Thanks to the internet, your business can reach customers outside your immediate location. However, this means competing with other businesses selling products like yours.
So how can a small business stand out? By building your branding through brand management.
Your brand is your company’s presence that separates your business from your competitors. But to keep your brand consistent, you’ll need an effective brand strategy that’s designed to achieve the right branding.
Here are the basics you’ll need to know about brand management and ways to build your brand.
While you’re here, also check: Your Ultimate Guide to Building Your Digital Brand
What is brand management?
Brand management involves maintaining and improving your brand to benefit your products and services in the long run. With the right brand strategy, you can improve your reputation and create a better relationship with your customers. This can lead to a loyal customer base and better sales.
You can market your products and services, but brand management involves marketing the value of your brand. This means creating brand recognition, awareness, and loyalty over time.
Why is brand management important?
By taking the time to build your brand strategy, you can achieve a number of benefits that help you boost your brand awareness, product reputation and overall customer loyalty.
Make a good first impression
Products and services with strong branding (that includes the packaging) that stand out on digital shelves or in supermarkets are more likely to be added to carts than their generic counterparts.
Because of strong branding, certain brands have become so popular that they’ve practically become synonymous with their product itself. There’s Xerox for photocopiers, Colgate for toothpaste, and Kleenex for facial tissue paper, to name a few.
Strong branding increases your business’s market value as your products are not only easily recognizable, but are also perceived to be more reliable.
Improve brand perception and awareness
In January 2022, there were reports of nationwide shortage of paracetamol, as brands like Biogesic, Alaxan, and Decolgen were out of stock. However, the Department of Health found no mass shortages of paracetamol, as lesser-known brands and generic options have adequate supply.
This exemplifies how branding can boost awareness and make products popular. Despite many products being essentially the same, consumers trust known brands even at premium prices compared to cheaper generic brands.
Increase customer retention and loyalty
The average marketing cost to acquire a new customer is five times more expensive than retaining an existing customer.
If you can build a positive experience and relationship with your customers, you’re more likely to get repeat purchases because they’d rather have the same positive experience than invest their time and resources in looking into your competitors.
Here are 6 Ways to Engage Your Customers and Keep Them Loyal.
Win new customers
Speaking of loyalty, your loyal customers are also your most effective brand ambassadors. Out of all the forms of marketing and advertising, recommendations from friends and family are considered to be the most credible.
A strong brand sends the message that what you have is a product that your customers can rely on, and why you have a loyal bunch sticking it out with you.
Increase brand value and equity
The power of Apple’s branding is the ability to charge a premium for its products and still drive up demand even if they aren’t necessarily the best in the market.
People can buy cheaper smartphones from many other brands, yet Filipinos crowd Power Mac Centers every time a new iPhone is released. This is because of the brand Apple has built and how people associate iPhones with quality, performance and status – which, to many, is worth the additional cost.
Grow sales
A good brand management strategy creates loyal customers and brand equity. Combined, this can lead to stronger sales.
By getting your customers to trust your products, you’re likely to retain your customers. This is particularly important in an ever-changing market, and you want to ensure that your customers trust your brand.
Make your brand unique
Your branding is what separates you from all your competitors.
When you’re selling the same products or services, you need a reason to stand out from your competition. Otherwise, consumers don’t have a reason to discern between you and your competitors and will focus on factors like price and convenience – which may not necessarily be in your favor.
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5 effective brand management strategies
How can you build an effective brand management plan? Here are a few brand strategies that can work for small businesses.
1. Align your brand positioning and values
You can’t be a small business that claims to support local only to source your products abroad. And you can’t be a business that claims to be sustainable or eco-friendly and then deliver your products wrapped in so many single-use plastics.
Your branding is essentially your business’ personality, so you can’t contradict your brand, your values and the products you provide. Evaluate your mission, vision, and branding and see if these align or if you need to adjust your marketing and branding strategy.
2. Create a unique selling proposition
Look at competitors like Jollibee and McDonald’s and see how they differentiate their brands. They sell the same products, but when you look at their marketing, advertising, visual elements and branding, there are differences that make it difficult to confuse the two.
Having a unique selling proposition establishes brand awareness and makes it easier for consumers to distinguish your brand and see the benefits of buying from you rather than other businesses.
3. Create a compelling brand story
It’s difficult to build trust if your entire marketing content is centered around selling your products rather than also introducing your brand.
People can establish a connection with your brand when it’s relatable through a compelling brand story. This can evoke a personal connection on a subconscious level and build trust and customer loyalty.
Learn how you can Win Customers through Emotional Branding.
4. Match your website and social media with your brand personality
How you handle your social media accounts and engage with your audience can affect the branding you’re letting your consumers see.
For example, take a look at the difference between Grab and Angkas’ brand personalities online and see how it affects how they handle their social media presence.
Grab’s car service caters to those willing to pay a premium for private transportation rather than public transportation. Angkas, on the other hand, cater to the masses who want a safer but cost-effective alternative to habal-habal.
While Grab has a more formal personality, Angkas has a more casual and street-wise personality.
your competition and become a top-mind brand.
5. Create a brand management system
You can invest in brand management software that makes it easier for small business owners to manage their brands. This can be your central location for brand assets, your brand bible, brand management activities, content guidelines, messaging and more.
Businesses that successfully build their brand strategy are meticulous about every detail. Having all the resources in one centralized system ensures that you or anyone in your operations stay consistent with branding.
YOUR PRODUCT can be like a million and one other products available online today, but your branding will be what will set it apart from everything else. Manage your brand well and make it stand out, and customers will choose you over the others.
More brand management tips for success:
How to Manage Your Brand Reputation Online
How to Build A Community Around Your Brand?
Branding Lessons from Top Fashion Brands
