Brand Management in Retail
Brand increases consumer satisfaction, loyalty and product attachments. Branding seeks to distinguish your company, product or service from the competition and create a lasting impression in your prospect’s mind.
Brand Management is one of the applications of marketing techniques used for marketing a product or product line. It increases the product 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.
Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. Brand Management often viewed in organizations as a border and more strategic role than marketing.
Today branding is more important due to increasing advertisement culture, media fragmentation, product differentiation etc. Branding creates emotional attachment to product and companies. Branding efforts create a feeling of involvement, tangible and intangible qualities and symbol.
Branding efforts creates strategic awareness, where people easily recognise brand and their distinct qualities. A strong brand influences on buying decision and shapes ownership experience. Branding helps customer while making purchasing decisions. Brand attracts firm’s identity upon potential customers.
Brand Management approach can be explained as follows:
1. Total Approach: Brand Management starts with understanding “brand “concept. Brand Management in retail starts with leaders of the company who define the brand and do the management.
2. Creating Promise: This is also called as defining the brand. A good brand always should be memorable to customers. A good brand promise evokes customers feeling. For example, Volvo (buses in Asia) offers feeling of safety. If you hope for good success you have to go with specific territory and make your promise unique and different from the promises of other firms.
3. Making Promise: Once you created the promise, and then inject this into the minds of customers. This step needs advertisements and PR activities.
4. Continue the Promise: Continue the promise means delivery of good quality of products and motivate the people.
5. Perception: A good brand gives messages to customers such that they wait to purchase the products again and again. This happens in the perception that is created in the minds of both intended customers and innocent bystanders. Perception comes from direct experience. Perception is the brand as experienced. Perception is not reputation, but reputation is perception.
6. Communication: We communicate to customers and get their feedback on brands. The Brand reputation may be viewed as socially constructed.
7. Decision: In the final analysis, the value of a brand comes in the simplification that it brings to decision-making.
Most of the retail managers does brand management and their merchandise mix is intended to improve overall gross margins and enhance retail brand awareness. Most of the retailers have implemented their own brands, called private brands. The private brands decrease prices to consumers, refer their prices with national brand prices and get profits.
A brand should be like a soul for any organization. If a human starts understanding his soul then he is not withered by his soundings, similarly brand should be built in an organization. Keeping pace with new developments, finding out how other companies have solved branding dilemmas and keeping one step ahead of your competitors can play an important part in the strategies you employ to imprint your brand firmly on the consumer – and keep it there.