Today, many people are using the term “Brand Management” very loosely. But what is brand management? Brand Management is the application of marketing techniques to a specific product, product line, or brand. This phrase has been used more frequently with the commercialization of various social media website such as Myspace, Facebook, Twitter and the list goes on. At the end of the day you should ask yourself what is your brand and what techniques are you using to managing this brand.
Kleenex vs. Tissue is the ultimate example of successful brand management. Kleenex’s brand is so strong that a good percentage of American’s will ask for a ‘Kleenex’ vs. a ‘Tissue’ when they need to blow their nose. Think about it. A Kleenex is a tissue but tissue is not necessarily a Kleenex but for many; Kleenex is synonymous for tissue. There are other similar examples of optimal branding. By far Kleenex vs. tissue is the most universal in the American culture.
As an entrepreneur, it’s important that you identify how you would like to be branded. After this very important step, consistency is key. Many self-employed individuals struggle not with consistent messages but too many messages. Yes, I believe it is very important to have multiple revenue streams but it is equally important to find that something that bridges all your business ventures; which will monopolize your overall brand. You are building a brand foundation. Once that foundation is established you can very easier build on top of it.
How are you managing your brand?
Contrary to popular belief, brand management is more than creating social media pages but can be a small piece of the puzzle. There is a rumor going around that social media is free. Okay, before I confuse you let me clarify. Social media is free but in order to receive the best ROI (return on your investment) contract a marketing specialist. Your marketing specialist can assist with managing and/or creating your social networking pages. Social media is free but it is not cheap because it is very time consuming and not very effective if not utilized correctly. These sites are changing daily it is for this reason that it is important to have a consultant that understands these change and help your company benefit from them. You can easily turn your friends and/or followers into paid customers. After identifying your brand, identify the purpose of branding. If you are a store or restaurant owner, the purpose of branding is to obtain or retain customers. You can use various social media websites to obtain a following of customers and encourage potential customers to follow by offering online specials.
Take Home Points
These questions will help you identify branding opportunities within your company.
1. What are you branding?
2. What is the purpose of brand management for your particular business?
3. What techniques are you going to utilize for effective brand management?
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