Smaller companies, with local and regional markets, often accept the dominance of large, national brands in their marketplace. All too often they assume that good branding and targeted marketing is either too complex or too expensive to be within their reach.
It is easy to conclude that only a big company can build a cogent Brand. But this is not true. Every enterprise has a Brand under which it conducts its business, and thus, existing brand equities and competencies. These assets can be leveraged to build Brand Equity, steal share from big players, prevent the encroachment of new entrants, and achieve marketplace success.
Wise brand managers, those who do not reduce their competitive strategy to price driven approaches, can obtain the necessary elements of Strategic Brand Management and thus equip their Brand for long-term marketplace success. This is most successfully accomplished by positioning the Brand for sustainable competitive advantage, and by developing an intelligent Brand Strategy that guides ongoing marketing activities and expenditures.
It is through this kind of strategic thinking, and the formalization that emerges from it, that a small player gains competitive strength and succeeds against large branded players.
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As the knowledge-based economy expands, the companies and individuals that possess intangible intellectual assets, such as intellectual property, will need specialized expertise, strategic thinking, legal experience, and the wisdom necessary to manage intellectual assets.