What is it and why is it important?
In brand planning, your goal is to build brand equity and brand value. It is long-term, usually 3-5 years.
Brand equity refers to the premium customers are prepared to pay above the commodity or generic product. It is the sum of all perceptions and experiences people associate with your brand. Brand equity is measured by:
Brand value is the amount of good will that is registered on the balance sheet associated with the brand, that an investor would be prepared to pay for the business above its tangible assets. Brand value relates to brand equity but isn’t a direct translation. There are many ways of measuring this. We use Brand Finance.
Your brand plan is then your means to build brand equity and brand value, by ensuring your brand:
This will include:
Marketing planning is often referred to as your “go-to-market” plan. It is shorter-term, usually 12 months.
The marketing plan determines the investment against the key strategies and activities across the purchasing funnel and 4-7Ps to achieve annual growth objectives. This will usually be sales volume/value and market share, translated to customer goals – how many customers you need to attract and the source of that business (within / outside of category, other brands, what they’re currently doing and buying).
Within the “promotion” strategy, it will look more closely at the investment for brand-building activities versus sales activation activities to recommended ratios of 60:40 for B2C brands and 50:50 for B2B brands (Source: Binet & Field research).
How we go about it
This assumes brand positioning, market and customer understanding exists, brand/marketing strategy and customer strategy – customer segmentation and journey mapping including decision-making process, purchasing funnel and touch-points – have been defined.
Both brand planning and marketing planning need a combination of ideation, number crunching and joining the dots, so we’d often do them in three chunks:
Please contact us to discuss further what we can do for you.