Brand Management Challenges in Changing Times
Since the last few decades have given us plenty of changes in terms of science and technology, we can safely say that globalisation has taken over. Thus, businesses have changed as well, and organisations have acquired a new structure. In fact, the consumer economy has changed too with the emergence of online trading and new financial mechanisms. Now, we can do everything online, which means that buyers are making choices and buying decisions on their own.
These changes have also changed the way marketers work. Today, their job is even more complicated. The competition has raised the bar in terms of quality and uniqueness, given the fact that now everyone is your competitor; even local and foreign brands, as well as those that sell generic products.
Good brand management
Another thing that has changed is the way we manage brands. Now, any sort of change done to the brand logo or image could either have a positive or an adverse effect. Thus, good brand management is indispensable if we want to reaffirm brand image associations and strengthen the brand.
Even the smallest of changes can impact consumer loyalty and make them opt for another brand. As such, the consumers’ perception and their experience are of the utmost importance to brand managers.
However, when we want to change our brand logo, we have to do it exceptionally carefully. Consumers are now more inclined to trust trendy, modern, and stylish brand images. Thus, companies have to follow the current trends and adjust to them. Likewise, brand logos and images can be modified, but brands have to retain some of the original elements from the old logo and image. Otherwise, the consumers won’t be able to recall or recognise the old brand familiarity and image.
Advertising and promotion
By far the biggest change we have experienced is the lack of prevalence in traditional mass advertising methods. Today, we communicate differently, and we use advertising in a different manner. Thus, publishing and electronic media have taken the reign, as that’s what the target customers are looking for. Moreover, companies are opting for customised or personalised ads instead of traditional advertising, as those will most certainly lead to higher sales rates.
However, the way brands communicate with their customers is not the only change the companies have to adjust to. Of course, now the target audience wants the brand to reach out personally — make them feel special.
The consumers’ behaviour and expectations are no longer the same. They have raised their expectations, and they demand more — more quality, better brand reputation, value and image, etc.
The key to buying decisions nowadays is rational thinking. Thus, consumers are using electronic media to ask questions, search for information, compare brands, and then reach their decision. Hence, brands have to consider the consumers’ buying process as well and make sure they’re engaging the target audience and positioning their brand image appropriately.
Finally, 21st-century brand managers have to use social media to their advantage otherwise they will simply be consumed by their competitors. These networks are a mighty tool to have if they want to reach the right audience and help them feel included in discussions about the brand.
It’s safe to say that social media is not easy to manage, yet it’s still exciting. It allows the brands to position themselves, engage their consumers, and help them learn more about the brand itself. What’s more, through social media, brands can also get their current customers to share their impressions as well as experiences and thus influence others to support the brand.
The result? Brands build strong communities that are a requisite for their survival on the market.