Before beginning construction on a new structure, an architect will first draught out a building plan. In the same way, you need to first design a brand strategy for your company.
Building consumer loyalty and setting oneself apart from the competition are both goals that may be accomplished with the help of strategic branding.
In this post, you will discover everything you need to know about the many ways of branding, as well as the fundamental components of a branding strategy, in order to cultivate a brand that will withstand the test of time.
What exactly does “Brand Strategy” mean?
A business plan should include a brand strategy that details how the company will establish rapport and favorability within the market and how it will do it. A brand strategy’s objective is to make a consumer remember the company’s product or service, with the hope that they will choose to do business with that company rather than one of your rivals.
A brand strategy that is well defined and effectively implemented has an effect on all elements of a company and is closely tied to the requirements, sentiments, and competitive environments of its target customers.
To begin, let’s get the most common misunderstanding about brand strategy out of the way: Your brand is not only your product, your logo design, your website, or even just your name.
Your brand encompasses all of that and more; it’s the things that are hard to put your finger on. Your company’s brand is that intangible quality that distinguishes strong brands from those that quickly go out of consumers’ minds.
We have broken down five essential components of a holistic brand strategy that will assist your company in remaining relevant for decades, in order to gain an objective understanding of a subjective topic that many marketers consider to be more of an art than a science. This will allow us to better serve your needs.
When it comes to creating your brand positioning, understanding why you get out of bed and go to work each day holds significantly more weight than understanding what your company promises its customers. To put it another way, your goal is more precise in the sense that it acts as a point of differentiation between you and the people you are competing with.
In what ways might the purpose of your company be defined? According to an article published in Business Strategy Insider, there are two ways that purpose might be interpreted:
Functional: This notion focuses on the assessments of success in terms of immediate and commercial reasons; that is, the objective of the business is to produce money, so this evaluates success in terms of these immediate and commercial reasons.
Intentional: This notion emphasises on success in relation to one’s capacity to produce money while also contributing to the betterment of the world.
Even if generating a profit is one of the most important aspects of running a business, we love companies like IKEA that put an emphasis on their desire to accomplish more than just profitability:
The mission statement of IKEA is not simply to make a profit by selling furniture but rather to “build a positive everyday life.” This strategy is attractive to prospective clients because it demonstrates the company’s dedication to delivering value that extends further than the point of sale.
Hold this example in mind when attempting to determine the purpose of your company. Even if making money is a top priority, basing your business decisions solely on that objective won’t do much to set your brand apart from those of competitors in your sector.
Our advice? Dig in a little more. Search out the missions and visions of some of the companies whose products and services you appreciate to get some ideas on how to structure your own.
The key to maintaining consistency is to steer clear of topics of conversation that are unrelated to or do not contribute to your brand.
Have you uploaded a fresh picture to the Facebook page representing your company? What does this imply for the future of your company? Does it fit in with what you want to say, or was it just something hilarious that, to be honest, would merely confuse the people who are listening to you?
You need to make sure that your messaging is consistent in order to provide a foundation for your brand to stand on. In the end, consistency is one of the factors that adds to brand awareness, which in turn fosters client loyalty. (There isn’t any pressure, is there?)
Consider the advantages of developing a style guide in order to prevent frustrating potential consumers who are trying to make sense of the disjointed elements that make up your company. A style guide might include anything from the tone of voice you’ll utilise to the colour scheme you’ll use to the manner in which you’ll place particular products or services.
Your brand as a whole will profit from your efforts to define and reach a consensus on these factors if you take the time to do so.
Customers don’t always make logical decisions.
How else can you account for the fact that somebody purchased a Harley at a price that was several thousand dollars higher than the cost of another bike that was constructed just as well but cost less? There was an inner voice in there someplace whispering, “Get yourself a Harley,” but I couldn’t quite place it.
The motorcycle manufacturer Harley Davidson employs the marketing strategy of emotional branding by building a community around its brand. It started HOG, which stands for Harley Owners Group, in order to connect its customers with its brand (and each other).
Harley Davidson is able to present themselves as the obvious choice for someone who is wanting to acquire a bike because the company offers customers the ability to feel like they are a part of a broader group that is more close-knit than just a bunch of motorbike riders.
Why? The impulse to form connections is hardwired into the human psyche. This need is best described by the “belongingness hypothesis,” which was developed by psychologists Roy Baumeister and Mark Leary based on their research.
According to this hypothesis, “individuals have a basic psychological need to think closely connected to others, and that compassionate, affectionate bonds from strong relations are a major part of human behaviour.”
Not to mention the fact that the need for love, affection, and being part of groups fits exactly in the middle of Maslow’s hierarchy of requirements, which seeks to categorise distinct human wants. This need for belongingness is the desire for love, affection, and being part of groups.
What exactly is the takeaway here? Figure a way to interact with the customer on a more profound and personal level and watch your business soar. Do you make them feel secure and at ease? How about you try to make them feel like they’re a member of the family? Can you make life easier? Make use of emotional triggers such as these in order to consolidate your relationship and encourage loyalty.
In this rapidly shifting environment, marketers need to maintain a flexible mindset in order to remain relevant. The positive side of this is that it gives you more leeway to be inventive with your campaigns.
It’s possible that right now you’re wondering, “Wait a second, how am I expected to remain constant while still being flexible?”
Good question. While maintaining consistency is important for establishing a standard for your brand, maintaining flexibility gives you the ability to make tweaks that generate interest and set your method apart from that of your competitors.
Old Spice provides a fantastic illustration of the type of strategic balance described here. Old Spice is widely considered to be one of the best instances of successful marketing in all of today’s industries.