Strategic Brand Management Building Measuring And Managing Brand Equity Pdf
Strategic brand management is the process of building, measuring, and managing brand equity by creating a unique identity and creating a positive image of the brand in the minds of the target audience. In today's highly competitive marketplace, strategic brand management is essential for businesses to build long-term relationships with their customers and establish a successful brand image.
What is Brand Equity?
Brand equity is the value of the brand in the eyes of the customer. It is the perception of the customers about the brand that differentiates it from its competitors. Brand equity comprises of brand awareness, brand loyalty, perceived quality, brand associations, and other proprietary brand assets.
Building Brand Equity
Building brand equity involves creating a unique identity for the brand that resonates with the target audience. It is achieved by developing a strong brand strategy that includes brand positioning, brand messaging, and brand identity. The brand strategy should be aligned with the company's goals and objectives and should reflect the brand's core values.
The brand positioning is the process of positioning the brand in the minds of the target audience. It involves identifying the unique selling proposition of the brand and highlighting it in the brand messaging. The brand messaging should be consistent across all channels and effectively communicate the brand's value to the target audience.
The brand identity is the visual representation of the brand that includes the logo, colors, and other design elements. The brand identity should be consistent with the brand strategy and should reinforce the brand's values and personality.
Measuring Brand Equity
Measuring brand equity is essential to understand the effectiveness of the brand strategy and to identify areas for improvement. Brand equity can be measured using various metrics such as brand awareness, brand loyalty, customer satisfaction, and perceived quality.
Brand awareness is the extent to which the target audience is aware of the brand. It can be measured using brand recall and brand recognition tests. Brand loyalty is the degree of loyalty of the customers towards the brand. It can be measured using customer retention and repeat purchase rates.
Customer satisfaction is the level of satisfaction of the customers with the brand. It can be measured using customer feedback and surveys. Perceived quality is the perceived quality of the brand by the customers. It can be measured using customer reviews and ratings.
Managing Brand Equity
Managing brand equity involves protecting and enhancing the brand value by maintaining the brand's identity and reputation. It is achieved by monitoring the brand's performance and taking appropriate action to address any issues that may affect the brand's image.
The brand should be monitored regularly to identify any negative comments or reviews and take appropriate action to address them. The brand's messaging and identity should be constantly evaluated to ensure that they are consistent with the brand's values and personality.
The brand's reputation should be protected by building long-term relationships with the customers and addressing any issues in a timely and effective manner. The brand should also be protected legally by registering trademarks and copyrights to prevent unauthorized use.
Conclusion
Strategic brand management is essential for businesses to build a strong brand image and establish long-term relationships with their customers. Building, measuring, and managing brand equity involves creating a unique identity, measuring its effectiveness, and taking appropriate action to protect and enhance the brand's value. Businesses that invest in strategic brand management are more likely to succeed in today's highly competitive marketplace.
