Why do we need a branding strategy?
In Marketing, Official Blog, Workplace
For long-term planning and development of a successful brand in order to reach the target audience and make a global significance, branding strategy is important. A well-defined strategy can help the growth of a business in the longer run. A branding strategy is said to be successful if it affects all the aspects of business and is directly connected to consumer needs, emotions and competition.
Your brand strategy defines what you stand for, a promise you make, and the personality you convey. And while it includes your logo, color palette, and slogan, those are only creative elements that convey your brand. Branding allows a business to differentiate its products and services from those of its competitors. It tells them what they can expect from your products and services, and it differentiates your offering from that of your competitors. Your brand is derived from who you are, who you want to be and who people perceive you to be. This is how your brand’s purpose is defined. It plays a vital role.
Defining your brand is like a journey of business self-discovery. It can be difficult, time-consuming and uncomfortable.
To understand brand strategy, one must first understand branding.
Think about successful consumer brands like Disney, Tiffany or Starbucks. You probably know what each brand represents. Now imagine that you’re competing against one of these companies. If you want to capture significant market share, start with a strong brand strategy or you may not get far.
Branding should occur before a marketing strategy ever begins. Branding is not the act of pushing out a message. On the contrary, it is the pulling in of a message. It is listening to the consumer and using that information to build a brand strategy. Branding is what drives marketing. Branding is strategic in nature whereas on the on the other hand marketing is purely tactical. Branding significantly enhances the brand’s market performance and profitability by improving name recognition, building credibility and trust, increasing advertising effectiveness and inspiring employees. The foundation of your brand is your logo. Your website, packaging and promotional materials–all of which should integrate your logo–communicate your brand.
A company’s brand strategy must be based on the goals of the company. Without the brand strategy, the company will eventually fail. Brand strategy is the blueprint that explains who, how, what, and when of how a company plans on communicating their product. The stronger the brand strategy is the higher brand equity that could result.
There are many different types of brand strategies that vary based on target audiences, marketing campaigns, and budgets. A well-received brand strategy has the potential to build brand equity and solidify its place as an established brand. Some companies employ multiple strategies to increase the odds of a successful campaign. Your distribution channels are also part of your brand strategy. And what you communicate visually and verbally is part of your brand strategy, too. An optimized social media presence can boost your brand. The best thing about social media is that it is not limited to any nation. You can promote your brand worldwide.
The brand message should be refined to make sure it is aligned with the mission and values of the brand. A clear brand message is a key to bridge the gap between brand strategy and brand messaging. The added value intrinsic to brand equity frequently comes in the form of perceived quality or emotional attachment.
Consistency plays a crucial role. Once a marketing team is able to define its brand attributes, it is essential those attributes maintain consistency throughout the branding process. Everything should be about the brand. You must define how your brand should be remembered.
“No Brand†Branding
No brand products are often simple and generic in design. A minimalist approach can speak tons of volumes. These brands are outsourced to the public for brand creation, which allows customers the chance to be involved in the naming process, and effectively drives up personal interest in a product. It is also called crowdsourcing.
“Your future depends on many things most importantly youâ€
Customers won’t return to you–or refer you to someone else–if you don’t deliver on your brand promise.
Developing a brand that has a loyal customer base is a wonderful thing. But your brand cannot just sit on its laurels. It is time to reward these customers. Remember, these loyal customers will tell their friends and family about your brand, and they will discuss it on social media. Rewarding these customers will keep them coming back, which will result in more profits.
If you find our thought pieces on brand strategy and brand management insightful and would like a deeper understanding for yourself, your marketing teams or leadership teams we can develop a tailored strategy for you. Feel free to contact us.