Business is becoming more and more all-encompassing. With the development of technological world, business faced lots of possibilities. Of course, these possibilities are creating many responsibilities. For example, brand management. This word started to be popular only in previous century.
The reason of this phenomenon is new approach to marketing and business. It’s considered, that this type of business was created by Neil McEnroy. It was called brand management. Despite being already settled, many people still don’t fully understand its entity.
What is brand management today
First of all, brand management is a process. This process is responsible for managing the trademark, organizational and functional aspects of branding. The main goal is to create a long-term relationship with clients. The main tasks are creating a brand and support it.
Of course, brand management is responsible for marketing. But it is not the only thing it has to deal with. Here are basic components of brand management:
- creating brand’s idea.
- planning components of brand’s marketing mix.
- studying of the market and brand.
- uniting brands, planning and controlling of products.
- managing and planning sales.
- controlling marketing campaigns.
- controlling brand’s cost and value.
- uniting workers that are responsible for different aspects of brand.
Types of goods and services
Goods and services are separated on two types: B2B and B2C. B2B (Business to business) is responsible for corporate clients market. B2C (Business to clients) is responsible for consumers market. Still, both two categories are separating in two others.
For B2B these are single and systematic. Single is different ads, consultings etc. Systematic are subscription service, legal aid and others.
B2C are separated on fast moving consumer goods and slow moving ones. First ones are household chemical, gastronomical products. Slow moving consumer goods are cars, appliances and other solid purchases.
Factors for choosing the direction of goods & services
To decide the mechanism that you will follow, you need to consider 3 things:
- what do you sell?
- who will be your clients?
- why do you need advertising campaign?
For successful ad campaign, brand manager must understand who your client is. The number of your audience and its capability. If you sell mass-consuming products like drinks, run a large campaign. For expensive and limited items like jewellery choose more precise campaign.
If you want an efficient campaign, you need to understand the market. Find out the portrait of your potential client. This will help you select right targeting settings and have a precise advertising.
Popular mistakes of brand manager
Well, there is one popular and summarizing mistake. Beginning managers are very ambitious. They don’t consider their audience and other aspects. Because of that, they want to take all and now. This relates to all of manager’s responsibilities. Know your place and your potential for the exact moment. Also, try to take maximum from available audience. After that, it will help you to reach new heights.