Brand Management
Success in consumer products—which is where most brand management careers
are found—is all about marketing, often by promoting a brand name. While
the actual job description varies widely, most brand managers have at least
one thing in common: They're part of huge conglomerates that produce
many name-brand products. Size gives these large companies economies of
scale, and a diversity of products provides protection against down cycles.
Which is not to say that cute little mail-order pickle and jam companies
don't crop up every now and then and make a serious go of it. They do.
These places aren't where the majority of the jobs are, however—at
least not until Unilever or Nestlé takes them over.
In the packaged goods game the competition is ferocious for shelf space, so
package design, marketing, and customer satisfaction are key elements. In
brand management, you'll be responsible for managing all of these
elements as they relate to the brand to which you're assigned.
What You'll Do
The basic analogy for brand management is that brands are treated like
businesses within the company and brand managers are essentially
small-business owners. The job involves:
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Monitoring the competitive landscape in the category within which your
brand competes;
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Developing strategies to exploit market opportunities;
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Executing those strategies with the help of a cross-functional team; and
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Delivering the sales volume, market share, and profit projections for the
business.
Brand managers craft elegant business plans and submit them to senior
management. Then, when the price of the key ingredient in their product
goes through the roof because of locust plagues, they rewrite the business
plan from scratch with many more contingencies. They focus on the minutiae
of a daily sales volume report, and they dream big dreams when it's
time to update the vision for the brand. They approach upper-level
management for capital to fund a new product launch or a line extension in
much the same way that small business owners go to venture capitalists or
banks to fund expansion.
Who Does Well
Insiders tell us that successful brand management professionals are natural
leaders who aren't afraid to take the initiative, who are comfortable
working with cross-functional teams to get results, and who can communicate
their vision to others. This field draws on both creative and analytical
skills, so be prepared to switch gears from one to the other.
If you're interested in developing your leadership skills, brand
management is the place to be. Sure, there may be layers of decision makers
above you, but how many other settings allow a 30-year-old to own and
operate a $60 million business after five years of work experience and an
MBA? For many aspiring entrepreneurs, brand management looks like the
perfect training ground.
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Brand management is considered part of the marketing function, and most
aspiring brand managers have had some experience in advertising,
promotions, or sales. However, consumer packaged goods companies are very
interested in candidates who have honed their analytical and leadership
skills in other disciplines, including consulting, investment banking, or
strategic planning. If you have no previous experience in marketing, a
summer internship can be enormously helpful. Many companies offer summer
internships, which often result in a job offer after graduation.
Recruiters look for leadership, analytical skills, problem solving ability,
teamwork, and creativity. Successful applicants should have at least an
undergraduate degree in business, liberal arts, or a related field.
Philosophy majors and engineers are equally welcome to apply, if they can
demonstrate skills in the five areas just mentioned. Most companies look
for candidates with at least a 3.5 GPA. The more work experience and
leadership and teamwork experience (in a sorority/fraternity, school club,
or sports team) you can show, the better.
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According to the 2006-07 Occupational Outlook Handbook from the U.S. Bureau
of Labor Statistics (BLS), employment in the field of marketing overall is
expected to increase faster than average—at an 18-to-26-percent
clip—through 2014. The BLS says that this sustained job growth will be
supported by increasingly intense domestic and global competition in
consumer products and services, but cautions that budding marketers should
expect increased competition for full-time corporate marketing positions as
marketing projects (including brand management) are increasingly outsourced
to ad agencies and contract specialists.
Brand managers who were able to hang onto their jobs through the recession
have been forced to work with drastically reduced budgets, leaving them
hard-pressed to deliver the major product wins they need to advance their
companies—and their careers. On the other hand, brand managers with
specialized scientific or industry expertise may find they are in a
stronger position to land plum jobs with major ad agencies as the economy
begins to show signs of life. Specifically, technical and health-care
sector expertise will prove most valuable, as these industries will
certainly be hiring.
