Own up to your position on all reference points for all that you do. If that wasn’t enough, consistency in your message is always the key to differentiate. Consistency, consistency, and consistency These individuals almost built their businesses right atop their personal brand, and everything they offer are an extension of that brand promise.ģ. Think of personal brands like Richard Branson, Martha Stewart or Barack Obama. Support and challenge your business for maximizing the potential of your brand. Simply put, Razorfish wasn’t a good fit for Microsoft’s brand strategy. But a couple of years later, Microsoft sold off Razorfish for about $530 million. Microsoft acquired Razorfish-a major internet and technological innovation company-when it bought aQuantive-a digital marketing service company-for about $6 billion in 2007. There have been several instances where companies acquired other brands, only to sell them off later, because the acquisitions didn’t fit into the parent company’s brand architecture. Focus on what you can do best and then communicate your strengths with consistency. It all begins with authenticity, the key purpose, mission, vision, position, character and value. Here are 12 major brand management principles that can usher in business success.
In case of services, tangibles comprise customer experience, whereas the intangibles include the emotional connect. For product brands, the tangibles include the item itself, packaging, price etc. On a wider scale, brand management includes managing both the intangible and tangible characteristics of a brand. Successful brands are the result of a robust brand management system. A good brand management plan helps to build a corporate image and the brand manager must oversee the overall brand performance. Here comes in the usefulness and importance of brand management. It’s important to manage all brands and build brand equity over time.
A strong brand has a higher market share and should be given good support to sustain itself over the long run. A customer can have a better perception of tangible goods with a brand name. Needless to say, the main aim of branding is creating differentiation.Ī strong brand reduces the perceived safety, monetary, and social risks of the customer to buy a product or service. It also builds customer perceptions about a product or service. The aim of branding is to vividly convey a message, raise customer loyalty, and persuade an individual to buy the product, thereby establishing an emotional connect with customers. It’s all about capturing the target market for your product or service, and generating a confidence in the minds of the present and prospective customers. Digital marketing, conversion rate optimization, customer relationship management & others