Understanding The Brand Management Journey
Creating a brand that captures a company’s vision and connects with people is no easy feat. And you’d think the job is done once you’ve established your brand identity after months and sometimes years of effort. But you’d be mistaken.
The truth is that brand management is an ongoing process that requires constant upkeep to ensure your brand remains relevant. And because of the rapidly evolving digital landscape, you have to be ready to adapt your brand strategy to address cultural and societal changes without ruining the legacy your brand has already built.
So let’s explore the importance of brand management and how you can do it successfully.
What is brand management?
How do you create a brand voice that remains relevant, that remains a familiar presence, no matter how the world changes? By developing strategies and managing your brand to actively meet those changes without compromising on what makes your brand unique.
Your brand management strategies should help you maintain your reputation and familiarity as you strengthen existing relationships and establish a relationship with a new audience at the same time.
It begins with understanding your brand’s place in the market, as well as visualizing the space you want it to occupy.
Then you need to analyze just how well you understand your audience, and what role you play in their consumer journey (as well as personal lives).
What begins as “How can my brand be better communicated across new channels and trends?” will end with “How can my brand better connect with my audience?”
Bringing this journey to fruition is the result of successful brand management.
Why is brand management so important to get right?
Building a reliable, familiar, and trustworthy brand that encourages loyalty is highly dependent on your ability to understand your audience’s needs. And so brand management is directly related to the value of your brand and your ability to grow.
But when you take the wrong step, you could hurt your brand’s reputation far worse than if you didn’t update the brand at all.
Two brand updates – two very different results
The failed New Coke rebrand of 1985 still serves as a prominent cautionary tale. Even though the improved formula of New Coke was based on 200,000 taste tests, the thought of having “lost” a familiar brand left a sour aftertaste in consumers’ hearts. It goes to show just how powerful a brand element can become.
But rebranding can have the opposite effect as well if done right. The 2010 relaunch of Old Spice shows that your brand is much more than a logo and a font. The company kept its classic ship logo and cursive font, even keeping the same color scheme across the board. But what they chose to change was their attitude. They were no longer the brand for an older, distinguished generation, but rather a tongue-in-cheek brand that related to men of all ages.
Growing sales through loyal customers and new audiences
Old Spice’s success story shows how important it is to retain the elements that have gained trust while addressing key elements to remain relevant.
Your brand recognition may not be at the level you want it to be, but you shouldn’t forget that your brand does have its followers. Ultimately, the fostering of relationships from the earliest stages is a key part of your brand identity. And it’s an element that will help you grow even further the stronger your brand becomes.
Both of these stories touch on another key factor that brand management affects: profitability. Effective brand management can help you grow sales through loyal customers and help you access new sales possibilities.
Increase the value and pricing capabilities of your brand
According to a report conducted by Deloitte and Twilio, consumers are willing to spend 25% more on a brand they trust. It’s this psychology that allowed Old Spice to retain its existing client base while attracting new customers, while New Coke only had the support of the wild-at-heart risk-takers.
It highlights the importance of loyalty and shows that your brand identity is just as powerful a part of your business growth as your product itself. And the trust you need to build to gain consumer loyalty is built over time, in areas that go beyond your product.
The importance of creating brand awareness and recognition lies in building relationships that can lead to trust. But the trust that comes with brand recognition isn’t gained solely through a reliable product or service, it’s built whenever people interact with an aspect of your brand. From social media posts, to your website, to display ads. Every facet of your brand visibility needs to remind people, however subtly, that your brand is a reliable presence wherever they find you.
What is the purpose of brand management?
Brand management helps you create a brand that remains relevant no matter the change the world brings. It’s the intersection where brand elements meet real-world events, and the road forward is mapped out. To make sure the journey is mapped out as best as possible, you should ensure that it is built on the following elements.
The most important elements in brand management
The foundation of every brand management strategy must be built on four pillars:
Focus on the future – For your brand management strategies to be effective, they need to pave the way for long-term results. So instead of simply falling in with trends, analyze how (and if) they will help you reach those goals in the long-term.
Discover your brand’s purpose – Understanding why customers care about your brand will help you understand the space you occupy in the market. This can help you optimize your impact or help you adjust your strategy to reach a new audience.
Remember your vision – Every brand begins with a vision. Though we sometimes lose sight of that vision as we establish our brand in the market, it’s important to hold onto that vision and stay true to the authenticity and origin of your brand.
Make it personal – Allow your brand’s personality to come through in every piece of content you create. Whether it’s subtle and subdued or flamboyant and vibrant, your content should have character.
globaledit: The DAM that can help you elevate your brand journey
Brand managers have to ensure that their brand’s identity is accurately captured across channels like Instagram and YouTube, where brand elements have to be managed differently for each platform.
But maintaining your brand identity and communicating a synchronized message across multiple channels requires dedication and the support of a brand asset management system that allows teams to collaborate effectively on the realization of a shared vision.
globaledit is a DAM platform that helps creative teams create content that shares a singular brand vision with the world. So if you’re ready to manage your brand more effectively, let’s show you what globaledit can do for you.