Brand management, in marketing, is the analysis and planning on how that brand is perceived in the market. Whereas the role of strategic 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.
Brand management is built on a marketing foundation, but focuses directly on the brand and how that brand can remain favorable to customers. Proper brand management can result in higher sales of not only one product, but on other products associated with that brand.
Steps for a strategic brand management
1. Brand positioning
The first step in strategic brand management is to decide the brand positioning which the firm wants to achieve. The marketer has to research the positioning of each brand in the industry and then find out differentiating factors. 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 consequentially will affect the overall performance of the brand.
2. Brand marketing
Once you have decided on the brand positioning, to implement the positioning, you need to carry out brand marketing. This involves marketing through various media vehicles so that you reach the end customer. Besides using media vehicles, building value through brand marketing activities is also important. And value 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.
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3. Brand performance and analysis
Once you have marketed the brand accordingly, it is important that you analyse the brand and its performance in the industry. 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. When compared to competitors, is the brand on top of the mind positioning or 2nd or 3rd in positioning? Accordingly the right measures can be taken.
4. Building brand value
The last step in strategic brand management is when you build value for your brand by taking various necessary measures. Brand building takes decades. And it is the role of strategic brand management to plan for decades and not for months. A company which is one or two year old, will not be able to offer too much of value to the customer.
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