The ultimate objective of any company with a product or service is to sell that to the customer. But before that goal is achieved, there is an entire procedure of marketing activities which successfully accomplishes the brand positioning in the eyes of the audience. This process which involves determining, developing and implementing well-crafted marketing solutions to build a brand is called the brand management process.
What is the strategic brand management process?
Brand management comprises marketing programs which lead to further refining and polishing of the brand to better fit the expectations and requirements of the target demographics. Marketers come up with tools and techniques specific to a product or a product line and work towards improving their perceived value through strategic creativity for brand. Now, strategic brand management refers to a policy with long term effective and sustainability that would build, establish and continue to boost the brand’s growth through changes of the market. They are carefully crafted to improve brand awareness, strengthen brand association and maintain brand character.
Why is strategic brand management necessary?
Every company is required to set up a brand strategy and marketing campaign in order to create a unique identity for your product and set it apart from its competitors. The beneficial consequences of having a good strategy in place are:
- Creates one-of-its-kind brand positioning for your product
- Attracts and retains customer loyalty
- Enhance brand franchise and overall brand equity
- Gains reputation of reliability for the brand over the years
- Fights contemporary rivalry and helps cut the competition
- Increased trade cooperation and licensing opportunities
In short, strategic brand management processes equips your product with exclusivity and makes it stand out in a crowd.
Four steps of strategic brand management
A good brand management strategy is executed over four vital steps.
Step 1: Brand positioning
In the first step, the features of the product which will be highlighted in the campaign are identified and the values of branding are established. These values are to be in alignment with the company’s missions and visions keeping the bigger goal in mind.
Step 2: Brand marketing
Brand marketing involves developing and implementing the respective promotional aspects of the brand. These elements, such as the brand logo, symbols, slogans, advertisement copies, etc. will help establish the tone which your brand strategy and marketingwill follow.
Step 3: Performance measurement
In this stage, the aftermath of the marketing strategies are tracked, monitored and analyzed to understand the results of the marketing investment. It answers the questions like which marketing tools are bringing in more revenue, which promotional channel is yielding more lead conversion and in which direction should the strategy go from here on.
Step 4: Growth and sustainability
No marketing strategy can continue to be impactful over number of years. It is necessary to adjust and adapt to the changing market trends, technological advancement and other external factors. In this stage, the continuous building of the brand architecture and expansion ideas in the form of product varieties, package makeover and revitalization of brand positioning.
Some great examples of brand management strategizing can be found in our everyday market scenario. For example, Nike has positioned itself to be bold and forthright in attitude with their ‘Just Do It’ slogan and the world-famous swoosh tick, while Coca-Cola has a more laid back and joyful placement with their bubbly advertisements and ‘Open Happiness’ tagline. Strategic brand management for any business can be done in the same manner – as long as you manage to come up with a strategic creativity for brand that is out-of-the-box for yourself.