Brand management refers to the holistic process of building, maintaining and improving a brand. It covers a number of key brand building cornerstones, including cost, customer satisfaction, competition, marketing, and presentation. Though it may come across as a complex process, brand management doesn’t have to be rocket science – unless you make it so. Take heed of these 6 core principles for effective brand management and position your brand as a force to be reckoned with.
Define Your Brand
Start your brand building journey by clearly defining your brand. Think about brand vision, mission, identity and values. Once you define your brand, don’t forget to share the specs with consumers and employees alike. Which products and services do you offer? Who is your target market? What are your main brand objectives? What differentiates your brand from competitors? Why do you do what you do? Providing these and more details will aid brand consistency and accelerate your marketing and branding efforts.
Maintain Brand Consistency
Brand consistency is all about having everyone within the organization on the same page. But how do you achieve brand consistency? Well, start by developing an internal brand consistency strategy. Openly communicate your brand voice, personality, values, and design elements to your employees. Aim to create a cross-functional team, not a disconnected one. For example, don’t have one person use a more sophisticated tone when corresponding with clients, while someone else uses slang.
Remember that all employees are brand ambassadors. It’s up to you to set them up with a solid brand consistency strategy with predefined guidelines. Holding internal meetings every once in a while will do your brand some good, too. This way, you can track and evaluate your overall branding results.
Focus on Brand Positioning
Brand positioning is one of the strongest foundations for effective brand management. Briefly, brand positioning refers to the process of shaping and instilling a brand deep inside the target market’s minds. It’s how people perceive your brand. And in the world of business, first impressions mean everything. Therefore, it’s crucial that you focus on fine-tuning your brand positioning strategy during the early stages of business while you can still impact consumers’ perceptions. Otherwise, you risk your brand failing before it even really takes off.
Assess Your Brand Name
Choosing the right brand name is often a deal-breaker for most brands. It can make or break your brand. Is it easy to pronounce? Can you translate it into other languages? Can you trademark it? Is there an available web domain? Assess your brand name before flaunting it left, right, and centre.
Of course, there are certain dos and don’ts when choosing a brand name. Ideally, your brand name should be unique, catchy, and free to use. Refrain from using a descriptive brand name, such as Fast Mountain Bikes because you won’t be able to trademark it. Not to mention, you won’t be able to reinvent your brand down the line. So choose your brand name wisely.
Measure Your Branding Efforts
Measure the effectiveness of your branding strategy by continuously collecting feedback from numerous sources. One of the key indicators of successful brand management is the return on investment. Specifically, what do you have to show for all your hard work? There are many items you can measure. For instance, see how many new customers you have since you’ve changed your brand name or redesigned your logo.
Furthermore, monitor your competitors and always be on the lookout for new ways to improve your branding strategy. Ongoing review and assessment will eventually lead to an increase in your ROI. If you’re not hitting your targets, it might be the right time to rebrand your business.
Trademark Your Brand
The final, yet most important principle for effective brand management is protecting your brand via trademark registration. Trademark registration helps keep branding elements, such as name, logo, tagline, and design components safe from copycat brands and freeloaders. In fact there are many benefits of registering trademarks. For instance, owning a trademark gives you exclusive rights to using a name in a particular class, allows you to sue for infringement and obtain damages, and makes it easier to expand your brand worldwide. It’s an all-round great investment.
Thinking about trademark registration or have other branding dilemmas? Contact the experts at Trademark Protector to find out more about trademark registration. Initial consultation is free!