Phase One: Developing a Brand Vision
First, define the strategic and financial goals and objectives that your brand should help achieve:
• How well does your Brand Vision link to the corporate vision? If it is not linked, can Brand Asset Management form that linkage?
• What financial growth gap are you trying to fill? How many dollars can brand management add to the bottom line?
• Does senior management agree on the goals and objectives for the brand? Will the brand be viewed as an asset or simply as a marketing tool?
Phase Two: Determine your Brand Picture
The purpose in this phase is to understand customer perceptions and perspectives about your brand relative to the competition and opportunities for growth. This phase asks the following questions:
• Among current and target customers, what does our brand really stand for today? What are its strengths and weaknesses? How does our brand compare to competitive brands?
• How consistent is our brand's image across various customer segments?
• What image do we want our brand to have in the future? What is the desired contract? How will we bridge the gap between today and tomorrow?
• How do our customers make brand-based choices? What are their top purchase criteria? How does our brand sack up to those criteria and to the competition?
• What unmet customer needs and want could our brand fill over time?
Phase Three: Develope a Brand Asset Management Strategy
The purpose in this phase is to determine the right brand-based strategies for achieving the goals and objectives stated in the Brand Vision and in the market-based perceptions and perspectives from the Brand Picture.
• What brand-based strategies should we use to meet the growth goals outlined in our Brand Vision?
• What is the right positioning for our brand? Is the positioning unique, credible, valued, sustainable, and aligned with internal and external perceptions?
• How extendible is our brand? What are its boundaries? What screens should we leverage to make smart extendibility decisions? What new product opportunities exit for our brand?
• What channel strategy will support our goals and objectives for the brand? What is the best way to influence the changes with our brand?
• Can we price our brand at a premium based on its strengths compared to the competition's? How much of a premium? How else can we use our brand to improve our profits?
• What communication tactics will strengthen our brand and maximize its asset value? Where is the power in the selling process?
• Once that power is gained, how can we maintain and further take advantage of it?
• How can we maximize our power base through branding efforts?
Phase Four: Supporting a Brand Asset Management Culture
The purpose of the two steps in this phase is to determine how to get your organization to rally around the brand as an asset and make sure the strategies you recommend are implemented and measured. The two steps address these questions:
• How should we set up our organization to maximize brand success? How do we review and reward those involved with managing the brand as an asset?
• What metrics should we use to evaluate our brand's performance? What decisions should those metrics help us to make?
• How do we most effectively train and educate employees about our Brand Asset Management strategy?
• How do we get senior management to stay actively involved? Supportive and committed to our efforts.