Strategic Brand Management
Your brands are one of the most valuable assets your company owns. Just like any other assets brands have value – they are built on trust, customer loyalty, creating value for the customer, satisfying customer needs and preferences and the brand building process takes a lot of time and effort.
Customers purchase brands – brands give promise to the customers and they deliver value and experience. Brands are created to satisfy certain target market – groups of customers with similar needs and wants. The process of creating brands and managing brands for long-term success is called branding.
The branding process is long-term and strategic process and the overall company approach to creating, developing and managing its brands is called Strategic Brand Management. Strategic Brand Management must be a well defined function within the company and should be managed as an ongoing process.
Creating successful brands today is not an easy job because of the strong competition in any industry, globalization, technology and marketing and brand management tools and tactics used by your competitors.
So the Strategic Brand Management needs a creative and very well developed brand management strategy and tactics. Brand Managers need to adjust the branding process over time based on the market and general business developments.
The Strategic Brand Management process adds value to the company’s products and services by creating a unique identity in the marketplace. Brands have impact on the customers and the success of your products and services.
Brand is more than a product name or packaging but it is a mix of the brand name, symbols, colors, experiences, interests, target market preferences, designs, tagline, slogan, idea, promotional messages, etc. which all together communicate the brand message in the marketplace and position the brand in a unique way.
Branding differentiates the company from its competitors and communicates market position and identification – a clear and distinct reason for being different. In order to build and maintain successful strategic brand management you need to manage your brands with a unique position and clear message to your customers.