Strategic brand management is a buzzword that is getting thrown around a lot these days. But what exactly is it and why should you invest in it? This blog post answers all those questions – it covers what strategic brand management is and also details its benefits.
Ever had a poor experience buying a product in one place, but then you bought the same item in another and had no problems at all? One brand managed to deliver on what it promised, and the other let you down. This is strategic brand management at play.
Much time and money is invested into a company’s brand. But often, not enough is spent on managing it.
Strategic brand management involves managing the entire life cycle of a brand. It is a continuous process that involves building, communicating, defending and refreshing it.
This article will explain the importance of strategic brand management, but first we need to understand exactly what strategic brand management actually is.
What is Strategic Brand Management?
Strategic brand management is the comprehensive set of activities used to boost the perceived value of a brand. Simply put, it is the systematic and continuous maintenance of everything about a brand.
“Strategic “ here means the entire gamut of processes are planned for the long-term and encompasses all the various aspects of brand marketing – from brand strategy, brand monitoring, to reputation management and rebranding (in some cases) etc.
The focus is on the goals that were defined in the brand strategy which needs to be achieved for business success. Strategic brand management seeks to achieve these goals as efficiently as possible.
It is based on the premise that if a brand is managed correctly, it would seamlessly make a brand’s offer irresistible to the target market while inspiring trust, desire and loyalty.
Why is Strategic Brand Monitoring Important?
Drives Brand Growth forward
It helps identify and exploit growth potential hitherto dormant in a brand, such as through the development of new products, addressing new target groups and entering new markets.
Through the professional management of a brand, the respective provider gains a competitive advantage, which should pay off through a higher market share and possibly a price premium.
A brand is often represented in the form of a monetary brand value that is added to the company’s assets. The aim of brand management is then to achieve an increase in this brand value and thus the company value through professional strategic brand management.
Allows Brands to Adapt rather than die
Brand management is a continuous development process that aims to keep a brand up to date – to adapt to the changed requirements of the market, customers and competitors without straying too far from the brand essence.
This task of the brand and its skilful management is to secure and maintain the top position for companies in their fields. This is especially important if you are in highly competitive industries or markets.
Improves brand resilience and recovery
What are the events that could possibly catch you cold in the future? With strategic brand management, business leaders can be proactive and prepare for the unpredictable. This means helping to keep an eye out for influencing factors that are relevant for the company or the industry. The point is strategic brand management provides insights beforehand that makes it easy for businesses to deal with critical uncertainties allowing brands to react quickly to mitigate risk of exploit opportunities.
Boost competitiveness
You’ve noticed your competitors seem to be winning – what gives? How is it that they seem to be out-thinking you, outperforming you and leaving you behind? Strategic brand management can help address all of these issues. It helps identify the strengths and weaknesses of your competitions and compares it with what you have going on to make an inference which can be used to develop a unique selling proposition that sets you apart as well as position you as the best available option in your market.
Improves decision and planning planning
Strategic brand management can help you and your business to progress in the most efficient way possible. It makes it easier for you to make good choices from a well-thought out set of guidelines. Decision-makers can thus see things from a better perspective, using data to make better choices.
Do more with less
Strategic brand management lets brands work smarter. And with the far reach and complexity of today’s global markets, it’s more essential than ever. Rather than approaching issues with a one-size-fits-all approach, strategic brand management allows businesses to identify and concentrate their efforts on areas with the maximum return on investment thus saving more money, time and stress while seeing improved results.
Benefits of Strategic Brand Management
The importance of strategic brand management all adds up to huge benefits for the brands.
Thanks to strategic brand management, branding and brand marketing processes can be well managed. When this happens, it provides a powerful boost to the perceived value of the brand which in turn spur companies to grow, even in difficult times.
The benefits to a brand, business or organization can be seen through: value creation, enhanced reputation, improved perception, and, ultimately, profitable value creation which adds up to more profits.
Strategic Brand Management: The key to Success
The biggest concern for brand managers is online reputations. In this age of algorithms and Google searches, the traditional ways of merely being present online and launching brand amplifying campaigns, are no longer sufficient.
Cue Brand Monitoring. Brand monitoring is essential for effective brand management so you know what’s being said about your business. It helps companies to understand the customer’s attitudes, perceptions, and behaviors towards the brand. It also helps in assessing the various challenges encountered by the company related to its products and services. All very useful insights for successful brand management.
However, how can you keep track of all your brand mentions in the press? You can’t. Not even if you wrote them all down or placed sticky notes around your desk. Use a brand monitoring tool like Brand Monitor which allows you to see every customer interaction, what they say about your brand, and what they say about your competitors. You get regular updates on what people say about your brand on social media, blogs and news sites without having to manually search through it all yourself.
Brands are dying out as they are not up to date with the changing trend and market needs. It is therefore important if you want to succeed in your strategic brand management efforts to keep monitoring your brand’s profile on the internet in real-time. It helps in avoiding any kind of brand dilution and in keeping the brand’s position maintained at all times.
