New brands and products are emerging every day, which is the main reason why consumers are having a hard time reaching a buying decision. In fact, supermarkets are filled with food and groceries from all sorts of brands, and the variety is just incredible. Thus, most consumers generally opt for the cheapest product or a generic one, as the pressure is too much for them to handle. But what’s even worse is the fact that brand managers have to deal with those issues as well. The competition is not only intense but aggressive, and managing a brand is no longer as easy as it used to be.
All of this has changed the job and the workload brand managers have. They are now responsible for all sorts of management aspects — and the total business as well. They’re thinking about ROIs all the time, and they’re trying to keep the brand as healthy as possible. Thus, brand image and brand management are a source of concern for most organisations, as their share prices, as well as their brand value and equity depend on them.
In essence, brand managers have a variety of challenges before them:
- Profitability
- Market share
- Brand growth
- Brand management
- Maintaining the brand image and value proposition (both in the long term and in the short term)
Dealing with pressure
Given the fact that the open markets are rather competitive, globalised, and easy on the trigger in terms of technological changes, it’s safe to say that we have to change the way we manage brands and consider consumer behaviour. Thus, brand managers have to create new successful strategies that will allow them to create product differentiation. Furthermore, these strategies should effectively engage the consumers and always give them an increased value proposition.
So it’s obvious that brand managers need new skill sets in order to rise to the occasion. After all, these changes in the market environment, as well as in technology and supply chain mechanisms have also affected consumer behaviour and consumers’ expectations. Moreover, the economic environment has also impacted brands and consumer behaviour.
Any changes in the economy will impact consumers. If inflation occurs either globally or nationally, they’ll have a hard time spending their money. They will postpone their purchases or look for cheaper alternatives to their favourite brands. Furthermore, we also have to take into account the financial sector as well. Credit card borrowing and consumer financing also affect the way brands move on the markets. What’s more, the changing lifestyles of people all over the world are also important. Social trends, technology, electronic media, and urban lifestyle can either make a brand successful or bury it in the ground.
What skills do brand managers need?
- To posses a clear appreciation of brands and the marketing mix
- Perseverance, determination and a strength of character under pressure
- Excellent people and relationship management skills
- A results driven mentality
- An excellent degree of marketing and business acumen
What is the role of the brand manager?
Well, essentially, they have to be aware of the changes and be ready to take action. They need to make quick decisions and plans so as to further their brands and overcome the challenges. Thus, brand management is no longer something individuals can do by themselves. The dynamic of it has changed, and so has the job profile. Now, cross-functional teams have to work together in order to manage a brand category and respond to all the changes that are impacting the bottom line, ROI, and the balance sheet.
Key responsibilities of the brand manager include
- Brand strategy, including the creation of brand vision, brand guidelines, style guides and value proposition for both the short and long term
- Planning and execution of all communications including media across all channels both offline and online including social media platforms
- Aiding with product developments and launches, pricing models and business development opportunities
- Developing promotional strategies in order to maintain corporate and product branding
- Oversea budgets for promotional merchandise and advertising projects
- Continual in-depth competitor and customer analysis
- Producing sales forecasts and projections along with regular financial analysis of product sales
Some have already taken their brand management to a whole new level. Global multinational companies, as well as large brand-oriented FMCG organisations have changed to accommodate a new multidisciplinary, functional matrix form of structure in order to better their brand management.
Related content:
Brand Management Knowhow – learn more about branding with our collection of educational articles.
From trolley coin keyrings, wrist bands, tote bags, promotional umbrellas and sweatshirts we are sure you will find the perfect the perfect promotional items to help build your brand here at GoPromotional. If however, you require further information or have any specific questions, don’t hesitate to give a member of our experienced team a call on 0800 0148 970 or simply email us today.
