What Is Brand Management and Why Is It Important?

Managing your brand is essential for staying established and being at the center of attention for your customers. Learn the how's and why's in this article.

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What Is Brand Management and Why Is It Important?

Brand management is not just about promoting and marketing your brand. It is the totality of all the strategies that you employ to make your brand known and its image recognized.  

If you notice, top brands like Nike, Starbucks, or even Mcdonald's have distinct characteristics that even kids who don't know how to read recognize. It all starts with a logo that identifies your brand and can pique just about anyone's attention. Most likely, you will be handling brands that have established their identities already, but despite that, having proper brand management is still essential for your brand to retain its position in the market. 

You need to understand this context to establish which stage you are in when managing your brand. There is a series of stages in brand management and they are as follows: 

1. Market analysis - This is the stage wherein you familiarize yourself with your target market. What specific market is your brand trying to capture? You have to be familiar with the demographics because failing in this aspect can lead you to fail in the whole process. You need to know if your brand is catering to the right target market based on its objectives and purposes. 

2. Brand approach - It is vital that you know what your brand's objectives are so you'll be able to assess the approach you should take to get your brand's message across your target market. You have to be specific in your approach. You can't just utilize any approach without knowing what your brand's goal is.

3. Brand retention - Your end goal here is to make your brand a household name. You wanted your brand not only to be recognized but patronized, most importantly. You have to learn how you can leverage your brand into attracting more customers into buying or getting the services of your brand. 

Now that you have acknowledged the stages, how do you achieve your objectives? That's where brand management comes in. Brand management is ensuring that your brand is attuned to what potential customers need and that your brand's objectives are met. With brand management, the primary goal is to build the identity and make it grow. The purpose is to monitor the engagement and the traction that the brand is being able to reach. 

Whatever industry your business is into, brand management creates both tangible and intangible results. Tangible results are those that were translated into sales or profit while intangible results are the awareness, influence, and loyalty that the brand gets from its customers and clients.

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