One of the members of the SME Strategy Facebook community asked the other day: "When you have a brand name with poor strategy or a strong strategy with out a brand name......... which will lead to success ?
How do we define brand? Brand can be a just a name or trademark to make people difference or recognize the product. It can also be a perception resulting that is caused by consumer experience or the consumer satisfaction.
This article from Antony Taylor has strongly emphasized the importance of strategy when it comes to building a brand. It has state that a brand without strategy can mean nothing.
However, “strategy” is a big word, and what kind of strategy could help a company building a good brand? First of all Communication, integrate marketing communication and branding has a crucial relationship to maintain a brand and build up brand equity. Secondly, of course, companies also have to manage well on brand awareness and image from positioning strategy. Settle down the target market to specify segmentation. Furthermore, from my point of view, expect from the strategy that is a crucial step for a brand, brand management will heavily impact on brand equity. For example brand architecture, it is not a strategy but it is more like a system of a company, organization need to consider how many brand name do they want to create? Three major types of brand architecture include corporate branding, endorsement branding and product branding. Bad brand architecture can result in a great negative influence on brand awareness due to the consumer confusion.
To conclude, even though a strong strategy is very important for building a brand, brand management is also a significant element when the firm wants to have a strong and successful brand.
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