Thursday, October 19, 2017
The Importance of Brand Planning
"If You Don't Know Where You Are Going, You Will Probably End Up Somewhere Else" - book title by author David Campbell.
Hopefully, you have developed and are executing against a detailed brand plan. And hopefully, you are measuring the results against that plan.
Brand plans are much like business plans or marketing plans. You start with high level objectives. What are you trying to accomplish? Increased revenues? Increased profitability? Increased IAT (individual average transaction)? Increased brand awareness? Increased distribution? Increased market share? Increased brand loyalty? Adoption by new market segments? Changing brand perceptions? Dialing up a particular brand association? Changing the brand's unique value proposition? Increasing customer engagement?
These objectives are then supported by strategies and tactics. The tactics usually have budgets and timelines associated with them. And often there is an assigned "point person" for each tactic.
Numeric goals or targets may also be associated with each of these objectives, strategies or tactics. That is, the plan should have some metrics associated with it.
Finally, a plan is always an "ask" for a certain level of budget in return for a certain level of delivery against the objectives. That is, to some degree, a brand plan is a roadmap for achieving a specific set of objectives for a specified level of investment.
Plans can look out over a few years but given the changing nature of markets, they often require tweaking on an annual basis if not more often.
Even if you are in an extremely fast moving industry and even if you are consumed by daily crises, it is an important exercise to step back at least once a year to reassess if you are focusing on the right things to achieve organization and brand objectives. Brand plans reinforce a certain level of logic and discipline.