In the present scenario, when entrepreneurship is a trend, and a new start-up hits new heights every day, it becomes highly essential for a firm to go for a better branding which will help it to stand out of the crowd. Branding has slowly become one of the most critical aspects of any business so much so that major universities provide courses in brand management. Branding is a complicated term often confused with merely name and logo of the company. That is the reason it becomes important to clear this confusion and convey essential rules of brand management.
Importance of brand value
The brand defines the perception of a company among the consumer base. It is affected by almost every aspect of a firm that reaches the consumer base, from logo to its name, from services to customer-care and even packaging of the product. It is defined as a connection between customer’s emotional perception and company’s product to generate segregation among customers and acquiring loyal customers. It is among the most valuable assets of a company. Brand management is that function of marketing which, to increase the perceived value of a product, uses specialized techniques and manages relations with customers.
Important rules of brand management
Before we begin with the essential rules, here is a catalog that displays the importance of branding.
- Branding provides distinct recognition
- Creates trust between customers
- Branding compliments advertising: For instance Duster is more advertised as compared to Land Rover, yet on having enough money, a customer goes for Land Rover.
- Helps financially: Many companies trading on stock exchanges are valued higher than their actual assets, only due to branding.
- Keeps the employees’ inspiration high
- Moreover, most importantly, good brand/ branding generate new customers.
- Branding provides secure debts as well as a branded name is more trusted, banks are more likely to lend loans to them. National Debt Relief regularly keeps eyes on benefits of branding in the context of loans.
With so many benefits, there comes the hectic job of brand management. Here we are with four fundamental rules of Brand Management.
- Stick to the roots/ remember your origins: Brands usually tend to ignore their background. The story of the establishment, place of origin, time of origin, all these are the things which connect a customer emotionally, they must never be ignored. Many brands have lost their way owing to it, e.g., Starbucks.
- Work out for a strong tag-line: A strong tagline is that which is short (not more than 4-5 words) and conveys the overall functioning of the company. For example, Panasonic tagline- “A Better Life, A Better World” clearly expresses that they are bound to work for the betterment of lives of their customers.
- Must be susceptible to change: Any brand must be ready to face changes and plan easy transformation so that the brand value does not get disturbed among the customers.
- Premium Products do reflect the Brand: There is the tendency among the customers to judge a brand based on their premium products. Thus, a company must ensure that premium products reflect their brand.
How to get rid of debts?
If you are struggling with the finances and looking ahead at bankruptcy, then you need to investigate about debt settlement. However, the debt settlement process is not meant for everyone. You need to understand the process correctly like how it works as well as the benefits you can get from the same. It will help you to make the negotiations properly.
Nowadays, companies have understood the relevance of branding and brand management. It has led to a whole new market and branch of research dealing in brand management.
Author: Isabella Rossellini