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The career tracks at most companies feature plenty of opportunities for
cross-functional experience and varied work assignments. At some companies,
experience in functions other than marketing has become a prerequisite for
advancement.
Despite the flexibility in career path development, there are clearly
defined entry-level positions: marketing analyst, or sales representative,
or assistant brand manager (MBAs).
The path from marketing analyst to assistant brand manager to brand manager
is a progression from executing to developing strategy. Continuing along
the path involves a shift from participating in cross-functional teams to
leading them and from monitoring a business budget to assuming
profit-and-loss responsibility. At some point along this path, most
companies send aspiring managers out into the field for extensive sales
training, aka "the reality check."
Marketing Assistant/Analyst
Supporting a few brand managers or assistant brand managers, a marketing
analyst must balance tasks to keep everybody smiling. Most analysts spend
two to three years honing their skills, then accept a promotion to
assistant brand manager or head off to business school. You may work on one
major brand (say, Diet Coke) or a group of smaller brands. Most of your
work will involve poring through reams of data. Yes, you will have the
opportunity to sit in on divisional meetings and strategy sessions, but the
bulk of your work will be more "tactical," a euphemism for number
crunching. You'll be balancing budgets, constructing competitive
analyses, tracking consumer premium orders, and other such duties.
Successful marketing analysts execute assignments efficiently and
accurately.
Assistant Brand Manager
As an assistant brand manager, it is your job to coordinate the various
marketing functions, including packaging, advertising, promotions, and
public relations, in order to execute the marketing plan.
In the course of executing the plan, you will head up a number of
cross-functional teams that work on various parts of your business. For
example, a product improvement project may bring together R&D,
marketing research, packaging, finance, and operations. A change in your
consumer promotion plan might require a coordinated effort between
representatives from promotions and operations.
Assistant brand managers shift gears all day long. One minute they're
brainstorming new promotion ideas, the next they're wading through
monthly volume projections.
Brand Manager
Our insiders describe this role as being "captain of a ship,"
guiding your cross-functional crew through such treacherous waters as
annual plans, new product launches, competitive analyses, promotional
strategies, and capacity planning at your production facilities. The safe
port you're steering toward consists of the volume, market share, and
profit targets for your brand—you now own the bottom line on the
profit-and-loss (P&L) statement for your business.
You also take on additional responsibilities at the business unit,
division, or corporate level. These might range from serving on a
company-wide task force that is reviewing trade spending across different
brands to leading the recruiting team at your alma mater. You are also
responsible for the performance of the marketing analysts and assistant
brand managers who work on your business.
Marketing Director
Marketing directors are responsible for a whole business unit, guiding
overall strategy by coordinating the efforts of brand managers and
assistant brand managers and ensuring that the brand teams remain focused
on the key strategic issues. It is your job to communicate with the
executive wing and to ensure that your brands receive the resources and
capital they need to grow. Because you are responsible for the business
unit's P&L, the workload can be heavy at times, but your generous
compensation package justifies the effort.
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Recent college grads can expect a starting salary of $35,000 to $50,000.
MBAs used to start at paltry salaries compared to their banking and
consulting peers, but today MBAs from top-tier schools going to large
consumer packaged goods companies routinely start with salaries of $90,000
or higher and signing bonuses of $15,000 or more. Most companies have
end-of-year bonus programs. Bonuses can be generous, depending on
individual and company-wide performance. Stock options programs vary from
company to company, but they are often offered to both undergrads and MBAs.
Though stock options may not be as plentiful (or as valuable) as during the
boom years, many companies still offer stock options to employees to keep
everyone focused on winning in the marketplace.
Most brand management companies offer a generous 401(k) plan, match
charitable contributions, and support volunteer activities. Many of the
large companies have cafeterias and health clubs in-house. As part of their
effort to retain employees, companies are adding such services as a
personal concierge who will get you tickets to the theater or send flowers
to your mother for her birthday. VIP coupons from your brand offer the
bearer free products at the grocery store; they make fine gifts and
stocking stuffers, especially if you work on a brand like Häagen-Dazs.