What is The Brand Management Process

Branding plays a key role in any marketing plan and a good brand always has a jump start over the competition in any field. Today we will discuss about brand management process and various concepts related to it. This article would just touch upon various terms without going into details. You may like to read some of the other comprehensive articles I wrote about marketing.

Brand Management

Brand is an intangible asset of the company. It is in the form of a logo or a trademark, but it is more than that. Brand strategy involves managing these brands and their value is described by its equity. Brand management approaches are:
  • Brand positioning
  • Brand leveraging

Brand Identity
Brand identity is the first component of brand management and it means how the company wants their brands to be perceived. This is the identity of the brand and what the brand stands for. It helps in establishing a relationship between the brand and customer by providing value.

Brand Image
Brand image is the image of the brand of a company. It can be defined as the reputation of the company and the brand. For example: the brand image of APPLE is extremely good and reputable.

Brand Character
Brand character is a relation with the consumer in terms of the experience it promises to deliver. It is how the brand is perceived in aspects like:
  • Integrity
  • Honesty
  • trustworthiness

Importance of Brand Management

  1.  A good and strong brand can have price premium and therefore earns high margins by charging extra.
  2.  Brands are essential to attract new customers which is important for any business.
  3.  Brands also are an obstacle to upcoming brands as the loyal customers tend to stick to a trusted brand rather than switch over to a new brand.
  4.  Brands also protect the company during economy downturns.
  5.  Brands create goodwill- an intangible but highly important asset.
  6.  Brands enable companies to expand by creating bigger footprints into new markets.

BRAND ACQUISITION:
One company acquires brand of the other companies as it helps to expand their portfolio of brands to expand the market. There are a number of examples in Indian corporate history of brand acquisition.
  • Coca cola which was expelled from India in 1977 and was re-introduced in 1991 in India and acquired Thumbs-up, Limca, Goldspot, Rim-zim.
  • Famous brands of Hamaam and Moti soaps were acquired by Hindustan Unilever.
  • Uncle Chips was acquired by Pepsi.

BRAND REJUVENATION:
Brand rejuvenation means addition of value to an existing brand. This is done by adding values to it which means improving product attributes and enhancing its overall appeal.
It is done to get the attention of the consumers and refocus it to the brand. It helps to overcome boredom and repetition that is seen. Brand is rejuvenated due to psychological desire of the consumers.
The terms often used for such an activity are 'new, 'super', ‘special’, ‘premium’,‘deluxe’,‘extra strong’,‘fresh’,etc.
Brand rejuvenation is nothing but updating of brands.
For example:
• Cadbury’s five star chocolate bar received a fill up through a new creamier and smoother version.
• New Bournvita: To give it a push, Cadbury came out with New Bournvita, with extra glucose in a new packing

6 Components for a Comprehensive Branding Strategy

  • Purpose: Every brand has a purpose, because of which it comes into existence. Example:the purpose of KINLEY as a brand is to provide with quality-drinking water.
  • Consistency: it means a brand needs to be consistent with regards to its value, mission and vision.
  • Emotion: a good brand is one which can establish an emotional connect with its customers.
  • Flexibility: it is another integral component of a brand.
  • Employee involvement: employee involvement plays a big role in branding and its management because employee understands the brand and is treated as a company’s asset.
  • Loyalty: brand loyalty is what is important for it to sustain and grow.

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