Brand Management By the Numbers

Part of a brand manager's job is understanding numbers and synthesizing data. You'll probably start with an analysis of the target market for your product. Who are they? How old are they? What is their lifestyle? What other products do they buy? This may involve purchasing market-research data, conducting your own focus groups, and paying attention to industry publications and government regulations that may affect your brand. Another important source of data is your own company's records. Which products are being bought online? Which are selling well in stores or in a paper catalog? Which products have a high return rate? You'll analyze where and when your product sells or doesn't sell, and use that information to build a stronger brand. Finally, it's vital to have a strong sense of the competitive landscape for your brand. Who is developing new products? Where are they succeeding, and why?