Wednesday, February 19, 2014

Brand Development is More Than a Marketing Plan

As a marketing process expert, let me share the steps involved in developing a brand. It’s a simple process, but requires thorough thinking to be successful.

Step One
The Marketing Plan
This contains all the product information (features, benefits, value proposition), competitive analysis, target market and market feasibility.

Step Two
The Creative Brief
A lot of people in the industry think this is part of the marketing plan. It is a secondary, and critical, document to augment the marketing plan. This is the document that prepares you for the customer approach or what used to be called Advertising. It answers the consumer’s question, “why do I want this product.” Properly executed, the creative brief can save you money when discussing the execution with your creative agency. No one knows the product as well as you.

Step Three
The Media Buy
Simply stated, how you reach your audience. There is a plethora of tools available online and with media planners to develop this plan. The challenge comes with the multitude of channels. The web has made this task very difficult. You will need to do a lot of homework to maximize your budget. Old and new media should be in your mix.

Step Four
The Financial Plan
Put your excitement about your product aside and remember your running a business. Everything should be based from a business perspective. As they say on the show Shark Tank, it’s all about “money”. A solid, and realistic, financial plan can help you secure funding and help you learn the realities of launching a new product. Most importantly, can you make money (profit)?

Step A
The Production Schedule
The entire process is driven by a schedule. Time can be your biggest asset or enemy. A production schedule will provide motivation and accountability. It should be realistic and fluid.

Branding is not one task, but a process. With due diligence, you can achieve developing a recognized brand in your category or even create a new category. These steps will also benefit the rebranding of an existing product.

Good Luck!

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