A company's brands set it apart from the competition. Coca-Cola, Microsoft, Apple, Kleenex, Post-it and Maytag are all examples of global brands with vast name recognition. Brand management is about protecting and enhancing the core characteristics of brands, such as quality and value, that customers, suppliers, investors, employees and other stakeholders have come to know and trust over time.
Instructions
1. Use traditional marketing and public relations tools to develop and sustain brands. These include participating in trade shows and conferences; advertising in print and broadcast media; and employing marketing professionals to promote your brands. Marketing professional C. Marie Swift wrote in a June 2006 Morningstar Advisor column that even something as simple as paper can be a powerful tool to reinforce a brand; for example, the texture and feel of a business card often determine whether it is preserved or discarded.
2. Cross-promote your brands on multiple media platforms using clear and consistent messaging. However, Carissa Newton, director of marketing for email marketing firm Delivra, advises in a February 2010 iMedia Connection article that companies should monitor and respond to what is being said about their brands on Internet blogs and social media.
3. Manage multiple brands carefully. According to a July 2009 column posted on marketing company Millward Brown's website, you should watch out for cannibalization, where a company's low-priced brand takes market share away from its other more profitable brands, and brand proliferation. Restructure and focus on just a few core brands. Decide which brands to support based on market share and importance to your company's image.
4. Deal with brand detractors. In a May 2010 Bloomberg Businessweek article, B.J. Bueno, founder of Orlando-based brand consulting firm The Cult Branding Company, said to author Karen E. Klein that although detractors might create a healthy level of tension, you should deal with them because negative commentary spreads faster than positive commentary, especially on the Internet. Set the facts straight on a "myths and misconceptions" page on your website. Listen to your critics even if you disagree with them.
5. Encourage brand boosters, such as customers who tell stories about the pleasant experiences they have had with your brands. Bueno suggests that small business owners distinguish themselves from the big players by creating personalized experiences. For example, instead of having a sale every weekend, organize a quarterly or semiannual event, such as a customer appreciation day, and make it a memorable experience for your customers.
6. Invest in your brands through the good times and the bad times. Harvard Business School professor John Quelch wrote in a March 2008 Harvard Business School Working Knowledge article that marketing spending should not stop during downturns. Brands that maintain and even increase advertising during difficult times can improve their market share and be in a better competitive position once the economy recovers.
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