Management of a brand is the process of creating, developing, maintaining, and enhancing it to effectively position it in the market and foster strong customer relationships. In order to manage a brand effectively, you need to manage its identity, image, perception, and communication.
Let’s look at the key components of brand management:
A brand’s long-term direction and positioning are defined by the brand strategy. In order to gain insight into the competitive landscape, it starts by identifying the target market, understanding customer needs and preferences, and conducting market research.
Identifies how organizations want their brand to be perceived by customers compared to their competitors by drafting a brand positioning statement. All brand-related activities are guided by this statement, which serves as a guide for making decisions.
Defining brand attributes, values, and personality traits is also part of brand strategy. The unique value proposition and personality of a brand can be clearly defined by organizations to establish a compelling brand position in the market. These elements help define the brand’s identity and differentiate it from its competitors.