Your brands are one of the most valuable assets your company owns. Like any other asset that has value, they are based on trust, customer loyalty, creating value for the customer, satisfying the needs and preferences of the customers and the process of brand creation requires a lot of time and effort. Customers buy brands because they promise customers and deliver value and experience. Brands are created to satisfy a certain target market: groups of customers with similar needs and desires. The process of creating brands and managing them to achieve long-term success is called brand development.
This is a long-term strategic process, and the company’s general 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 must be managed as a continuous activity. So, strategic brand management needs a highly developed and creative brand management strategy and tactics. Brand managers must adjust the brand development 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 market. Brands have an impact on customers and the success of their products and services. The brand is more than a product or packaging name, but it is a combination of the brand, the symbols, the colours, the experiences, the interests, the preferences of the target market, the designs, the motto, the slogan, the idea, promotional messages, etc. that together they communicate the brand message in the market and position the brand in a unique way.
This allows the company to differentiate itself from its competitors and communicates a clear market and identification position. To build and maintain the successful strategic brand management, you must manage your brands with a unique position and a clear message to your customers.