Branding and brand management are key components of marketing goods and services. The success of your product relies heavily on innovative branding and vigilant brand management. New or reinvented products can fail, despite good design and quality. Your brand represents your commitment to providing quality products. It also must represent consistent services and long term sustainment in order to deliver on your brand’s promise. According to Bopdesign.com, “45% of a brand’s image can be attributed to what it says and how it says it”.
Branding is the primary component in introducing a new product. It is going to set your product apart from its competitors. Overall, your brand is an image and identity. This image must encapsulate your product’s ability to meet the needs of your customer or audience. A well-thought-out brand will forge confidence, trust, and loyalty. Strong brands are more likely to dominate the market. All this is due to the level of perceived reliability. Over time, with an increased hold on the market, confidence grows in the customer’s mind.
Once your brand is established, it may sustain itself over time. So, good brand management means constantly learning from your mistakes, successes, and competitors. Examples of brand management components are labeling, packaging and evaluating customer experience. There is usually not much difference between products in the same category. But, that being said, the customer’s experience or connection to your product can vary. As a brand manager, you must maintain the brand-customer connection with strategic positioning, delivering on brand promises, evaluating performance, and defending challenges to the brand.
There are many do’s and don’ts when it comes to branding and brand management. In addition, there are plenty of success and failure stories to use as resources. For instance, products like “New Coke” failed due to poor branding decisions. On the other hand, great branding such as “Pepsi Generation”, successfully tied a feel-good vibe to the Pepsi brand. Let it be a lesson, that doing homework will pay off in the brand department.