Interview: Why brand management is crucial for a company’s long-term success
A strong brand is often the tip of the scales when it comes to the long-term success of a company: it provides certainty and value for consumers and companies. Prof. Dr. Tim Oliver Brexendorf, Apl. Professorship of Marketing and WHU Executive Education set up a new program “Brand Management Essentials” providing professionals and executives with the skills and tools to build and sustain powerful brands. In the following interview, Professor Brexendorf shares insights on the importance of brands, how to successfully build a brand and why brand management is crucial for a company’s long-term success:
… why is brand management so important for companies?
Brands influence and guide consumers’ decision-making and allow firms to occupy a distinct place in the minds of their consumers. Consider the “Red Bull” brand – they epitomize energy in everything they do. Strong brands provide added value beyond a company’s products and services and help to make a connection with consumers on a very deep and personal level. For strong brands, consumers not only buy the brands, they buy into the brands. This helps companies stand out from the competition, enabling them to achieve higher prices and higher volumes.
…what is required to successfully build a brand?
Brand marketers require arts, crafts and science to successfully create, build, and maintain a strong brand. Insights from many disciplines – not only marketing – are needed to deliver a holistic and favorable brand experience to consumers. It depends on the subtle interplay of many areas including design, linguistics, psychology and strategy, to name just a few. Although persuasive brand names and logos are important for strong brands, branding goes way beyond that.
… why is brand management so crucial for a company’s long-term success?
The power of strong brands lies in their ability to create deep consumer connections along with a high degree of desirability and goodwill. Especially in times of uncertainty, brands can give consumers a feeling of familiarity and security. Brands’ loyal consumers accompany the brand through its ups and downs, making it possible for companies to facilitate and enable continuous growth – even in the most difficult times.