Your brand is not just a product or service. Its reach is much farther than something tangible that is, in most cases, also offered by other companies. “Brand” also embraces your organization’s core values and extends to every relationship and interaction you have with customers, suppliers, employees, and stakeholders. To put it another way, your brand image is your company’s mark of distinction.

Brand management can play a significant part in maintaining your reputation and ensuring people experience it in the way you intend.

What is Brand Management?

In marketing, brand management is a series of techniques used to increase the perceived value of a product or service. Effective brand management builds loyal customers through positive brand association and has a positive effect on your bottom line.

Why is brand management so important? In a world where consumers make decisions on brands in the blink of an eye, companies must be prepared to wield influence over the public’s view of them. In fact, many businesses will succeed or fail based solely on their ability to successfully market their brand.

Brand Management and Your Target Market

Developing a strategic brand management system to manage your brand equity requires a clear and comprehensive understanding of three things: the brand itself, its target market, and your company’s overall vision and goals.

A good relationship with your target market is a must for brand management. If you have bad branding, it will be reflected in weak sales, poor client retention, and sluggish growth. To be effective, brand management must fully look after your brand, using marketing techniques in a way that ensure the entire brand is highlighted, taken care of, and promoted. Ultimately, it’s about making a commitment to your customers and then delivering on that promise.