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Need to actually understand the business and how to manage vendors. This is why so many brand managers are MBAs. Found that having agency experience + a business education was really a super powered combo in brand management.
I would say having an understanding of different channels from a strategic perspective is important, not just tactical execution. It also helped me to hone in on one category for example, CPG vs Tech vs Pharma. I worked to round out my experience agency side in the category I worked in the most, before focusing on applying to brand side roles in that area.