STRATEGIC PRINCIPLES OF BRAND MANAGEMENT IN THE DIGITAL ECONOMY

Abstract

The article substantiates the strategic principles of brand management in the digital economy. Possibilities of digital brand management tools were considered and analyzed. The analysis of scientific approaches to defining the concept of “brand” was carried out. It is concluded that the branding strategy is based on long-term relations with the consumer, but the brand is considered as a certain idea that connects all directions of the business, creating its uniqueness. The conclusion is made regarding the influence of digitalization on the formation of individualization of relations with consumers, due to the introduction of digital tools and receiving direct contact with the consumer. The capabilities of digital brand management tools and the transformation of the strategic foundations of brand management were considered and analysed. Differences between traditional and digital branding tools were identified. Factors influencing the change of strategic approaches in the brand management system were reasoned and systematized, which include the following: rapid development of the latest tools in the field of information and communication technologies; changing consumer behaviour in the digital economy; the possibility of an instant impact on the consumer's consciousness due to the use of AR and VR technologies; the possibility of analytical processing of information in real time due to the use of Big Data, Cloud Technology, Blockchain; individualization of relations with the consumer and the possibility of instant satisfaction of their needs; introduction of new business models of the digital economy, which are based on digital eco-platforms; introduction of NFT technologies and the emergence of tokenonomics. It was found out that NFT technology is becoming the basis for branding in the digital economy and provides certain opportunities in terms of forming a branding strategy in the digital economy and creating digital assets. The specific characteristics of digital brands or traditional brands that acquire certain characteristics in the digital economy are substantiated, and a definition of a brand in the digital economy based on the possibility of creating additional value in real time is proposed. Branding principles in the digital economy were established. Keywords. strategic principles, brand, brand management, digital economy.