Building A Strategic Plan for Your Brand
We will be taking you through the strategies of managing a brand and brand management services. It involves real-time case studies of the brands which used these strategies to set apart from the competition.
The first step would be an overview of what a brand is. Further then that we’ll be going through some of the popular brands in the world. And about Brand Management, how it can be used to maximize the funnel to attract the customers in your business and using various techniques of how you can convert those customers into leading sales. Furthermore, how to retain them for them.
What is a Brand?
A brand incorporates every interaction with your consumer and every marketing strategy that differentiates your business, product and service from another. Which includes design, marketing and communication which make up every experience that people have with your business.
You might be aware of these famous brands
What is Brand Management?
Brand management can be defined as an innovation of a product or services in your business and providing your consumers with a good experience to attract and retain them for future business. You have to maintain and replenish the brand over time or it will die.
Now we will be discussing about the strategies that big brands apply in their planning activities.
How do these Big Brands manage themselves?
Kevin Lane Keller author of Strategic Brand Management described strategic brand management as a marketing activity to build a brand. He suggests that there are various steps that these brands set apart the competition and be great in the industry. Brand positioning, creating various marketing activities and strategies keeping in mind all the competition performance, then analysing performance after promoting marketing strategies. And finally giving a direction to their goals towards growth.
Components of Brand Strategies
You can use various strategies to build your brand and create a perception in the eyes of the consumers about your brand. This will help you create a target audience for your brand, which you will be focusing later on to sell your products and services.
Positioning your brand in the market is an important concept. It starts from the process where the product has been identified. You have to decide a niche target audience to whom your product has to be catered to. Positioning sets you apart from the competition.
You cannot cater to each and every niche in the market, you have to choose your audience accordingly. For example BMW, LEXUS and MERCEDES-BENZ these are luxurious brands which cater to high class and rich niche of the society whereas when we compare them to MARUTI SUZUKI, that brand caters to the middle class of the society. These brands are very specific about catering to a specific audience.
So, choose your niche you want to cater precisely and create a product which suits them and sets them apart from other audience.
Sub-Brands created by P&G such as Tide, Vicks, Whisper, Pringles etc. are the branches of that brand. These branches are brands specifically but their parent company is P&G.
Increasing the branches of the business help you earn maximum profit.
How some of the biggest brands in the world used Kevin Lane Keller’s branding lessons to build their brand in competition.
Checklist you need to go through for Managing your Brand
This will help you access your organisation’s readiness to build brands. We’ll be going through a checklist, hoping you and your organisation can answer “YES” to all these questions:
1. BRAND DESIGN
- Do you provide value and motivation to the consumers?
- Do you understand the categories in which your brand operates: (i) Market segments and (ii) The Competitive Set?
- Do you understand the rational decision-making process the consumers uses to purchase your product?
- Have you defined the target consumer, promise and personality of your brand?
- Do you have the clarity of what your brand stands for and how is it unique for the consumers?
2. BRAND IDENTITY MANGEMENT
- Is your brand active on multimedia environments?
- Do you have any process set up to protect your brand’s identity?
- Do you discuss with an intellectual property lawyers while designing new products and brands that you’ve created for providing maximum protection under law?
- Are there simple ways in which sub-brands relate to the parent brand?
3. BRAND EQUITY BUILDING
- Do people in your organization understand that brand building is a long-term exercise?
- Do you use consumer research techniques to better understand your consumer’s need?
- Do you have a way of measuring return on marketing investment?
4. BRAND MARKETING
- Is marketing perceived an investment at your company?
- Are there clear objectives and performance targets for each marketing program you initiate?
- Do you know who your best consumers are? Have you designed programs to retain those customers?
- Is there any ratio of your marketing resources will be spent on building versus sales promotion?