Building and managing a brand is a complex process that requires careful planning and execution. Strategic brand management on the other hand is not a one-stop process, but rather an ongoing journey that evolves as the brand grows and changes. How do you cope with this? Read on for more.
Strategic brand management is a rather complex process that involves several steps. Such as identifying your brand’s target audience, understanding their needs and wants, and developing a positioning strategy that will resonate with them. Strategic brand management also includes developing a brand architecture, creating a brand identity, and managing the brand’s image and reputation.
In this article, we will discuss the importance of strategic brand management, the key factors that make up strategic brand planning, and some of the best practices for managing a brand over time.
What is Strategic Brand Management?
Strategic brand management is the long-term process of building and managing a brand’s identity, reputation, and value. It is a systematic approach to ensuring that a brand is consistent across all touchpoints, from product design to customer service. Strategic brand management also involves tracking brand performance and making adjustments as needed.
Why is strategic Brand Management Important?
Strategic brand management is important because it helps businesses to:
- Increase brand recognition
- Increase customer loyalty:
- Differentiate the brand from competitors
- Enhance the company’s reputation
- Promotes licensing opportunities
- Foster future growth and expansion.
- Improves perceptions about product performance
- Decreases vulnerability to competitive marketing actions
- Accelerates trade cooperation and consumer response
What are the Stages in the Strategic Brand Management Process?
Defining your brand strategy is the first step to planning an effective strategic brand management process. This gives you a clear definition of what aspect your brand is to prioritize and optimize its strength to harness the highest potentials required.
The four stages in strategic brand Management Process comprises of the following:
1) Identifying and establishing brand positioning and values
2) Creating, Planning and implementing brand marketing programs,
3) Measuring, Assessing and interpreting brand performance
4) Growing and sustaining brand equity
1. Identifying and Establishing Brand Positioning and Values
The first step in strategic brand management is to define the brand’s positioning and values. This involves understanding the target audience, what makes the brand unique, and how it should be positioned in the market. The brand’s positioning should be clear, concise, and memorable, and it should be reflected in all aspects of the brand, from the product or service itself to the marketing materials and customer service.
Brand positioning is a critical part of brand management because it helps to communicate the brand’s unique value to customers. It also helps to dictate customer preferences and buying behavior. As a result, brand positioning is the foundation of customer loyalty.
More so, Brand positioning is an ongoing process. As the market changes, so too should the brand’s positioning. It is important to regularly review the brand’s positioning to ensure that it is still relevant to the target audience.Brand positioning Covers the following areas:
- Brand personality
- Mental maps
- Brand values
- Brand identity
2. Creating, Planning and Implementing Brand Marketing Programs
Once the brand’s positioning and values are established, the next step is to create, plan, and implement brand marketing programs. This involves developing a communication strategy that will reach the target audience and build brand awareness, preference, and loyalty. The marketing programs should be aligned with the brand’s positioning and values, and they should be measurable so that the brand’s performance can be tracked and evaluated.
The steps involved in creating, planning, and implementing brand marketing programs include:
- Creating brand elements: Brand elements are the visual and verbal cues that identify and differentiate a brand from its competitors. They include brand names, logos, symbols, taglines, packaging, etc. Brand elements are essential for building brand awareness and associations.
- Choosing brand marketing activities: Brand marketing activities are the things that a brand does to communicate with its target audience. They include advertising, public relations, social media marketing, events, and sponsorships. Brand marketing activities should be integrated and coordinated to create a consistent brand experience.
- Creating brand associations: Brand associations are the connections that people make between a brand and other things, such as characters, countries, sporting events, or cultural events. These associations can help to build brand equity by making the brand more memorable and relevant to the target audience.
3. Measuring, Assessing and Interpreting Brand Performance
The third step in strategic brand management is to measure, assess, and interpret brand performance. This involves using a variety of metrics to track the brand’s awareness, preference, and loyalty. The data collected from these metrics can then be used to assess the brand’s performance and make necessary adjustments to the marketing programs. To maximize this step, brands need to complete the following steps
- Brand auditing: A brand audit is a comprehensive assessment of a brand’s current market position and competitive landscape. It involves identifying the brand’s strengths and weaknesses, as well as opportunities for improvement. The goal of a brand audit is to provide insights that can be used to improve the brand’s equity and performance.
- Brand tracking: Brand tracking is the process of collecting and analyzing data about a brand over time. This data can be used to track the brand’s awareness, preference, and loyalty, as well as its perception by consumers. Brand tracking can help brands identify areas where they need to improve, and it can also be used to measure the effectiveness of marketing campaigns.
