Strategic brand management is one of the most important aspects of a company. It is creating, managing, and protecting a brand’s equity. Brand equity is the value of a brand name and the goodwill associated with it. The amount of trust and respect determines and loyalty consumers have for a brand.
Brand equity can be increased by creating a strong relationship with customers. This can be done by providing excellent customer service and developing loyalty programs. Companies can also increase equity by expanding their product lines and entering new markets.
The equity can also be damaged by negative publicity or poor customer service. Companies must be careful not to damage their brands through bad decisions or poor-quality products. They also need to protect their brands from counterfeiters and trademark infringers.
A well-executed strategic brand management plan can help increase sales, market share, and profits. It can also improve the company’s image and reputation, leading to increased shareholder value.
