4 Essential Process of Strategic Brand Management
Strategic Brand Management is the professional use of methods through which a brand selects and measures an appropriate branding strategy example to achieve brand awareness, guarantee the brand identity, and maximize brand success. Its main goal is to develop a brand and get the awareness required to outperform rivals and achieve success.
This may assist the firm in meeting long-term business objectives and increasing revenue. The word “strategic” refers to the procedure of dealing with and managing a brand’s assets and long-term goals. A company’s goods and services may benefit from a branding plan.
If you want to learn more, buy the best branding books in the market. The method of strategic brand management consists of four stages, which we will go through one by one in this article, so keep reading!
Strategic Brand Management Process
1. Identify and Establish Brand Positioning and Values
The first stage in strategic brand management is to have a clear and coherent knowledge of what the brand represents and how it should be positioned concerning rivals. Brand planning employs three interlocking models: the brand positioning model, the brand resonance model, and the brand value chain.
The brand positioning model explains how to direct integrated marketing to optimize competitive advantages, while the brand resonance model explains developing passionate, active loyalty connections with consumers. Finally, the Brand value chain refers to creating value for brands to comprehend better the economic effect of brand marketing expenditures and investments.
A mental map is a visual representation or perspective of the different connections associated with the brand in the consumer’s mind regarding essential ideas. When it comes to points of differentiation, it persuades customers about the characteristics or advantages that they strongly identify with a brand and think they will not find in a competitor’s brand.
The point of parity is a product offering substantially comparable to similar rivals’ offers, enabling customers to feel that the brand is “good enough” to be included in the category. The Core Brand Associations are associations that include both advantages and characteristics that best describe the brand.
A brand mantra is a three to five-word phrase that conveys the unmistakable essence or spirit of a company’s positioning. It is related to the brand essence or fundamental brand promise, which is sometimes referred to as the Brand DNA. At the same time, the frame of reference establishes the target market and the type of competition.
2. Designing and implementing brand marketing programs
Building brand equity necessitates creating a brand that customers are aware of and have positive, powerful, and distinct brand connotations.
In this section, you must mix and match the brand components. Brand components, often known as company identities, are trademarks that help to identify and distinguish a brand from its rivals. Brand names, URLs, logos, symbols logos, pictures, packaging, slogans, and so on are all examples of brand components.
Brand components aid in developing strong, favorable, and distinct brand associations, thus increasing brand awareness and eliciting favorable judgments and emotions about a brand.
When it comes to combining brand marketing activities, marketing program activities, and product, pricing, distribution, and marketing communication strategies contribute the most. They may generate powerful, distinctive, and positive brand associations in several ways.
In leveraging secondary associations, the marketer attempts to connect a brand in the consumer’s mind with specific sources of branding elements such as nations, personalities, sports, or cultural events and then leverages these associations to enhance its brand equity.
Companies through branding strategies, nations through product origin identification, channels of distribution through channel strategy, and other brands through co-branding are all ways to exploit secondary brand associations by connecting the brand.
Characters obtained via licensing, spokespersons obtained through endorsements, events obtained through sponsorship, and other third-party sources obtained through awards or reviews are also included.
3. Measuring and interpreting brand performance
It is necessary to measure and interpret brand performance to comprehend the impacts of brand marketing initiatives.
The main ideas include Brand Audit, a thorough study of the brand that discovers its equity sources to propose methods to enhance and leverage it. Brand inventory, or supply side, is a current, complete profile of how all of a company’s goods and services are branded and promoted. In contrast, brand exploratory, or demand side, offers specific information on how people perceive the brand.
A brand value chain is a formalized approach to evaluating the sources and outcomes of brand equity and how marketing activities create brand value.
Brand tracking studies collect customer information about brand performance on many vital dimensions marketers can identify in the brand audit or other means. In contrast, a brand value chain is a structured approach to assessing the sources and outcomes of brand equity and how marketing activities create brand value. It contributes to a better understanding of the financial implications of brand marketing efforts and expenditures.
A brand equity measurement system is a collection of research methods or tools used by marketers to offer reliable, actionable, and timely information to help them make the best tactical choices in the short and long term.
The brand equity charter documents the business’s perspective on brand equity and offers basic instructions to marketing managers and essential marketing partners outside the company.
The brand equity report compiles the findings of the tracking survey as well as other pertinent performance metrics. Senior management should be appointed to supervise how brand equity is handled inside the company regarding brand equity duties.
4. Growing and sustaining brand equity
The next stage is to build and maintain brand equity. Maintaining and growing brand equity may be difficult. The brand architecture captures the branding connection between the firm’s different products/services via tools such as a brand-product matrix, brand hierarchy, and brand portfolio.
A brand portfolio is a collection of various brands that a company provides for sale to customers in a particular sector. The quantity and type of standard and unique brand components across the firm’s collection of brands are shown in the brand hierarchy. The marketer’s ability to take a long-term and a short-term view of marketing choices will influence the effectiveness of future marketing initiatives while maintaining brand equity over time.
Brand equity is reinforced by marketing actions that consistently convey the brand’s meaning to consumers in terms of brand awareness and brand image when reinforcing brands. Revitalizing a brand requires either the recapture of lost sources of brand equity or the identification and establishment of new sources of brand equity.
When extending the brand abroad or into new market segments, marketers must consider foreign variables, various kinds of customers and create equity by depending on specific information about the experience and habits of the new geographies or market segments.