Does My Company Need Brand Management?
“I am not Coca-Cola or Nike, so why do I need Brand Management?” It seems to be a general notion amongst many companies today that Brand Management is a requirement only for Legendary Brands and that upcoming Startups or SMEs do not need to “manage their brand”. The point to note here though is that a Nike or a Coca-Cola have gained that status today solely because they gave branding a huge priority from the very beginning.
Let’s see, what exactly is a “Brand”? A brand represents what your company stands for, what it provides and what it promises to deliver. With that respect, Brand Management is the art of defining your brand, sustaining it and delivering the brand value and ultimately it is how your customers perceive your company. Hence, by definition alone, it is clear, that whether big or small, every company must invest in Brand Management. After having handled Brand Management for multiple clients at All Stars Digital, our experts have listed down 3 compelling reasons as to why your company deserves and requires Brand Management:
1.Building Reputation & Trust and hence a Loyal Customer Base
When you put efforts into positioning your company in a specific way in the market, you will reap the rewards in terms of your customer’s trust.
In the case of product companies, branding involves the correct packaging, logo, design, and delivery and in terms of service companies, it usually involves delivering quality customer service. In either case, well thought and strategic branding plan will help you build an identity for yourself which will ultimately attract more customers.
In fact, the better the brand image, the more likely it will be for customers to not only use your product or service but also recommend it to others.
2.Generating a Recall Value
When I say 2 minutes noodles, the first thing that will come to your mind is Maggi.
Generating a recall value plays a huge role in lifting your brand. At the same time, it also makes it much easier to create alterations of your product or service without investing heavily in re-marketing. You want to create a brand that is easy for the customer to remember so that it is mentioned and used again and again. No tool like brand management that will help you achieve it.
3.Differentiating Your Product From Competitors
A huge part of Brand Management is determining how your brand will deliver what it has promised. Customers are likely to go for and recommend brands that they remember out of the good experience. If your branding strategy has managed to deliver that and more, you can be assured that you will be the preferred choice of the customer as long as you continue doing that.
Brand Management is an essential component for determining the fate of your product or service in the long term. It may not prove its validity immediately in terms of conversions, but the value it will create for your company will be unmatched in the years to come.