Brand Management Vs Product Management
As business functions, brand management and product management have different scopes and objectives. They both drive success for a company’s offerings, but they have different responsibilities.
Brand Management
In brand management, the identity, positioning, and perception of a brand are managed strategically. As a result, a strong and favorable brand image is achieved by developing and nurturing the brand’s reputation, values, and associations.
Building brand equity, the intangible value and goodwill that influence customer perceptions and purchase decisions is the primary goal of brand management.
The following are some of the key aspects of brand management:
-
Brand Strategy:
A brand strategy describes the brand’s positioning, target audience, brand promise, and brand values, defining how the brand will stand out from its competitors and achieve consumer affinity.
-
Brand Identity:
Brand identity is the company’s visual and verbal representation, including the name, logo, tagline, and design elements. Brand identity helps consumers to recognize and identify the company’s products and services.
-
Brand Communication:
In brand communication, you develop and execute strategies to communicate your brand’s messages, values, and benefits to your target audience. These strategies include advertising, public relations, social media, and other marketing activities that make your brand more well-known.
-
Brand Experience:
The brand experience refers to every touchpoint a customer has with a brand, including product packaging, retail environments, customer service, and any other interaction that influences loyalty and satisfaction.
-
Brand Monitoring and Evaluation:
Continuously monitoring the brand’s performance, track consumer perceptions, and evaluating its effectiveness. In order to assess brand health and make informed decisions, it requires conducting market research, collecting customer feedback, and analyzing brand metrics.