Many things can be branded, people, products, services, and organisations. Developing a good relationship with the target market is essential to brand management. A name becomes a brand when people associate themselves with it or use it as a verb, e.g. “Google it”.
Brand management is defined as the analysis and planning on how the brand is perceived in the market. A brand manager has the duty to oversee all the elements of brand management. Tangible elements include the price, look, packaging, and the brand itself. Intangible elements are the customer’s experience and relationship with the brand.
Companies need to:
Define their target market, by asking who is the client?
- Demographics – Who does the brand cater for? The client’s age, gender, race, class, etc.
- Geographic – Location of the client, it can be province, country, or continent.
What makes a world leading brand is its strength and heavy investment in brand promotion. Most of the effective brand names are easy to pronounce, recognise, and remember; brands like Coca- Cola, BMW, and Apple. They are unique and distinctive. Although social media has changed the tactics, its goal still remains the same; to attract and retain customers.