If your carpet cleaning business was a person, your brand would be its personality. It is would be how you introduce yourself to new customers and how you build a trusting relationship with them. Your brand is a living breathing entity and it’s your sole job and responsibility to help it grow. This is what we call brand management. Creating a brand can be a thrilling experience. As your business scales, changes, and succeeds, and so is your brand.
Brand management is the process of managing your brand reputation and improving how your audience perceives your business. It is a way of building brand awareness, equity, and loyalty. Branding is the process of building your brand while brand management is the process of monitoring and maintaining it. Your brand is a living and breathing thing which means it will be constantly changing.
It will also be very susceptible to external factors such as economic trends and current events. In a world mostly controlled by social media influences, brand management will be about how you take control of your business story. You will need to use your brand and brand assets to communicate value and build a loyal relationship with your followers, customers as well as fans.
Brand management will be comprised of both tangible and intangible components.
Brand awareness defines how familiar the general public and your target audience is with your brand. Brand awareness is very important because consumers will not be able to engage with or make purchases of your products and services from your brand if they are not aware of it.
Brand equity defines how consumers value your brand, based on their past experiences, associations, and perceptions. This concept will go hand in hand with brand valuation. It is the commercial value of your brand as placed by the public. Brand equity is very important because a valuable brand can support higher prices and increase your merit among investors, shareholders as well as potential buyers.
Brand loyalty refers to how consistently your customers and followers are engaging with and purchasing your brand. While your marketing will not necessarily influence this, your customer service department will without a doubt have the influence. You need to focus on leaving your customers satisfied and building strong relationships with them. Brand loyalty is very important in helping to create brand ambassadors who can do perfect marketing for you.
Brand recognition is how well a consumer, who is ideally your target audience, can recognize your brand, either through logo, packaging, or tagline, even without seeing your brand name. This concept goes hand in hand with brand recall. It is the ability to think of a brand without seeing or hearing any brand prompts.
Brand reputation refers to how the general public and your target audience perceive the character, status, and quality of your brand. The reputation can be influenced by internal factors such as customer service, product quality among others as well as external factors such as customer reviews, marketing, news mentions among others. Brand reputation is the most important element in branding because it defines the first impression a customer has on your brand.