No matter what industry or if your company provides a specific product, service, software, etc. branding will play a huge role in growing that specific business. Yet, you also do not need to spend tons of money on branding and many of the well-known companies themselves do not spend a lot. Instead, they focus on a strategic brand management process that enhances their brand and makes sure they are highly visible in their markets. This also ensures your company has a better chance of being chosen during the purchasing decision.
Social Media Management is the act of monitoring and participating in social conversations across platforms. The easiest way to view social media management is to consider that it includes three major social media disciplines: social listening, social analytics, and social engagement.
Recently, the importance of reputation has become increasingly apparent, as companies such as BP and Toyota have had to cultivate their responses to crises in order to maintain the reputation and standing of their companies to the world. If an organization has a good reputation in the marketplace, consumers may have a preference for that company even if there are similar businesses offering the same products or services at different prices.
Brands are different from products in a way that brands are “what the consumers buy”, while products are “what concern/companies make”. A brand is an accumulation of emotional and functional associations. The brand is a promise that the product will perform as per customer’s expectations. It shapes customer’s expectations about the product. Brands usually have a trademark which protects them from use by others.
In marketing, brand management is the analysis and planning on how that brand is perceived in the market. Developing a good relationship with the target market is essential for brand management. Tangible elements of brand management include the product itself; look, price, the packaging, etc.