What’s new in Brand Management? As in all areas of business, brand management is constantly evolving to keep pace with the economic, social and technical developments happening around us. UAE event management consultancy Driving Growth work with their clients to build better brands by utilising the most up-to-date tools and techniques available.
Game Changers
If we want to look at some of the “game changers” that have taken place over the past say, 10 years, they would include a much faster pace of doing business, instant and constant interaction between companies and their clients, globalisation bringing the world together in a truly global marketplace and the level of information available to help decision making. Whilst it would be wrong to say the development of the internet has been the reason for those developments, it would be equally wrong to say it was not the biggest contributor.
Multi-Level Approach
In terms of brand management, the strategy of having a single, or at best dual approach isn’t sufficient for the modern environment. Brand managers have to be able to build multi-dimensional strategies for today’s business environment. This means having a more flexible approach to managing the brands, a one-size-fits all approach isn’t going to work. Different strategies for different markets, different strategies for different levels of strategic brands (lead, strategic and support brands), to be able to accurately identify how consumers are viewing the brands.
Full Environmental Consideration
Another key change is that brand managers now have to fully consider the environmental influencers. Competitors’ products, consumers’ lifestyles, demographic and psychographic factors and cultural as well as social, political and economic factors all have to be taken into account.
“Think Global, Act Local”
In terms of strategy, the oft used term “Think global, act local” is apt. In terms of brand management, this means that successful businesses are organising themselves at different levels to ensure the correct balance of global and local input is found. Local entities are able to implement local strategies as long as they are compatible with corporate strategy.
Other Trends
There are other trends being seen, such as how and what type of information is gathered and the increasing relevance of brand management and brand managers to a businesses hierarchy. As brand management is becoming more complex in nature, it is also becoming more important than ever to a business.
If you require more information on how Driving Growth can help your business develop its branding strategy more effectively.
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