Brand building is a very tough job and hence it requires a solid plan in advance. Brand management is a vital piece of marketing, which utilizes various techniques and marketing copy to boost the value of the company. This is where brand management steps in. The role of brand management is to take the brand equity of the company to new heights through sequential steps which add value to the brand and ultimately position the brand strongly in the mind of the customers. One of the most important aspects of developing a successful business is ensuring the brand is well thought out and is seen as a leader in a particular industry. Without having a good brand, consumers, buyers, prospects, and even employees may be skeptical or are unsure of whatever it is the company does. Brand strategy is a plan that encompasses specific, long-term goals that can be achieved with the evolution of a successful brand — the combined components of your company’s character that make it identifiable. Thus, you will find that there are 4 steps which are the most important in strategic brand management and these steps give the maximum effect over a long period of time to build a brand.
The number 1 step in brand management is to decide the brand positioning which the firm wants to achieve. It is defined as the act of designing the company’s offer and image so that it occupies a distinct place in consumer mind. The marketer has to research the positioning of each brand in the industry and then find out differentiating factors. Clearly defining what the brand represents, what your company wants to achieve, and how it should be positioned with respect to competitors. Using these differentiating factors, the brand can find a unique position in the mind of the customers. This unique positioning will give the brand a boost and consequently will affect the overall performance of the brand. Hence, the first step of strategic branding starts with defining the positioning that the brand wants to achieve. This might be the hardest step as it determines which direction the entire brand should go. This is where research into your industry and differentiators will help shape brand position.
Once you have decided on the brand positioning, you need to carry out brand marketing. This is where your overall marketing and teams of marketers become important. This involves marketing through various media so you’re your brand reach to the end customer and add value that can be built through a lot of research and creativity in your marketing communications. Brand marketing is an important middle step in strategic brand management because it covers the gap between planning and implementation. It gives you the overall marketing initiatives, programs, etc. needed to get the brand messaging and company visible to the masses. Again, research and creativity are necessary to make sure your company sees results.
Brand Analysis/ Performance
Once you have determined the brand positioning that you want to achieve, and you have marketed the brand accordingly, it’s important that your teams to measure the results and monitor the brand performance. Brand audits can be conducted on a periodic basis to find out the real performance of the brand and how it has benefited the company. This analysis can ensure your progress, pivot where need, compare position with competitors; see how audiences view the brand, etc. and accordingly taking the right measures.
Building Brand Value
The last part of strategic brand management strategy is when you build value for your brand by taking various necessary measures. Start maintaining and expanding the brand equity and value so that it continues to grow, with improved products and services, and can tap into related industries. So to increase the value of the brand, the company has to enter new products and possibly new markets. It is the work of the brand manager to keep adding value and repeat the previous steps to keep changing the brand positioning as per the market demand or the demand of the customers. And it is the role of strategic brand management to plan for decades and not for months, but it is important for your company to work on it and stick with the plan.