Brand management is the application of key marketing techniques to a specific product, product line, or brand. When done properly, it seeks to increase a product's perceived value to the customer and thereby increase brand franchise and brand equity.
Marketers see a brand as an implied promise that the level of quality people have come to expect from a brand will continue with future purchases of the same product. This may increase sales by making a comparison with competing products more favorable. It may also enable the manufacturer to charge more for the product.
The value of the brand is determined by the amount of profit it generates for the manufacturer. This can result from a combination of increased sales and increased price, and/or reduced COGS (cost of goods sold), and/or reduced or more efficient marketing investment.
A recurring challenge for brand managers is to build a consistent brand while keeping its message fresh and relevant. An older brand identity may be misaligned to a redefined target market, a restated corporate vision statement, revisited mission statement or values of a company. Brand identities may also lose resonance with their target market through demographic evolution. Repositioning a brand (sometimes called rebranding.) may cost some brand equity, and can confuse the target market, but ideally, a brand can be repositioned while retaining existing brand equity for leverage.
M2 Worldwide has a great deal of brand management experience to offer. We can offer our clients a complete outsourced solution to manage your brand or franchise. We utilize proven planning and marketing techniques that will help grow your brand and directly impact your profitability.
