Ultimate rule of brand managementVincent Nwaikwu
As I will always say, in today’s market, the customer has a very wide choice of products and when it comes to brands, he chooses brands but he tends to compare the products of different other brands. Products increase customer’s choice whereas brands simplify decision making. In other to influence the customer’s buying decision and to get hold of the competitor’s market share, brand identity and positioning are essential.
Brand management works with several tools but these few fundamental tools have more to do with the actual essence of brand management as well as constituting as rules guiding branding and brand management.
They are as follows:
Create a Unique Brand Identity:
Notably, a brand specifically has a goal that is different from the goals of other parallel brands in the same market segment and it has resistance to change. Its definition is clear and does not change over time.
Brand identity must be fixed in nature, being tied to the fixed parameters such as brand’s vision, objective, the field of competence, and overall brand charter.
Position Your Brand:
In today’s concept of branding, Brand positioning is emphasizing on the distinguishing characteristics of the brand. Those that make the brand appealing to the consumers and stand out among its competitors. It specifies how the products of a brand penetrate the market to grow their market share while dealing with the competitor brands. Brand positioning is competitive and therefore considered dynamic over a period of time.
This is the tangible and physical added value, as well as the backbone of a brand. It is considered as the physical aspect of a brand, how well or poorly it looks, what it does, the flagship product of the brand, which represents its qualities. For example, the dark colour of Coke and colourless Sprite.
Another aspect of brand management anyone should consider valuable is the personality representation. For example, if a brand were a person, what kind of person it would be? Would it be sincere like in the case of the TATA Salt, exciting as the Perk brand, rugged as the Woodland, sophisticated like the German Mercedes Benz, elite and classy like the Versace? I mean, every brand has a personality which speaks for its products and services.
When a famous character, spokesperson, or a figurehead is used for branding, it gives the brand an instant personality too.
This can easily be described as the set of values that governs and inspires the brand. In many cases, this can as well be determined by Countries of origin, the presence of brand over geographically diverse regions, changing society, etc., they all play an important role in building a brand’s culture. And this must be put in check.
Have you considered Customer’s self-image when strategizing for branding? Trust me when I say that it is what the brand is able to create in the customer’s mind and how the customers perceive about themselves after purchasing the product of a brand. How the customer feels about the product. How many customers will gladly take a selfie with your product or recognize with the product anywhere anytime and any day?
This is clearly is the perception of a customer about the brand after using the brand which is a bit almost like the customer image we discussed above. For example, “The Thunderbird I purchased is value for a price. It is giving me the pleasure of leisure riding. Thanks to Royal Enfield.”
When a Brands communicate, interact, transact with the consumers, then we can say that a relationship has been established. It is, on the other hand, the mode of conduct that defines the brand. This factor is vital for service brands. For example, banking where the cordial relationship develops faith in the customers when it comes to handling their money with respect.