In the sometimes cutthroat and very competitive business world, what separates your company and business from your competition? The main thing apart from the product itself is – your brand. You need branding and from this comes about creative brand management. This creative brand management article will tell and educate you about it, what it is, what it can do, for you and for your customers, and how important it is for your business and your bottom line. In other words, learning about creative brand management is an essential part of business education.
What is it? Creative brand management is the application of marketing techniques to a specific product, product line, or brand – simply put into simple words, it is the application of creativity to a product, line or product brand. It is important for any business because it seeks to increase the product’s perceived value to the customer and therefore increase the brand’s franchise and equity.
How does this work? Creative brand managers and creative marketers see a creative brand as an implied promise that the level of quality people have come to expect from a brand will continue with future purchases of the same product. This may increase sales by making a comparison with competing products more favourable, and in favour of the better brand. It may also enable the manufacturer to charge more and thus earn a premium for the product, thus boosting earnings. Since the value of the brand is actually determined by the amount of profit it generates for the manufacturer, this clearly shows that creative brand management is useful and in many ways actually great for any business.
Specifically, how does it actually raise profits? This increase of profits can come about from a combination of increased sales and increased price due to the premium pricing of the product, and the reduced cost of goods sold, and perhaps even the reduced or more efficient marketing investments.
What does it actually mean for you and for your business? This means that you can increase your sales. This means that you can increase your price to premium prices. This means that you can reduce the costs of the goods sold. This means that you can make marketing far more effective and cost efficient. All these are key improvements that will actually happen if you have utilised the powers of branding.
All of these important enhancements will definitely improve the profitability of a product brand, and thus creative brand managers often carry line-management accountability for a product brand’s profitability, in contrast to marketing staff manager roles, which are allocated budgets from above, to manage and execute. In this regard, brand management is often viewed in many worldwide organizations, not just in Singapore and China, as a broader and more strategic role than normal and common place product marketing alone, and in many ways brand management is more important than product marketing.
If you wish to improve your sales and business, then creative brand management is definitely the most important differentiating factor separating your business from the competition.