A process of marketing that uses an idea to increase the value of product is named as Brand Management. Branding can be explained from the point of perception, that is, how customers experience your brand and the way you interact with your customers. Effective Brand Management enables the price of product to increase and build good relationship with customers through promotions. Essence, Attribute, Identity and Positioning are the four key factors in branding. Branding helps in gaining long term customers and a strong brand will differentiate it from the competitors.
Social Media is an important platform to reach out to customers and market the products/services. Social media branding is a new environment that companies have to adapt to in order to survive in the market. If customers react negatively for certain marketing campaign, then the brands reputation will get affected. It is a challenge to handle negative comments on social media and this will determine the Brand stability in any industry. Brand managers should be aware on what is happening and they need to take necessary steps to maintain good image on the brand.
It is worth taking the time to define how the brand talks on social media, how it can interact with customers and fans, and how the company will respond to negative comments. Working with the leaders in the company will be helpful in defining these factors. It does sound like a lot of work, but it is worth it. Your brand will be more consistent across all channels, and you will be prepared to do effective damage control. Brand management includes creating a promise, spreading that promise and living up to that promise. The main aim of branding is to differentiate the brand with the unique personality in that industry.
For Example, a shoe company salesman is supposed to sell the products of the company in a small village. After seeing everyone in barefoot the salesman might become happy to have got an opportunity to sell many shoes. But it is a challenging job to introduce the shoes of the brand and convince them into buying it. This is where brand management comes into picture. If the brand has a good reputation, then it is easier to sell the products. On the other hand, products of brands with bad reputation will be tough to be sold.
In conclusion, businesses in recent times are being transformed from a transactional relationship to a social relationship. It is now more critical for successful businesses to engage brands with their customers. Planning for brand management by successfully engaging potential customers before, during and after purchase is important to maintain brand image.
This article was written by Umesh Raj, Senior Analyst (Digital Marketing) working with DART.