I have good news for people who explore a career in brand management: Good brand managers will continue to be a hot commodity.
Last year, Procter & Gamble, the company that defined the term "brand management," announced that its entire marketing function became brand management, with "single-point responsibility for the strategies, plans, and results for the brands."
The P&G announcement marks an undeniable shift in a business's go-to market strategy. Now, branding will be the epicenter of the efforts to compete in a super-crowded business environment.
Marketing equals branding
Building trust in a brand and managing its reputation is becoming much more important than managing the classic 4 Ps of marketing (product, placement, price, and promotion). A strong brand offers a business the luxury of putting the classic 4Ps of marketing on autopilot.
Let's take products, for example. Gone are the days when a company had a unique product no competitor could match. Even the famously secretive Apple only manages to preserve the uniqueness of its products for a few weeks before copycats start emerging.
Distribution has also become more accessible, in large part due to the explosion of e-commerce. Established e-retailers, such as Amazon and Best Buy, provide any business (regardless of size) with the opportunity to sell products on their platform.
The cost of starting an online store has also decreased dramatically. E-commerce platforms such as Shopify offer entrepreneurs the opportunity to sell online starting at $29 per month and to have a shop up and running in weeks.
Take the first step (it's free).
You may also like:
- A Guide to Business Ethics and Social Responsibility [Infographic]
- Sustainable Branding: Why Leading With Green Misses the Mark, and What to Do Instead
- Old Logo vs. New Logo: How Consumers Feel About Six Brand Redesigns
- Six Ways to Strengthen Your Brand Through Product Packaging
- How to Inspire People to Love Your Brand the Way They Love Harry Potter (or Starbucks or Disney or MarketingProfs!): David Meerman Scott on Marketing Smarts [Podcast]