Once a company has established a brand, it is essential to assign the responsibility of brand management to either a dedicated staff member or an outside organization. Brand management describes the process of evaluating and maintaining a brand presence in the marketplace. It requires regular evaluation of the competition within the industry, the development of strategies to further promote the brand as well as implementing the chosen strategies. Managing the public perception of a company’s brand is the key role of brand management and may include market research, cross-cultural evaluation of brand appeal and other elements of branding. It also includes monitoring the legal issues associated with brands, such as copying or stealing of trademarked materials.
Brand management can include the evaluation of product costs, competition, customer perception and more. While it involves the marketing strategy of a company, it is focused primarily on the brand of a company. How that brand appeals to customers is the measure of several key indicators. Through market research, customer interaction, polls and surveys, a company can get a clear picture of the level of brand recognition, and discover how successful the company is at branding their products.
Companies that discover the public perception of their brand is different than their intention may need to ramp up advertising and marketing strategies. When a brand is favorably viewed by customers, the company will realize higher sales through other products associated with the brand. Through proper brand management, companies are able to realize higher prices. The higher prices are possible through a perceived higher value of a product. A comprehensive understanding of a brand, the company’s vision and the target market for a product can lead to successful brand marketing. Strong brand awareness leads to higher customer loyalty, improved market share and a positive customer base.