promise.
There are several brand traits which formulate the brand personality. Brand personality significantly determines the effectiveness of the brand in the market. The customer recognizes the brand with the help of brand personality. It describes what the brand of the organization should be known for within as well as outside the organization.
Every organization describes its history or journey to success but it is also necessary to add how organization adds credibility lends values and shapes the face of the brand along with the history of the organization. Generally, the brand value includes a summary of the products and services.
Brand associations can be defined as the specific physical artifacts which build the brand. Brand associations include the following; logo, name, color, image, fonts, tagline or punch line, etc. It is necessary to ensure that the traits, as well as the promise of the brand, are being reflected through the brand associations.
Importance of branding
Branding is very important for the organization as it improves the overall performance of the organization. Branding helps the organization in different ways to improve its performance. The following points are highlighting the importance of branding for the organization.
Branding improves product recognition
The logo is the most significant component of a brand because it is what the customer recognizes instantly as the face of business. The logo of a brand should be memorable so that the customers can easily identify the brand among the brands of competitors. Branding helps in designing a professional and memorable logo to improve brand recognition.
Branding creates trust among the potential customer
Creating trust among the customer is also very important for the organization to improve the overall performance of the organization. Branding creates trust among the customer. People are likely to buy more from an organization which they trust the most. They want to purchase from an organization which is legitimate and polished. Thus, with the help of branding the organization can create trust and hence improve the performance.
Branding supports advertising
Advertising is also a very significant component of the brand. Branding supports advertising in many ways and makes it effective. Branding helps in selecting the medium for delivering advertising. Selecting a medium is very critical to ensure the effectiveness of the advertisement. Apart from this, branding also helps in targeting demographics. Thus, it can be said that branding improves advertising.
Branding improves financial value
Branding also improves the financial value of the organization. Effective branding improves the performance and productivity of the organization. Sales volume of the organization also improves. As the performance of the organization improves the hard assets of the company also improves.
Branding inspires and motivates employees
It has been studied that many employees more than just work. They want challenges in their work. They want to work in a definite direction to achieve the goals of the business. Branding helps in making the employees understand the mission and goals of the organization and hence they will work to accomplish the mission and goals of the organization.
Branding attracts new customers
One of the significant advantages of branding is that it helps the company in attracting more and more new customers. Effective branding helps in getting positive word of mouth and positive word of mouth is very effective in bringing a new customer to the business.
Branding and organizational performance
There is a significant impact of Brand Management on organizational performance. Effective Brand Management significantly improves the performance of the organization.
Branding improves the sales volume of the organization and as the sales volume of the organization increases, the revenue of the organization also increases. Thus, the financial capacity of the organization improves which is important for the organization to sustain in the market.
Branding enhances the level of motivation of the employees. It has been studied that motivated employees perform well. Employees are the most important assets of the organization and hence it is important to keep the employees motivated.
Employees significantly improve the performance of the organization. The productivity of the organization is also significantly improved by motivated employees. Thus, it can be said that branding improves the performance of the organization.
Branding provides competitive advantages to the organization which is also necessary to improve the performance and productivity of the organization. Competitive advantages support the organization to stay in the market for a longer period of time. Competitive advantages improve the performance of the organization as compared to the competitors.
Branding improves the promotional campaign of the organization and hence the performance of the product and services of the organization improves which further improve the performance of the overall organization. Branding also creates trust which is necessary for the organization because without creating trust among the customers the organization cannot attract and convince them to purchase the product.
Branding makes the product visible in the market among the products of competitors. Effective branding uses a simple and attractive logo, tagline, symbol, etc. which helps in recognizing the product easily. So, as the customers of the organization started recognizing the product easily the sales of the product of the organization increase.
Branding in the globalized world
One of the most significant reasons for the stiff competition is globalization. Globalization has significantly increased the level of competition because in the globalized world an organization can enter into any country and operate successfully. The world has become borderless. Therefore, in order to sustain in the globalized world, it has become very significant for the organization to extensively focus on branding. They need to manage the brand so that they can compete with the existing rival organizations. There are several strategies which are used by the organizations for Brand Management in the globalized world. Some of the significant strategies are the following;
It is the first step towards effective brand management in which the organization decides the brand positioning the organization wants to achieve. Brand positioning is a very difficult task as the marketer needs to find out the positioning of every brand in the industry along with identifying differentiating factors. Using differentiating factors helps the brand to achieve a unique position in the mind of the potential customer and hence they recognize the brand easily.
After brand positioning, the organization needs to carry out brand marketing. Brand marketing is a key step towards Brand Management which involves marketing through several media vehicles. It is also important to build value through the activities of brand marketing along with using media vehicles.
Brand Performance and Analysis
It is equally important to analyze the performance of the brand in the market after brand positioning and brand marketing. Analyzing brand performance helps in identifying the strengths and weaknesses of the strategies and hence effective steps can be taken to maximize the strengths and improve the weaknesses. Thus, brand performance and analysis help in effective Brand Management.
Building Brand Value
Building brand value is an effective step for Strategic Brand Management. Building brand value is a very long process and it takes a decade and hence it is the responsibility of the management to plan for decades to build brand value.
There are several challenges which significantly affect branding and hence it is important for the companies to identify the key challenges so that the organization can effectively manage the challenges for effective branding. The following are the branding challenges which every organization should consider while branding.
Dealing with short-term financial concern is one of the significant challenges of branding. The brand is a long-term asset which yields financial results in the long-term but the executive needs to deliver financial results in the short-term which is a very difficult task. There is a possibility that the brand can yield financial result in the short-term but the return will be a small part of the total. Therefore, it is the biggest challenge of branding which a brand manager face.
Consistency is also one of the major challenges of branding. A brand is created through several touch points and every time a consumer interacts with a brand forms brand associations. So, it is said that every individual in an organization affects the brand. Therefore, the main objective of a brand should be keeping the message consistent throughout the media, platforms, and time. However, it has also been identified that various brands are not able to maintain a unified message across all the media, platforms, and time.
Apart from this, clutter is also a major challenge of branding. The market is very competitive and highly populated. The customers are bombarded by thousands of promotions and advertisement every day. So, breaking through such a cluttered environment is very tough.
Moreover, connectivity is also a major challenge of branding which should be managing effectively for better result. Branding involves the usage of media vehicles, message, media platforms, etc. Hence, it is important to align all these factors to gain a better result. The organization should connect each factor with another in order to produce an effective result. It is also important to connect the message with the customers of the organization so that the customer can feel connected and hence purchase the product and services. The organization needs to deal with these challenges effectively for effective Brand Management.
It can be concluded that it is very important for any firm to manage the brand effectively in order to improve the performance and productivity of the firm. Brand management enhances the sales of the product and services. The organization should extensively focus on brand management. With the help of effective brand management, the organization can also improve the level of motivation and morale.
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