What Is the Importance of Brand Management?
Your brand, whether it is big or small, is always under attack and can be sunk in an instant, especially online. Whether you are the local dentist or a multi-national company selling consumer products, the importance of brand management can never be overlooked. Failing to keep on top of your brand and recognizing when and from whom it is under attack may result in your brand losing its credibility altogether.
A brand that has no credibility, or in which the public doesn’t trust, is a brand that is destined not to survive. We can all think back on various brands that went under attack for different reasons, from the Pepsi vs. Coca-Cola wars in the 1970s and 1980s to the Tylenol poisonings in the early 1980s. In one case, each brand was being attacked by its competitor, and in the other the brand name was tarnished by vandalism and its consequences.
The importance of brand management, whether at home or abroad, is something that you have to keep your eye on. If you are a small company, it is very easy for one angry customer to completely ruin your online reputation in a matter of minutes. So instead of your good name coming up at the top of the search engines, angry reviews will come up. This is becoming more common these days as a way for consumers to get back at companies and individuals who have wronged them, whether rightly so or not.
When you are developing your marketing and brand strategy, you cannot underestimate the importance of brand management and making sure that it is always being watched, that your credibility is always under development, and that your competitors are not able to attack you for any reason. If it sounds like a full-time job, it certainly is!