07 Jan Strategic Brand Management For Your Business
Strategy is a natural phenomenon associated with brand management, so strategic brand management is a pure statement of fact. In order to understand this term, you first must answer the question, â€œWhat is brand management?â€ Brand management is communicating to the public in a way that launches, publicizes and maintains the reliability of a specific product or service. Initial brand management includes investigations into setting the brand into the market, determining a target audience for the brand and strategies for maintaining the brandâ€™s reputation.
A Strategic Brand Management Process Starts With a Purpose
Before marching down the lane of brand management strategies, one must first establish a clear purpose for a brand. Effective brands involve a strategy defined by its purpose, which detail management steps for putting the brand into place. Money isnâ€™t in this initial consideration. Itâ€™s more of a deliberation on how different the service or product is from others in the industry. True loyalty to a product or service happens when something sets it apart from the rest and makes its uniqueness a message that is trumpeted.
Narrowing down customers is essential when deciding how to aim your brand. Decisions should be based on:
- What type of customers will respond favorably to the brand.
- What message in the brand piques the interest of which type of customer.
- Which customers are the most important to helping gain the highest share of the market with the brand.
By going through this scrutiny, you can determine where the best profit potential originates from, and often the uniqueness of your service or product can touch a chord in your brand, which is missed by the competition in your industry.
JHG Media can collect data and manipulate it to help you establish accurate customer profiles for determining appropriate target audience groups for your brand. Other proper statistics include how often and how much certain buyers make purchases from your business. An effective strategy includes considering whether your focus involves maintaining loyalty with existing customers, targeting a better group to enhance loyalty, or gathering a brand new customer base through your brand.
The purpose of your brand might be to reward a key customer type. By building your customer base, your companyâ€™s brand can enjoy a long-term phenomenon that helps to recruit business and income for your company.
Perceived value is an important aspect of any brand strategy. By establishing value in your brand, you set your companyâ€™s product or service apart from the competition. So, by listing the benefits of your product, and including those benefits into your brand, you establish a core reason why customers want to put down their money to continue buying the product that your business sells to them.
When you add in pricing, your customerâ€™s understanding of your brand, your companyâ€™s support of the product and how available that product is in the market, youâ€™re able to position your brand in such a way as to draw in customer traffic and give your business a profitable solution.
Get on Board the New Strategic Brand Management
Technological trends for 2014 through 2016 point toward a higher effort to bring about an increase in corporate brand management methods. Here are some ideas that the experts are forecasting for the next few years:
- As more and more customers become technologically connected, the electronic world ties together with a closer affinity to the physical world to such an extent that customers want service, whether theyâ€™re talking to you in your store or communicating with your website.
- If a business isnâ€™t producing an electronic store front, it probably equals the death of that company. Furthermore, if the business cannot keep up with the demand from electronic-mobile customers, it may no longer exist.
- Since more and more information is going online, there is a greater need for complex security measures.
- Electronic processes lend toward a more automated self-service feature from business websites. With this automation comes an ever more electronic brand presence for all businesses online.
- Yesterdayâ€™s data limitations evaporate as analysis methods become more collaborative. Expanded data means strategies are easier to assimilate with regard to future brand management exercises.
- Sensors and devices connected to the Internet means wearable computing, or the once fantasy notion of Dick Tracy using his â€œwalkie-talkieâ€ watch, will become common place. This equals an even higher Internet usage by customers looking for your brand information.
- With greater Internet connectivity, trust in a company receives severe injury if itâ€™s not â€œout thereâ€ with a strong online brand.
- Software and electronic technology advances equal even faster Internet connectivity or super-fast performance on a variety of business workloads. As speed increases, so does the demand by the public for even faster answers to their questions from your business. Strategically, this needs to be considered when managing your brand.
As we consider the technological side of human life in the future, we also must realize that weâ€™re still dealing with the yin and yang of human nature. There is a duality in everyone that we must somehow consider when aligning a brand to a specific consumer target group. Not only do we long to be part of a group, but we also wish to be left alone. We want peace on earth, yet when we feel threatened as a nation, we are ready to wage war.
So, brands must simultaneously be constant and reliable, while being exciting. The consistency element equates to a brand making sense without a second thought. When you grab for a Coca-Cola, it always tastes the same and itâ€™s always in a red can or a bottle with a red label. On the other hand, we want a brand that saves us money, solves our problems and gives other people something to talk about. We seek excitement in our lives.
What does this mean for you? It means that while youâ€™re using strategic brand management to bring on a consistent online message, itâ€™s equally imperative that every distinction of your brand is teased out to the public in a continuous reiteration of your message.
Related links:Â http://www.slideshare.net/rishistd/strategic-brand-management-1-presentation,Â http://smallbusiness.foxbusiness.com/marketing-sales/2013/12/12/why-online-brand-management-matters-even-offline/,Â http://www.entrepreneur.com/article/230187
Â Posted by:Â Joel Canter