The Evolution of Brand Management – Things to Keep in Perspective
Evolution is the secret for the next step.
What Karl Lagerfeld, the creative mind behind the modern revival of the Chanel brand, said couldn’t be more true in today’s world.
As merchandisers adapt their operating model to the shifts in retail, their branding must keep up as well.
Implementing the right brand management policies can help businesses distinguish themselves in the marketplace, build customer relationships, and strengthen the brand.
Here are some things to keep in perspective when managing your brand.
Avoid Overly High Prices
Understandably, prices increase when demand increases.
The groceries and medical supplies sectors especially faced upward pressure on prices because of a surge in demand.
Although brands, retailers, and resellers can use this opportunity to increase profits, price-gouging is harmful to the brand because it breaks customer trust.
Last year, Amazon reminded sellers and customers of their zero-tolerance attitude towards price-gouging and the policies in place to prevent these practices.
Strategic Use of Brand Elements
Customers want to buy from a company they believe in.
In this new environment of sales and distribution, brands need to ensure that their brand elements are properly represented on the packaging, retailer websites, physical stores, and more.
It could also mean putting the brand’s name and logo on social media to expand digital borders and connect with consumers.
Ongoing consumer sentiment surveys from McKinsey indicate that 34% of people have shopped on Instagram based on an influencer recommendation.
With the changing landscape of shopping, the strategic use of brand elements is even more important to ensure the right brand image is displayed.
Advertise Correctly
According to another report from McKinsey, one large retailer found that only 60% of customers who received their advertisements changed behaviours as a result of the ads. In fact, the cost of distribution was greater than the number of increased sales it brought.
Good advertising is ensuring brands are associated with the right names, distributed using the right channels, and labeled with the correct information.
It helps raise product awareness, become more competitive, improve brand image, attract more customers, and ultimately increase profit.
Ensure Products are Sold in the Right Place
Brands rely on retailers to sell their products in physical and online stores.
It’s important to ensure that products have enough inventory otherwise consumers will opt to purchase from an alternative brand.
In 2019, it was reported that out-of-stock products cost Canadian Retailers $63 billion in sales.
Brands must also confirm the integrity of retailer websites to ensure their brand reputation.
When it comes to brand management, Storesupport’s team of experienced brand ambassadors can help ensure your brand policies are working for you. Whether you operate in-store, online, or want to expand commercially, our ADAPTable solutions will provide what you need. Call 1-877-421-5081 or visit www.storesupport.ca today.
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