Want to build your brand? Follow this 4-step strategic brand management plan

Posted by prajval rajeshirke on August 17th, 2019

Building a brand is a tough job and requires a solid plan much in advance. This is where strategic brand management comes into the picture. The role of the strategic brand planner is to take the brand equity to new heights with the help of sequential steps. This will not only add value to the brand but also position it strongly in the minds of the customer.

Every media school teaches the essential steps to make a brand stronger. It mainly involves four steps:

1)    Positioning: You have to decide on the positioning of the brand from a firm perspective. The process is tedious. The market researcher has to check the competitors positioning in the industry and then pick the differentiating factors. Using these factors, the firm can find a unique position for the brand in the minds of the customers. It will not just boost the brand image but also affect its overall performance. Brand management courses term it as a unique selling point (USP).

2)    Marketing: Once you have decided on the positioning or the USP, you have to implement them using various marketing collaterals. This includes usage of different media vehicles such as Above the Line (ATL) and Below the Line (BTL) activities. Apart from these mediums, you also have to implement brand marketing strategies. You can build this value through research and creativity in your marketing communication. Brand marketing is a critical step in the strategic brand management process as it bridges the gap between planning and implementation.

3)    Performance and analysis: Once you have positioned and implemented the marketing strategies, you have to analyse the plan’s performance in the industry. You can conduct brand audits periodically to find out how the brand is performing and how it has benefitted the company. Check it with the competitors. Monitor the positioning of the brand in the customers' mind. Is it second or third? Accordingly, take the measures.

4)    Brand value: Every school of communication include brand value as a subject in one of their courses. It is how you can bring value to your brand by taking the necessary steps after analysing the brand performance in the market. Brand building takes eons. It is the role of the brand managers to chalk out a plan for years and not months. A company which is only one to two years old will not be able to add much value to the customers with their brands. Hence, to increase the brand value companies can introduce new products or services under the brand. Brand managers have to add value to the brand constantly. If need be, they can shift the positioning as well.