Toopan Bagchi identifies the importance of building segmented brand management teams to maximize marketing capabilities and effectiveness.
In a continuously disrupted landscape, many retailers are realizing the potential for private brands to not only improve margins, but to also attract customers, build baskets and drive loyalty. However, given retail’s traditional reliance on CPG companies to develop and cultivate brands, capabilities around true brand management are often limited.
Retailers leaning in on private brands would be wise to establish and elevate brand management capabilities to improve the likelihood of success of any private brand strategy by establishing a clear and coherent brand architecture, identifying white space opportunities, developing brand platforms, creating and launching product, and sustaining brand health over time. Retailers such as Target are recognizing this and establishing brand management teams to oversee the portfolio of private brands, define strategies and lead execution.
Information in this article includes:
- Picking the team
- Setting up brand architecture
- Launching brands
Read the full article, Keys to building a private brand management team, on the Storebrands website.