What is brand management? Proactive vs. Reactive strategy

Brand management is the process of: examining your brand reputation, understanding how the public perceives it, and then taking action to improve / Next video: "How to increase engagement and get more followers on Twitter?"    • How to increase engagement and get mo...  





__________
#ChiaExplains #Brand24 #Branding

What is brand management? Proactive vs. Reactive brand management strategies

00:00 Intro
00:18 What is brand management?
00:36 Why do you need brand management?
01:25 Brand management strategy (Check out my episode on the Welcome to Growth podcast and listen to me stumble through “brand management” and forget how to talk to people 😅 👉 http://welcometogrowth.com/18)
02:15 First part of brand management: How to examine your brand
03:25 How to be more ‘proactive’ in brand management (We walk you through the basics of this in our free class: “Guide to online reputation management” 👉 https://bit.ly/40-Guide-to-Online-Rep...)
04:24 How to be more ‘reactive’ in brand management.

Creator & host: Chia-Luen Lee

__________

Brand management is a process that begins by examining how a brand is perceived by the public, and then it takes all those insights, that intelligence, and uses this to build a good brand reputation within the target market.

And it’s actually really important to your sales too, because when a brand is very well-managed, the brand equity increases, which means that your brand loyalty also increases --- and a strong brand can even carry your product. For example, take the famous Pepsi Challenge. Over the last decade, Coca Cola’s market share has risen from 17.3% to 17.8%, while Pepsi’s market share has dropped from 10.3% to 8.4%. However, in a series of blind taste tests conducted by Pepsi, the results suggested that consumers actually prefer the taste of Pepsi, even though most of them were buying Coke. This is why brand management is so important, because having a strong brand is something that can definitely influence purchasing decisions and increase your sales in the long run.

So how do you do brand management? Or what’s a good brand management strategy? You know, I don’t want to get off track (but I have a story) -- I recently went on this podcast hosted by a couple of guys who work in tech and ecommerce (that’s Johnathan and Dillon from Welcome to Growth) and we were talking about, of all things, brand management. So, of course, the question “how do you approach brand management?” comes up. Now, I had this totally smart explanation in here (point to head) but, for the life of me, I could barely get anything coherent to come out here (point to mouth)... it was pure audio stagefright! These guys were really nice -- I think I’ve just forgotten how to interact with people on any level after these past few months... yeah… (sorry, guys)... so I’m gonna take this chance to try to redeem myself, by explaining what a brand management strategy looks like here:

So, because you want to start by examining public perception of your brand, this makes awareness a key part of brand management --- NOT to be confused with “brand awareness”, which is generally about how well people can recognize and recall your brand. Here, I mean your awareness about how the public sees your brand.

And this all starts with collecting data. So, for brand management, this means that you want to collect all kinds of feedback and opinions that people are expressing about your brand. And, again, unlike brand awareness, which is focused on the number of those opinions, brand management looks at context, because this is exactly what shows you how a brand is perceived.

Looking at context is something you should do anyway, because it answers a lot of questions: it shows you where your brand is doing a really good job at eliciting positive feelings and positive sentiment from the public… and it also shows you where it might be rubbing people the wrong way and causing them to develop some negative sentiment toward it. That’s why this part of brand management -- just gathering all the data and then looking at the context around it -- is really essential to your strategy. Without these insights, it’s hard to know where you need to make improvements.

Now, considering the fact that you can’t really control how people will ultimately react to your brand --- you can only do your best to plan out and implement a good...

... more tips in the video!