So how can you be more proactive and reactive in brand management?
Find out inside the video!
Hey guys, it's Chia from Brand24 and i guess it's kind of been a minute, right?
Well, I really hope that everybody is healthy and safe and just in a good
place right now wherever you are... so, yes, life has been pretty
insane but it is time to get back to it! And we are going to start with brand
management... so this is a process that begins by examining
how a brand is perceived by the public and then it takes all of these insights
that intelligence, and uses this to build a
good brand reputation within the target market... and it's
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. So, for example, take the famous Pepsi
Challenge: now, 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 still buying coke. So
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 is a good brand management strategy?
So, you know, I don't want to get too far off track but i do have a story!
So, I recently went on this podcast hosted by a couple of guys
who work in tech and e-commerce — that's Johnathan and Dillon from "Welcome to Growth"
and we were talking about, of all things
brand management. So, of course, the question, "so Chia, how do
you approach brand management?" comes up. Now
I had this totally smart explanation in here
but, for the life of me, I could barely get anything coherent
to just come out here... it was pure audio stage fright!
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 going to take this chance to try to redeem myself by
examining what a brand management strategy looks like here. So
because you want to start by examining the 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.
Now, looking at context is something you should be doing anyway because it
answers a ton of questions. Like, it shows you where
your brand is doing a really good job at eliciting positive feelings and
positive sentiment from the public and it shows you where it might be, just,
kind of rubbing people the wrong way and causing them to develop some negative
sentiment toward it... so 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 all these insights, it's hard to
know where you need to make improvements. So, 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, like
plan out and implement a good branding strategy. This makes
monitoring various sources of media the most proactive action that you can take
in terms of brand management, because it shows you how people are responding
to those strategies, which lets you stay ahead of any potential issues before
they can damage your reputation. We actually have a free class on
media monitoring for reputation management that goes
a little more into detail on that topic and I'm going to put
a link to that in the Video Description section below.
So, that generally sums up the first part of brand management
just getting the lay of the land and because the landscape is something that
can just change and shift depending on
factors like the content you put out, your advertising or any changes to your
product, this all makes the data something
that you want to monitor on a regular basis.
So, now, let's say that you've done some analysis and you find that there's a
really big gap between the way that you want people to
see your brand versus how they actually perceive it.
Then it's the brand manager's job to react and try to fix that.
So, that is the reactive part of brand management and every solution is going
to be a little bit different because every problem and
every brand is different. It really depends on the data, like
if the feedback shows that there's an aspect of your branding that really
doesn't resonate well with your audience then
you might need to just rethink your entire branding strategy altogether
or if the feedback reveals that certain aspects of your product is not meeting
customer expectations then you'd want to talk to your product or service team to
see how you could improve the user
experience. And the data could also point to a number
of other things too, like controversial influencers that you're
working with, or PR issues related to politics, health or
religion... the actions that your brand manager takes
to try to steer the brand back on track depends entirely on the data
Alright, so, I think that is all I have for today
So, it feels like a lot but I probably forgot something...
... probably... but that is what next week is for! Alright, thank you guys, it's really
good to be back and I will see you later, bye! Alright, so, if you have any questions
or comments, just let me know in the Comments section below
and if you feel like you learned anything helpful in this video, feel free
to like, share and subscribe to our channel
Alright, that's it for today, guys, thank you so much for watching
all the way to the end (what?)! Alright, so, I'll see you next time, thanks again
Bye!