- Brand equity management system: A brand equity management system is a set of tools and processes that are used to measure, manage, and improve a brand’s equity. This system typically includes a brand audit, brand tracking, and other data collection and analysis tools. The goal of a brand equity management system is to provide brands with the insights they need to make informed decisions about how to build and protect their equity.
4. Growing and Sustaining Brand Equity
The final step in strategic brand management is to grow and sustain brand equity. Brand equity refers to the Social value that your brand holds in the minds of consumers, such as brand awareness, perceived quality, and brand associations. Growing and sustaining brand equity is an ongoing process. It requires consistent marketing efforts that reinforce the brand’s associations in the minds of consumers. Growing and sustaining brand equity requires the following process:
- Brand architecture: This is the foundation of a strong brand. It defines the structure of the brand portfolio, the relationships between brands, and the brand elements that are used consistently across all products. A well-defined brand architecture can help to build brand equity, simplify marketing efforts, and reduce confusion among consumers. However, Brand architecture should be flexible enough to adapt to changes in the market. As new products are introduced and new markets are entered, the brand architecture may need to be adjusted.
- Managing brand equity: This is essential for long-term success. It involves making decisions that will impact the brand’s image and reputation in the long run. This includes investing in marketing and advertising, delivering high-quality products and services, and providing excellent customer service.
- Brand reinforcement and revitalization: These are two key strategies for ensuring the growth and sustainability of brand equity. Brand reinforcement involves consistently conveying the brand image to consumers through marketing and other touchpoints. This can be done through consistent use of the brand’s logo, colors, and messaging, as well as through consistent delivery of the brand’s promise to consumers.
Other important strategic brand management steps to consider:
- Conduct market research and competitor analysis: This will help you understand the market landscape and identify your target audience.
- Develop a brand positioning statement: This statement should clearly articulate your brand’s unique selling proposition (USP) and how it meets the needs of your target audience.
- Create a brand messaging strategy: This strategy should outline how you will communicate your brand’s key messages to your target audience.
- Provide training and resources to empower employees to become brand ambassadors: This will help ensure that your brand is represented consistently across all touchpoints.
- Monitor and measure brand performance: This will help you track the success of your brand management efforts and make data-driven decisions.
Conclusion
Strategic brand management is an ongoing process. It takes consistent effort and patience to build a strong brand.But the rewards are worth it. A strong brand can provide a number of benefits for your company, including increased customer loyalty, increased sales, a competitive advantage, a higher valuation, and a stronger reputation.
FAQs
What is strategic brand management?
Strategic brand management is the process of building and managing a brand in order to achieve business goals. It involves defining the brand’s positioning, developing a communication strategy, measuring brand performance, and taking steps to grow and sustain brand equity.
What are the 4 steps in strategic brand management?
The four steps in strategic brand management are:
- Identifying and establishing brand positioning and values: This involves defining what the brand stands for, what makes it unique, and who the target audience is.
- Creating, planning, and implementing brand marketing programs: This involves developing a communication strategy that will reach the target audience and build brand awareness, preference, and loyalty.
- Measuring, assessing, and interpreting brand performance: This involves using a variety of metrics to track the brand’s awareness, preference, and loyalty. The data collected from these metrics can then be used to assess the brand’s performance and make necessary adjustments to the marketing programs.
- Growing and sustaining brand equity: This involves taking steps to ensure that the brand remains relevant and appealing to the target audience over time. This may involve refreshing the brand’s image, launching new products or services, or expanding into new markets.
What are the 4 components of brand management?
The four components of brand management are:
- Brand identity: This is the set of visual and verbal cues that identify and differentiate a brand from its competitors. It includes the brand name, logo, tagline, packaging, etc.
- Brand image: This is the perception that consumers have of a brand. It is influenced by the brand’s identity, as well as by the brand’s marketing and communication.
- Brand positioning: This is the way that a brand is perceived by consumers. It is determined by the brand’s identity, image, and the competitive landscape.
- Brand equity: This is the value of a brand to a company. It is built over time through consistent marketing and communication.
What are the 7 key elements of brand strategy?
The seven key elements of brand strategy are:
- Brand vision: This is the long-term goal for the brand. It should be clear, concise, and inspiring.
- Brand mission: The purpose of a brand should be specific enough to be understood by everyone, but not so specific that it is difficult to achieve.
- Brand values: These are the beliefs and principles that guide the brand. They should be consistent with the brand’s vision and mission.
- Brand personality: This is the human characteristics that are associated with the brand. It should be consistent with the brand’s values and positioning.
- Brand promise: This is the commitment that the brand makes to its customers. It should be clear, concise, and believable.
- Brand target audience: This is the group of people that the brand is designed to appeal to. It should be defined in terms of demographics, psychographics, and behavioral characteristics.
- Brand positioning: This is the place that the brand occupies in the minds of consumers. It should be clear, concise, and unique.
