A brand is one of the most valuable assets a company owns
. Just like any other asset they have value - they are built on trust, customer loyalty, creating value for the customer, satisfying customer needs and preferences. Customers purchase brands because they make a promise to the customers and they deliver value for money. Brands are created to satisfy certain target market - groups of customers with similar needs and wants. The process of building brands and sustaining and enhancing their value 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.
Brand Management approach can be explained as follows:
1. Total Approach: Successful Brand Management starts with understanding "brand "concept.
2. Creating Promise: Also knows as defining the brand. A good brand always should be remembered by their customers and make a promise evokes customers feeling. For example, Volvo (buses in Asia) offers feeling of safety. A good brand management campaign should always make a unique promise to be identified amongst the crowd.
3. Making Promise: Once you have made the promise, then inject this into the minds of customers. This step involved advertising and PR activities.
4. Keep the Promise: keeping the promise means delivering of good quality products and retaining the loyalty of your customers.
5. Perception: A good brand delivers a message to the customer so that they wait to purchase the products again and again. This happens in the perception that is created in the minds of both intended customers and innocent bystanders. Perception is the brand as experienced. Perception is not reputation, but reputation is perception.
6. Communication: We communicate to customers and get their feedback on brands. The Brand reputation may be viewed as socially constructed.
7. Decision: In the final analysis, the value of a brand comes in the simplification that it brings to decision-making.
Successful allows the company to differentiate 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.