Brand Strategy is an important part of the marketing mix. It helps to define a company’s position in the market, its image and creates differentiation between it from competitors. It also provides direction for future growth.
This will include defining who you are as a business, what products or services do you provide and how they differ from those offered by other companies. Your brand identity should reflect these elements and help customers identify with your organization.
The Different Components to Brand Strategy
A strong brand can be defined by many different components:
The Product/Service Itself
This includes size, shape, color etc. What makes the product unique? This could be anything such as design, packaging, price point, quality etc.
Is there a catchy phrase associated with the product? How about the logo? What words go into the name of the company? Do they have any meaning behind them? Does their use fit well within the overall branding message?
A Tagline or Slogan
If you think back on all the brands we see around us every day, most likely you remember one thing about each one. For example, if I asked you to describe McDonald’s, chances are you would say “It’s fast food”.
Now ask yourself why you know so much about the company just because of that simple line. Well that was probably the first time someone said something memorable about McDonald’s which stuck with people.
So when creating a brand strategy, try to come up with some sort of catchphrase that defines your brand. You want to make sure it stands out amongst others but not too far ahead of where your target audience sits.
Think about all the logos you see every day; whether it be Coca-Cola, Nike, Apple, Starbucks, Google, Microsoft, Amazon…the list goes on! These businesses spend millions upon millions of dollars developing visual identities for themselves. They may even change their logos regularly. Why? Because they understand that visuals matter. People connect more easily to images than text alone. By having a consistent look across all mediums gives users confidence in knowing exactly what they’re getting.
Finally, once you’ve got everything else down pat, create a solid plan of action for bringing your brand to life through various channels including digital media, print ads, direct mailers, social media campaigns, trade shows, events, public relations and word-of-mouth recommendations. Make sure you keep track of results so you can see which methods work best for you.
Remember, a good brand strategy isn’t simply adding a few things together and calling it a day. Instead, take advantage of all the tools available to you today and start building a foundation for success tomorrow.
So using these different components we just touched on, you need to create a branding strategy custom to your company.
Brand Strategy FAQ’s
How do I choose my business’ name?
Choosing a name is an important part of starting a new venture. If you don’t like the name you chose then you will never get past this stage. So really think long and hard before choosing a name. The name needs to represent who you are as a business and also how you feel about your products/services.
What does “branding” mean?
In marketing terms, branding means making your organization recognizable. A successful brand has personality – it reflects its owner, values, and mission statement. Brands must stand apart from competitors. In other words, they need to be distinctive.
How do I find the right brand strategy? Are there different types?
Yes, there are different types of branding strategies. They do vary but some common ones are committed to content marketing, seek high-profile clients, and dominate the social media space.
Closing with Brand Strategy
In closing, branding strategy is a very important part of a company that needs to be properly looked after.
It can help you build up your brand and make it more recognizable throughout the world. When done correctly, this will increase sales and profits for your business.
All the Best!