The creation and evolution of business brands have been a common topic of discussion for us. When looking at the successful brands currently in the market, there is one common factor that combines them all, they all had a clear and well thought out brand strategy.
It is common for a business to approach its brand development without a clear outline of what it would like to achieve or consider its application. Branding allows a business to differentiate its products and services from those of its competitors. Branding has evolved to be a crucial aspect of a business strategy that can give a sustainable competitive advantage. While Branding will appear in overall business strategies, it is rare that a brand strategy is considered fully.
What is Brand Strategy?
A well-defined and executed brand strategy leads to a consistent brand message, a strong emotional connection with customers, and higher brand equity. It should clearly outline a clear set of characteristics, benefits and applications. A brand strategy not only looks at the emotive brand elements but also the application of the brand, ensuring the brand is applicable to the audience. Your brand strategy should define rules and guidelines on how, what where, when and to who you communicate.
Why Do You Need One?
We live in a world that is driven by perception and brands represent customers’ opinions of a company’s credibility, products, reputation and customer experience.
It is a crucial tool for providing clarity around your market position in a competitive landscape and developing customer expectations. With appropriate time and effort, it will feed into an effective marketing strategy and enable you to fine-tune marketing messages.
Branding is proven to significantly enhance market performance, profitability, credibility and trust, increasing advertising and marketing effectiveness. If you have not yet considered a brand strategy, we strongly recommend that you take some time to consider it in full.