Strategize with Proper Brand Management

What do Nike and Coca-Cola both have in common? Well, if you have not been living under a rock, you should know that both have become two of the most famous brands in the world. The simplicity of their names and their effects has paved the way for the development of a lot of today’s brands. But, how do these two brands create such an impact on our society? The answer falls into the category of Brand Management.

Using marketing techniques towards a specific product, product line, or brand by seeking to increase the product’s perceived value to the customer is defined as Brand Management. It not only means managing the brand, it also means managing the company in a total way for creating, making and keeping the brand promise. A brand promise is associated with the level of quality that people expect. This expectation is often perceived from information that a company delivers.

The person responsible for making a company’s asset (product or brand) more valuable is called a Brand Manager. The Brand Manager’s initial step is developing an overall business goal for the organization and its brand. The goal should include the brand’s purpose and what it stands for. A successful brand manager aims to build a successful strategy that maintains a strong image with their customers.

A Successful Brand should be:
· Recognizable
· Easy to translate into all languages – making it marketable for the entire world.
· Easy to pronounce
· Protected or trademarked
· Beneficial (suggest product benefits)

Without Brand Management you run the risk of weakening a brand and eventually destroying your company’s reputation. Make sure to develop a plan that aims to build brand value and not just generate profit.

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