Article Contributors: Shari Simon & Keon Smith | January 10th, 2022
Product management is very important when it comes to adding that additional uniqueness to an organization or a company. This ensures that a brand stands out in this business world of multiple products and services, which might be crowding the attention of prospective customers.
Once a brand can be managed effectively, a business can attract customers, and also those customers can easily recognize and choose the products and services that the business offers.
In brand management, it is important to consider several different aspects. This includes the attributes and characteristics of the product, the quality of the product, its positioning, and whether it will be a premium product. Additionally, it is important to analyze strategies to market to prospective customers, and the kind of communication techniques to use in order to make the brand visible.
For any business owner, there are four questions that should be answered when it comes to brand management strategies. It is important to make sure that these questions are addressed, simply because it supports the strength of a brand.
The first question that must be asked is, why do you do what you do? Identifying the ‘why’ in the business, which can be seen in the vision, mission, and strategic objectives will support how to position the brand and the marketing opportunities and challenges that can be taken advantage of.
It is very important to keep in mind that a brand must actively solve a problem that either meets or exceeds a customer’s expectations and/or demands.
The second question is, who do you serve? It is very important to have a clear identification of the target market the company/organization serves and understand who the targets are. Now, depending on the business, there can be a single target market or multiple target markets.
Additionally, depending on the brand, it has to be positioned correctly for the target market and segments according to characteristics such as demographics, locations, and behavioral patterns.
For instance, at ActionINVEST Caribbean Inc. (ACI), the company’s target market includes those who would want to grow their businesses such as start-ups, entrepreneurs, CEOs, managers, team leaders, and business-oriented personnel.
The company also has a target market that includes persons who are looking for professional development, which is geared more toward ACI’s training component, and in addition, there is a target market for companies that are looking to become ISO compliant.
As a result, it is important for product/service positioning to be specific to these target markets.
The third question is, how people or a specific target will discover the brand. This is where a business leader needs to determine the different marketing techniques and media that can be used to make a brand stand out and to get a specific message to a prospect(s) effectively.
It is also important to decide if it is going to be print media, social media, or even direct marketing; whichever strategy and techniques that are chosen to promote the brand must be able to increase brand recognition and enhance the brand’s position across local, regional and international markets.
Moreover, the final question that should be asked, why should people care about the company’s brand?
Effective and excellent branding tactics will make many people or customers feel as though they are part of something bigger than themselves, and sometimes even a part of something bigger than the company itself.
They feel a sense of loyalty to the product or service that is been provided, and more specifically to the brand. This in turn supports increased brand loyalty.
For example, when people hear the name of an organization or see a particular brand, they have a sense that, this is going to be something of quality. This is due to the fact that the company has been consistently providing quality products or services, while simultaneously building a brand that represents quality.
So, when thinking about growth and development for an organization and business brand, every business leader should implement brand management strategies that will allow for the creation of a unique selling point or proposition (USP) to achieve maximum results as well as to stand out in the marketplace.
To learn more about these particular brand strategies and any other services offered at ActionINVEST Caribbean Inc. (ACI), contact a company representative on telephone number +592 223 – 5583.
