{"id":1309,"date":"2018-10-24T09:55:46","date_gmt":"2018-10-24T09:55:46","guid":{"rendered":"https:\/\/digitalschoolofmarketing.co.za\/?p=1309"},"modified":"2025-02-17T08:33:00","modified_gmt":"2025-02-17T06:33:00","slug":"principles-brand-management-success","status":"publish","type":"post","link":"https:\/\/digitalschoolofmarketing.co.za\/digital-marketing-blog\/principles-brand-management-success\/","title":{"rendered":"The 5 Most Important Principles for Brand Management Success"},"content":{"rendered":"
\"DSM<\/div><\/div>

There are a number of marketing principles that anyone who wants to be a successful brand manager needs to know like the back of their hands. In this article, we\u2019ll take you through five of these.<\/p>\n

Marketing principles for brand managers<\/h2>\n

Build solid brand equity<\/strong><\/h2>\n

For your product and\/or service to be truly successful, you need loyal customers who repeatedly buy from you. Remember the case<\/a> we told you about where the supermarket chain lost millions because they were out of stock of Coca-Cola? The cooldrink giant\u2019s powerful brand shows just how a brand can translate into hard-earned cash.<\/p>\n

So the first step for a brand manager when he or she in building a solid brand in the digital marketing space is to ensure that they build brand equity in the minds of their consumers. In other words, you need to imbue your products and\/or services with such value so that your customers feel that they have no choice but to buy from you.<\/p>\n

Know who your competitors are<\/strong><\/h2>\n

In the market space that you operate in, as part of your digital marketing strategy you need to know who you are playing against. You need to know what their strengths and weaknesses are so that you can make sure that you position your brand in such a way that potential customers come to you and not them as well as that your competitors aren\u2019t enticed to buy from them and not you.<\/p>\n

\"DSM<\/strong><\/h2>\n

Establish your competitive advantage<\/strong><\/h2>\n

When developing your brand you need to firmly establish in the minds of consumers why they need to buy from you and what benefit they will have from having your products in their possession. Swedish retailer, IKEA which produces affordable home furnishings and furniture, has managed to be so successful \u2013 even though they require customers to deliver and assemble their products themselves \u2013 by playing on customers\u2019 perceptions that because Sweden produces good, safe, well-built goods and IKEA is a Swedish company their products must have these qualities as well. Thus people are prepared to buy their products as they are good value for money and of a superior quality.<\/p>\n

Effective brand management entails choosing your channels carefully<\/strong><\/h2>\n

A brand manager must choose the channels, on which he or she will decide to the company\u2019s product, very carefully based on their carefully defined target market. If an incorrect channel is chosen, this will result in many, many thousands of lost marketing expenditure. To find out which channels are appropriate, the brand manager will have to conduct a lot of research among their current customer base to find out what channels \u2013 such as social media, online magazines or print publications \u2013 they frequent so that the brand can attract like-minded people.<\/p>\n

Be careful with choosing your price points<\/strong><\/h2>\n

Consumers are extremely price sensitive. Price something too high or low and you can alienate potential lucrative buyers of your products and\/or services. For example, if a luxury car is priced too low, the consumer will most probably elect not to purchase it because they\u2019ll ask why it is so cheap or what is wrong with the vehicle. It is the brand manager\u2019s job \u2013 in conjunction with the finance department \u2013 to make sure that the company\u2019s offerings are not priced out of the market.<\/p>\n

There are many more principles, such as those mentioned above, which will assist a brand manager to be successful in the corporate world of brand management. On the Digital School of Marketing\u2019s Brand Management Course<\/a>, South Africa\u2019s premier digital marketing course, we teach you these and so much more. Course modules for this digital marketing course<\/a> include:<\/p>\n