Career Trends: August 28, 2022
Curated by the Knowledge Team of ICS Career GPS
- Article by Nancy Jaiswal, published on telegraphindia.com. Original article link.
Brand management is that function of marketing that employs techniques to increase the perceived value of a particular product or brand over time. Effective brand management facilitates higher product prices and builds loyal customers through positive brand associations and strong brand awareness.
Developing a strategic plan to maintain or improve brand equity requires a thorough understanding of the brand, its target audiences and the organisation’s overall vision.
Importance of brand management in 2022:
In the modern world’s technologically-advanced business space, any brand’s perceived value has a huge impact on customer retention, market competition, and business operations. A strong brand presence in the market differentiates a company’s products from its competitors and creates brand affinity for their products and services.
Effective brand management increases brand awareness, measures and manages brand equity, drives initiatives that support consistent brand messaging, identifies and describes new branded products, and effectively promotes brands in the marketplace.
Role of a brand manager:
The brand manager’s job is broadly divided into managing the tangible and intangible attributes of the brand.
Tangible attributes include:
- product pricing,
- brand colours, and
- font formats for communication.
Intangible attributes include:
- how the brand is perceived in the market,
- consumer’s experience with the brand
- consumer’s emotional attachment to the product or service.
- brand equity, which is the price above the value of the product that consumers are willing to pay to purchase the products of the brand.
The intangible assets are the ones which the manager needs to particularly analyse and work on as ultimately, those are the levers that control the success of the brand.
The process of brand management:
1. Positioning the brand
- The initial step in the process of brand management is to understand the product offering in terms of brand value and positioning it is providing to the customers.
- This is the foundation of a business because how one wants their customers to perceive their product or service is what can be defined as branding.
2. Building a marketing plan
- Brand building is the straight next step in the brand management process.
- This process involves creating and working on components such as pricing, packaging, and customer service to create a brand.
- Brand awareness techniques also fall into this step.
- Top notch organisations usually use integrated marketing communications (IMC) to promote their products and services.
3. Analysing the performance
- Not only is it important to create a brand, but it is also important to measure its performance against competitors and other market dynamics.
- This step is crucial in identifying parameters such as brand recall, brand preference, and brand awareness, and diagnosing where you need to concentrate your efforts and make tweaks.
4. Building a growth plan
- The final and last step in the brand management process, after the assessment, is to enhance and uplift the brand’s performance for ensuring growth and marketability, as well as brand equity.
- This growth plan should be focused on building the quality of products and services, but more importantly, consolidating their perceived value among the consumers.
Certification courses that teach brand management:
Brand management courses are offered in different types of programs such as Degrees (UG & PG), Diploma and Certification courses.
Online courses which you can take up:
- Strategic Brand Management offered by edx
- Luxury Management offered by edx
- Brand Management offered by edx
- Brand and Product Management offered by Coursera
- Marketing Analytics offered by Coursera
Some of the top colleges in the world also offer online certification courses on brand management:
- The Hong Kong Polytechnic University, Hongkong
- IIMBx, Bangalore
- Curtin University, Australia
- IE Business School, Spain
- University of Virginia, USA
In India, the top 3 colleges which offer offline certification courses in brand management are:
- IIM, Ahmedabad
- SPJIMR, Mumbai
- Dharamjeevi Institute of Professional Education (DIPE), Haryana
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(Disclaimer: The opinions expressed in the article mentioned above are those of the author(s). They do not purport to reflect the opinions or views of ICS Career GPS or its staff.)