What is Brand Strategy?
Brand strategy is a long-term plan for the development of a successful brand in order to achieve specific goals. Your brand strategy is how you choose to identify your company through its marketing, creating an image and making promises to the audience. A well defined and executed brand strategy affects all aspect of a business and is directly connected to customer’s needs, emotions and competitive environment.
Your brand is your promise to your customers, for example, if you have a fashion store for women your promise might be to make them look glamorous. To succeed at this, you need to determine what marketing elements makes your customer’s feel glamorous, such as what color to use in your logo and advertisement, what type of people and type of slogan will resonate with them. You are successful when one glance at your logo can both identify you and creates a positive perception of your product. When starting your business, your business mission will define and build your brand.
Components For Branding Strategy
- Consistency: The key to consistency is to avoid talking about things that don’t relate to or enhance your brand. Consistency contributes to brand recognition which fuels customer’s loyalty. Consistency aims to raise the standard of your brand, maintaining consistency throughout your communications is key. An example is your logo on every piece of material, from your business cards to your sales receipt. This redirects attention to your brand without changing the basic structure that is now reinforced in your customer’s mind.
- Flexibility: In this fast-changing world marketers must remain flexible to stay relevant; this allows you to be creative with your campaign. Flexibility enables you to make adjustments that build interest and distinguishes your approach from that of your competitors.
- Loyalty: If you already have people who love and trust your brand, reward them. Loyalty is a critical part of every brand strategy, sometimes just a thank you is all that is needed and other times you can go above and beyond, and at the end of the day highlighting a positive relationship between you and your customers sets the tone for what potential customers can expect when doing business with you.
- Competitive Awareness: Take the competition as a challenge to improve your own strategy and create greater value in your own brand. You can watch what you competitors that succeeded or try what they failed at. Tailor your brand positioning based on their experience.
July 4, 2018