MANAGING BRANDS: CHALLENGES AND STRATEGIES

The battle for a share of the customer’s wallet and cut throat competition for every bit of market space has resulted in search for a powerful weapon that delivers sustainable competitive differentiation. Here it is important to quote Philip Kotler about his perception on brands, “Branding is expensive and time consuming and it can make or break a product”. But even then, today, branding is such a strong force that hardly anything goes unbranded. No one had thought that commodities like Rice, Salt and Aata would be branded.

Experience suggests that no product can really be a lasting success unless it also makes headway towards becoming a successful brand. There has been much debate on acknowledging the value of a brand’s intangible assets in a company’s balance sheet. Indian companies have been slow to recognize their importance. Brands are now a central feature of consumer marketing, they are important in building long term relationships with the consumer, irrespective of the type of market. Their importance is now also being recognised in other markets including service and industrial. Investing in a brand builds consumer confidence and loyalty and allows for brand stretching. It requires a consistent and long term strategy. Only a few brands have emerged as truly global.

The challenges facing brand managers have multiplied in recent times. Brands are often the most valuable assets for companies ranging from Unilever to Nokia. Yet, they can lose their value overnight if not managed carefully.

This paper highlights the challenges faced by brand managers in managing brands. The paper presents the strategies for managing and building brands. Brands in future would have to engage with the consumer in a much more robust manner, touching them in ways that are socially and psychologically meaningful. In more complex social environment, brand connect becomes even more critical. Consumer brands would, therefore, have to build a subliminal connects with the consumers.