Just like any other assets they 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 because they 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 them for long-term success is called branding.
This is a long-term and strategic process and the overall company approach to creating, developing and managing its brands is called Strategic Brand Management. This process must be a well defined function within the company and should be managed as an ongoing activity. 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.
This allows the company to differentiates itself from its competitors and communicates clear market position and identification. 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.