The purpose of this paper is to analyse how branding contributes to innovation, by identifying different ways of connecting with changing markets and emerging consumer needs. This is clarified by strategic approaches found in the marketing management literature. While orientation to customer needs has always been crucial in marketing communication more attention is paid nowadays to customer and market intelligence in detecting relevant trends. A focus on the company’s own distinctive vision is advocated, as the choices to be made need to fit the strengths and capabilities of the company. Co-creation of value needs an intensive dialogue with customers about the brand as community property. In brand management coherence and finding a balance between inner vision and dialogue with all those involved, such as employees and partners in the value chain, are emphasised. Expert interviews were conducted to see if the approaches distinguished in the literature are recognised in practice and suitable as a framework for constructing performance indicators. Next, the critical factors found in the marketing literature were phrased as measurable statements that can serve as performance indicators. The outcomes need to be further tested.