Brand Management Strategy

1. Brand Management Strategies Brand management is widely study of the various approaches that an organization can take to increase or maximize consumer awareness, engagement, retention, and loyalty. And with time passing by, brand management strategies are constantly evolving and changing. The rapid rise of social networks is an incredible opportunity for brand to create & initiate meaningful engagement with current and prospective customers, and platforms like Youtube enable viral marketing for products / brands virtually at a bare minimum cost. The reason for managing a brand is relatively simple. For a brand to be successful, it needs to possess characteristics of a human like Personality, Uniqueness etc. And this can be done simply by creating a lasting impression and meaningful relationship with audience, organizations / brands can retain customers and create a tribe that is loyal only towards the brand. So while making a choice, customer will always prefer buying the brand that it’s loyal towards over any other brand and brand of choice is something every brand wants to be, as the ease and cost of maintaining the loyal customers is much lower than the cost of acquiring new

2. ones. Loyal customers are cheaper to maintain, and happy customers are more likely to talk of the company in a positive light. There are two ways to approach this, both traditional and modern, and understanding both the strategies and the potential tactical channels available is vital for making smart branding decisions. •Individual Branding :This has proven highly beneficial for few large organizations that offer a wide variety of products. For instance, Proctor and Gamble (P&G) is a classic example, it owns the brands Dawn, Joy, Crest, Scope, Gain, Tide, Fixodent, Pepto-Bismol, Swiffer, Ivory, Olay, Old Spice, and the list goes on and on. Many of these products of the brand actually compete head to head. This allows minimal risk to the parent company of being effected by an individual brand, and it gives a sense of competition between brands. Also allowing P&G to grow and capture a variety of demographics at the same time by positioning different brands to a large number of consumer groups. •Multi-product Branding : Allows biggies like Samsung, Apple, Sony, and Virgin to shift their focus to consumer loyalty being the parent brand. By doing so, all investments in branding boost the brand across all product spheres creating efficiency in promoting the brand, but it also come with the risk of association with that one single brand name. •Sub-branding : Something between individual and multi-product branding, it allows a brand to further create relatively large sub-brands for a given set of product groups. •Co-branding : is two companies collaborating on projects and pursue branding together. For example, Bose is often co-branded with various vehicle manufacturers. Similarly, Google is often co-branded with Samsung products. This allows both the brands to benefit from each other's loyal consumer base. Tactics And Developments In Brand Management Over Years Social media has changed the whole idea of branding or rather given a whole new definition to it, and at this point encompasses a critical and essential series of channels to leverage when pursuing any of the above mentioned branding strategies. Distributing and dividing messaging and displaying the core values of the brand are both easier and more difficult than it has been

3. ever. In just a click of a button, brands can make a huge impact on the viewers online/ audience. However, the digital platform is noisy; being heard by your target audience can be extremely challenging as well. On similar lines is social proofing. Companies like Amazon offer consumers the privilege to rate a product or service, which ultimately results in establishing a brand quality level many other consumers will trust and see as more objective as that looks more real to the customers when they read the reviews and ratings of other customers. Social proofing can leave an enormous impression in forming a perception of a brand or an organization.