What is Brand Management? Definition of Brand Management, Brand Management Meaning and Concept
Brand management is the analysis that is carried out of a brand to know how it is perceived by users. Once this step is carried out, a series of objectives and an action plan are established to ensure that the brand is perceived as the company wishes, according to its objectives.
In other words, managing a brand means evaluating the perception consumers have of it and establishing a series of measures based on said study. This, depending on the goals of the company.
Managing a brand so that it is perceived as its managers want it is not an easy task. Many brands perceive themselves differently than their respective companies would like.
For this reason, the management of a brand is essential so that it is taken into account in accordance with the objectives that have been established.
There are many similar products on the market and end consumers have the ability to choose those that interest them most.
Managing a brand effectively means adding additional value to it so that it is captured by the public and will probably improve the sales of the company. The person in charge of a brand has the power and the duty to control his business so that it is perceived as he wishes.
How do you develop effective brand management?
These are the main steps that have to be carried out for the management of a brand:
- Assess brand perception: How do users rate a brand? It will be important to know their opinions about it to know if the perception is correct or not. In this initial step, you have to carry out a thorough investigation, a market study aimed at discovering the opinions that consumers have of the brand. Are they perceiving it correctly? You have to find out and the best way to do it is to ask the public about it.
- Select the public: The ideal client must be taken into account to carry out the relevant investigations. The target market to which a brand is directed is essential and will be the one whose opinions are important to know the value of a brand.
- Objectives: Once the perceptions and opinions about the brand are known, it is necessary to assess the objectives to be achieved. For example, get more sales, improve the connection with the public, enhance proximity, among others.
- Action plan: To achieve all this it will be necessary to establish an action plan. It will be necessary to assess which strategies are the most appropriate, enhance the image, establish the content on social networks or the different platforms that exist on the Internet, among others.
- Evaluation of results: At this point, when all the pertinent process has been carried out, the results must be evaluated to know if the desired objectives have been achieved. The perceived value of the brand will have to be investigated after having established the action plan.
What is brand management for?
Although it is something intangible, it is very important to know the valuation that is given to a brand and the possibilities that exist to improve this.
The public always has an opinion and perceives brands not as they sometimes want them, but based on their perceptions.
Therefore, you have to take care of the tone, image, message and marketing of a brand to be able to impact the audience effectively.
Properly managing a brand and carrying out investigations from time to time on the public's vision of it, will allow those responsible to certify whether the vision is correct or may change it according to their interests.
Example of brand management
McDonald's is a well-known brand worldwide. Although it is true that his food could not be classified as particularly healthy food, he has managed to manage his brand to adapt to the times and improve its value among consumers.
Despite being fast food, it has included healthier offers on its menu and has also improved its management over the years to convey greater confidence to its users. This would be a good example of brand management.