What is Retail Brand Management?
Retail brand management involves everything from A to Z that is required to maintain a business’s brand value. It could include things like design, positioning, marketing, advertising, packaging, and distribution, along with many other factors. If you’re a new entrant, your earliest objective should be to build strong brand identity or culture, followed by brand management. Brand management involves
- Defining the brand
- Positioning the brand
- Delivering the brand
What are the functions of retail management? Retail brand management strategies assist a business in being unique and lasting in the minds of its customers. Giving intense competition to similar brands and finding a spot in the market is vital at every stage of your business’s growth, which is the aim of retail brand management.
In all forms of retail branding methods, such as integrated branding, contract branding, and independent branding, brand management is critical. The popular retail brands in India, such as Lakme, Micromax, Royal Enfield, and Allen Solly, all have their retail brand management strategies, demonstrating the importance of retail branding.
Before framing a brand strategy, you should know your target customers and their needs and expectations. Without understanding what your customers expect from you, brand management will take you nowhere. It should help you form a powerful brand reputation, which would increase brand awareness and create more traffic impressions to your business.
How to Create Effective Retail Brand Management?
You would have goals and objectives as a business. You may know what your brand should portray to your customers, but do you know how to best tell your brand story to them? Do you have any idea what the finest brand management strategy is for taking your company to the next level? You might not be able to answer ‘yes’ to these questions. It’s not your fault; your focus would be directed on business growth concepts and ideas. So, how do you deal with retail brand management in all of its facets? ‘Do it with a PRO,’ as the title of this blog suggests—with the best retail branding agency in India.
Why Hire a Retail Branding Company?
By hiring a long-serving retail branding agency, you can find retail branding solutions for all your brand needs. A retail branding company best studies your brand objectives and enhances both the tangibles and intangibles for the brand. Tangibles refer to the product, features, pricing, packaging, distribution, etc. Intangibles indicate all the emotional elements that connect the brand with the customers. Hence, a retail branding agency would shoulder your brand in all surfaces in the following ways.
- Developing a new brand identity
- Repositioning an existing brand
- Controlling an established brand
They will follow a systematic approach to establish retail brand management exclusively designed for you, without going for a one-size-fits-all strategy. Proper management of the intangible values by retail branding companies can help businesses stay unique among their competitors, thereby influencing consumer preferences and sales. The steps in the retail brand management process done by a retail brand agency are mentioned below.
Customer demographics understand your customers and identify their expectations of your brand. Hiring a retail branding agency will get data on the customers who are most likely to be interested in and purchase your product/services. Once the consumer segments are identified, the brand message needs to be conveyed using an appropriate brand management strategy.
Identifying the Brand Position
Philip Kotler, an expert American marketing author, defines brand positioning as “the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market”. Professional retail branding agencies offer services in retail brand management positioning to develop a desirable, specific, and distinctive brand positioning. This would help the brand to stand out from the competitors in the market.
Strategy & Design
Once the customer demography of your brand is studied, the agency will conduct an objective assessment and analysis of the competitive landscape. They will come up with the right branding strategy and design. With customized branding and management tactics, your brand will get itself revitalized.
The following are the elements a retail branding company considers for designing a retail brand management strategy.
- Brand Equity
The increased value a business obtains from a product with a recognizable name versus a generic version is brand equity. Brand equity is all about the consumers’ perception of the brand. It can be positive or negative depending upon the image it creates on the customers’ minds.
- Brand Identity
Brand identity is the collection of all the factors that a business creates and uses to portray to its consumer. It helps build loyalty and trust, making a brand memorable to its customers.
- Brand Loyalty
Brand loyalty is the positive factor that triggers a customer to make repeated purchases with your business because of the emotional connection and trust they have developed with your brand. To build brand loyalty, the business should convince the potential customers why they should go with your brand rather than others.
- Brand Image
Each person’s perception of the identity, purpose, and value of brands they interact with and may engage is referred to as a brand image. The brand image becomes the mirror in which the company’s core values are reflected in the end.
The above-discussed factors are intertwined and strongly influence any brand’s retail branding. Different elements like brand assets, product/service quality, reputation, advertisements, social media presence, and so on create a powerful impact in retail branding management.
Monitoring and Analysis of Brand Performance
Monitoring and analyzing brand performance is critical in determining the efficacy of a retail management strategy. Knowing where and how people are talking about your brand will help you obtain a better grasp of how they feel about it. Customer growth, in-foot traffic, customer interaction, customer retention time, and sales may all reflect the outcomes. A retail branding agency’s assistance in retail brand management will allow you to track brand performance and develop the strategy in any way imaginable.
The brand is one of the company’s most important resources, when created and supported effectively. Building a brand name and identity is not an easy affair, and incorrect strategies can spoil the entire broth, affecting your business and customer loyalty. The smart choice is to avail retail branding services from a company that would help you create your brand style guidelines and identity. Bringing a consummate retail branding company like AD Vantage– the best retail branding agency in Bangalore, you can benefit from merchandise management and retail brand management ideas to improve your sales and revenue. Implementing and monitoring outstanding brand management tactics from experts will help you continuously refine and improve your brand performance.