“Branding demands commitment; commitment to continual reinvention” – Richard Branson.
Brand management is a branding component that involves maintaining and bettering products, services and brand perception. Brand management when practiced correctly, gives cost leverage, increases customer loyalty and establishes meaningful brand awareness. It also embodies the customer purchasing process relationship.
How Brand Management Works
Brands have a powerful influence on customer engagement, competition in the markets, and the management of a company. A strong brand presence in the market differentiates a company’s products from its competitors and creates brand affinity for a company’s products or services. A brand that has been established has to continually maintain its brand image through brand management. Effective brand management increases brand awareness, measures and manages brand equity, drives initiatives that support a consistent brand message, identifies and accommodates new brand products, and effectively positions the brand in the market.