When we look at the market in general, we are surrounded by brands of all types, from huge, long-standing dominators, multi-brand corporations in their respective industries to small and medium-sized entrepreneurs, start-ups of various types and individual businesses.
The common denominator for all of them is a long-term plan of action in the industry they specialise in.
The plan commonly referred to as a brand strategy is a critical step in building a strong and memorable brand. Among others it involves creating a long-term plan for how a brand will be perceived in the market, how it will differentiate itself from competitors, and how it will connect with its target audience. A well-crafted brand strategy guides all aspects of branding, marketing, and communication efforts to ensure consistency and effectiveness. And since no business is bulletproof as a rule, the plan also has to provide direction for the business in situations of market turbulence, changes in industry trends or economic downturns.
Let’s look at the key pillars of the brand strategy:
Brand Identity
It define your brand’s unique identity, including its mission, vision, values, purposes and personality. Your brand identity should be distinct and easily recognizable. Defining the core values and beliefs that the brand represents, which can resonate with the target audience.
Brand Positioning
This defines where a brand stands in relation to its competitors in the marketplace. It often involves identifying a unique value proposition or a specific niche the brand can occupy.
Brand Messaging and Brand Promise
Crafting a consistent and compelling message that communicates the brand’s value, benefits, and unique selling points.
Articulating what customers can expect from the brand and the benefits they will receive.
Brand Storytelling
Develop a compelling brand story that connects with your audience emotionally. Stories make your brand more relatable and memorable.
Competitive Analysis
Analyze your competitors to identify their strengths and weaknesses. This helps you position your brand effectively in the market.
Target Audience
Understand your target audience and their needs, preferences, and behaviors. The strong brand strategy is built around the people you want to reach.The key is to understand the specific demographics, psychographics, and behaviors of the ideal customers.
Brand Identity
Developing a visual identity that includes elements such as the logo, color palette, typography, tone of voice and design principles. They must be in line with your values and appeal to your target audience because this is where the customer comes into contact with the brand and where the emotions and beliefs of the potential customer are formed.
Creating brand guidelines that set out how the brand should be presented visually and in writing will ensure consistent representation across all media.
Content Strategy
Plan your content strategy to ensure your messaging aligns with your brand values and resonates with your audience. Use storytelling to convey your brand’s narrative.
Data and metrics
Set key performance indicators (KPIs) to measure the effectiveness of your brand strategy and your business at the same time. Regularly analyze the results and adjust your strategy as needed. These metrics can include brand awareness, reach, customer loyalty, market share, profits, etc.
The brand strategy should be always regarded as being in a mode of continuous development, change and adaptation to the market situation.
Marketing and Communication Strategy
Outlining how the brand will reach its target audience through various marketing channels, including advertising, ATL/BTL, print, content, social media, web publishers, public relations and even retail marketing. Maintain consistency in all possible touchpoint with your client.
Customer Experience
The voice of the customer always puts your business on the right track. Focus on providing a positive and consistent customer experience. Happy customers become brand advocates.
Brand Extensions
Decide if and how the brand can expand or diversify its product or service offerings while maintaining its core identity. We must always have a plan B, preferably also C and D.
Long-Term Perspective
Brand strategy is a long-term endeavor, it takes time to develop and refine. It should be an ongoing process. Focus on building a brand that endures over time rather than chasing short-term trends. Be prepared to adapt your brand strategy as market conditions and customer preferences change. Staying relevant is crucial.