Why are people brand loyal? Why branding is so
important in business? What makes the brand successful? Finding answers
to these questions leads to successful business which depends on repeat
purchasing. It goes well beyond a logo or "look and feel" and
encompasses the whole product concept - the promise of delivery,
quality, and predictability. It goes beyond just letters, words,
symbols, or a combination of these.
Brand increases consumer satisfaction, loyalty and
product attachments. Branding seeks to distinguish your company,
product or service from the competition and create a lasting impression
in your prospect's mind.
Brand Management is one of the applications of
marketing techniques used for marketing a product or product line. It
increases the product perceived value to the customer and thereby
increase brand franchise and brand equity. Marketers see a brand as an
implied promise that the level of quality people have come to expect
from a brand will continue with future purchases of the same product.
Strategic brand management involves the design and implementation of
marketing programs and activities to build, measure, and manage brand
equity. Brand Management often viewed in organizations as a border and
more strategic role than marketing.
Today branding is more important due to increasing
advertisement culture, media fragmentation, product differentiation
etc. Branding creates emotional attachment to product and companies.
Branding efforts create a feeling of involvement, tangible and
intangible qualities and symbol.
Branding efforts creates strategic awareness,
where people easily recognise brand and their distinct qualities. A
strong brand influences on buying decision and shapes ownership
experience. Branding helps customer while making purchasing decisions.
Brand attracts firm's identity upon potential customers.
Brand Management approach can be explained as
follows:
1. Total Approach: Brand Management starts with
understanding "brand "concept. Brand Management in retail starts with
leaders of the company who define the brand and do the management.
2. Creating Promise: This is also called as defining the brand. A good
brand always should be memorable to customers. A good brand promise
evokes customers feeling. For example, Volvo (buses in Asia) offers
feeling of safety. If you hope for good success you have to go with
specific territory and make your promise unique and different from the
promises of other firms.
3. Making Promise: Once you created the promise, and then inject this
into the minds of customers. This step needs advertisements and PR
activities.
4. Continue the Promise: Continue the promise means delivery of good
quality of products and motivate the people.
5. Perception: A good brand gives messages to customers such that they
wait to purchase the products again and again. This happens in the
perception that is created in the minds of both intended customers and
innocent bystanders. Perception comes from direct experience.
Perception is the brand as experienced. Perception is not reputation,
but reputation is perception.
6. Communication: We communicate to customers and get their feedback on
brands. The Brand reputation may be viewed as socially constructed.
7. Decision: In the final analysis, the value of a brand comes in the
simplification that it brings to decision-making.
Most of the retail managers does brand management
and their merchandise mix is intended to improve overall gross margins
and enhance retail brand awareness. Most of the retailers have
implemented their own brands, called private brands. The private brands
decrease prices to consumers, refer their prices with national brand
prices and get profits.
A brand should be like a soul for any
organization. If a human starts understanding his soul then he is not
withered by his soundings, similarly brand should be built in an
organization. Keeping pace with new developments, finding out how other
companies have solved branding dilemmas and keeping one step ahead of
your competitors can play an important part in the strategies you
employ to imprint your brand firmly on the consumer - and keep it there.
Article Source:
http://www.articlesbase.com/strategic-planning-articles/
brand-management-in-retail-1634802.html About the Author
Seetarama Hegde.
Retail Consultant
Custologix Solutions
Email: seetaramah@custologix.com
URL: http://www.custologix.com
CustoLogix with its wide experience in statistical
analysis helps retailer to improve retail profitability through
Analytics. To know more about brand management please visit CustoLogix
at
http://www.custologix.com/service. | 