Getting a Brand with strong market share is not an accident. This is the result of thoughtful, imaginative and strategic planning process done in advance. Strategic brand management process helps to maximize the probability of success through series of sequential steps taken to brand identity and brand positioning in the mind of customers. Strategic brand management process helps in establishing the brand to stand in the market.
Strategic brand management process allows company to differentiate from its competitors, helps to add values to the brand, fulfill customer requirement, communicate message what they want to convey to create brand positioning and brand identity and increase market share.
Brand is not just a logo, it is a promise that firms makes to its targeted audience. It is ongoing process to hold their customers and deliver the values what they want.
Following four steps of strategic brand management process gives the maximum effect over a long period of time to build a brand in the market.
1] Identify and Establish Brand Identity
2] Plan and Implement Brand Marketing Program
3] Measure and Interpret Brand Performance
4] Grow and Sustain Brand Equity
1] Identify and Establish Brand Identity:-
Used to create strong base for brand identity and positioning in the market.
The major difference between brand identity and brand positioning is:
Brand identity means to know the exact purpose of the existing product which comprises core values
– Mission based on core values
Brand Positioning and identity are the Unique Selling Price (USP) of your product. Once you set this both (Brand Positioning and identity) so it’s essential to know competitors landscape viz.
– Who are as brand competitor
– What is competitors market share
– What is the competitors frame of reference
– Identify significant gap
– Choose Unique Selling Preposition
– What you retain as a competitors in market
– Position your brand
2] Plan and Implement Brand Marketing Program:-
It is process of applying marketing mix strategy (4/7P’s) to offering the combinations of:
– Right product to service
– Right place
– Right price
– Right promotion and communication tool
– Right people
– Right process
– Right physical evidence
To reach the targeting audience or customer.
3] Measure and Interpret Brand Performance:-
Measure brand performance in terms of its real values which are delivering to the customers. Off course we look other metrics also such as:
– Sales revenue
– Market Share
– Reviews and rating
But the best way to measure is brand audit and value created in the market.
4] Grow and Sustain Brand Equity:-
It describe the value having a know brand name based on product, services, support, idea, innovation and variation, promotion etc. to brand recognition. It is more challenging growing and sustaining in market even though having a great market equity and recognition
Strategic brand management process helps to create band equity.