Branding is one of the most important aspects of any business, and is a strategic development to maintain, improve and sustain brand equity.
Brand management includes managing the tangible and intangible elements of it. In case of product brands, the tangibles include the product itself, price, packaging, etc. While in case of service brands, the tangibles include the customers’ experience. No matter product or service brand, personal feeling is hard to quantify, so customers’ emotional connections and communication with the product or service will be defined as intangible element.
The stronger brand always own bigger market share. Customer is the key of this. Branding affects customer’s perception towards product or service. In order to increase customer’s expectation, we have to let them know how unique the brand is. Great brand can make sure customer’s purchasing power would be focused on that brand without influencing by economic, social and safety risk. Also, customer has better understanding about the power of that brand, which can develop a good relationship between brand and customer for further business expansion.
Moreover, effective brand management including analysis and planning on how that brand is positioned in the market is necessary job. The concept is as the followings,
- Definition of Brand
- Brand Name
- Brand Attributes
- Brand Positioning
- Brand Identity
- Brand Awareness
- Brand Loyalty
- Brand Equity and Customer Equity
- Brand Extension
For any brands, it is essential to have a brand management system to build up brand equity over a period of time. A successful brand can only be created if the brand management system is well done, which must be included in branding.
In short, branding contains different kinds of market-oriented promotional function as one, helping develop a special role in relevant business. Branding is also a tailor-made marketing plan for your product or service, for existing customer and future business!
Vice Chairman of Asia Branding & Franchising Association, Founder and Managing Director of Semk Products Ltd
Tel: +852 2307 1091