Strong brands are not merely built by marketing or product alone but by constantly iterating their customers’ brand experience.
FREMONT, CA: Creating a brand is exciting, but it is not enough. As the business scales, grows, changes, and succeeds, the brand must follow suit. Brand management manages the brand reputation and improves the audience’s perception of the brand in a way that develops brand awareness, equity, and loyalty. Here is a guide, which covers brand management basics and equips brands with the tools they need to manage and maintain a fantastic brand.
• Brand Awareness
Brand awareness is how familiar the public and the target audience is with the brand. Brand awareness is essential because consumers can’t engage with or purchase products or services from the brand if they’re not aware.
• Brand Equity
Brand equity is how consumers value the brand based on their experiences, perceptions, and associations. This concept goes hand-in-hand with brand valuation, which is the brand's commercial value as perceived by the market. Brand equity is necessary because a valuable brand can help higher prices and increase the merit among investors, shareholders, and potential buyers.
• Brand Loyalty
Brand loyalty is about how consistently the customers and followers engage with and purchase from the brand. While the marketing can’t necessarily influence this, the customer service department can stress satisfaction, and relationship-building can bring customers back again. Brand loyalty is essential because it creates brand ambassadors who do the marketing for brands.
• Brand Recognition
Brand recognition is how well a consumer can recognize the brand through the logo, tagline, and packaging — without seeing the brand name. This concept parallels with brand recall, which is the potential to think of a brand without seeing or hearing any branding prompts. Brand recognition is essential because, by recognizing and recalling the brand, consumers keep the brand top-of-mind and are more likely to select the brand above the competition.
• Brand Reputation
Brand reputation refers to how the public and the target audience perceive the character, status, and quality. The reputation can be influenced by internal factors and external factors like customer reviews, WOM marketing, news mentions, and many others. Brand reputation is essential because it can be some consumers’ first impression of the brand.