What is Brand Strategy?
Brand strategy refers to a long-term plan for the development of a successful brand to assist in achieving specific goals. A well-defined brand strategy, properly executed, affects all aspects of a business and can be directly connected to consumer needs, emotions, and competitive environments.
Why is it important?
First, we need to clear up the biggest misconception about brand strategy. Your brand is not your logo, name, slogan, or website. Your brand is the entire experience your prospects and customers have with your company, product, or service. I think Jeff Bezos (CEO & founder of Amazon) said it best. “Your brand is what other people say about you when you’re not in the room.”
With this in mind, I think we can all agree that brand strategy should be pretty high on every business owner’s radar. Consumers are starting to make a switch towards reviews. Perhaps a reflection on fledgling quality, consumers want to ensure that they are receiving the best products and services for their money. A successful brand strategy will help build the foundation for consumer trust.
Components of successful Brand Strategy
Every company, product, or service makes a promise. But making a promise isn’t going to separate you from your competition. You’ll need a defining purpose. We live in an age where consumer confidence is dwindling.
The main thing to remember about consistency is staying on point. Avoid talking about things that don’t directly relate or enhance your brand. Cohesive messaging contributes to brand recognition, which leads to customer loyalty.
Buying decisions are based on 80% emotion and 20% logic. Find a way to connect with consumers on a deeper, more emotional level. Does your product or service make their life easier? Feel safer? Make them feel like part of a community of people? Use emotional triggers to strengthen your perception, build consumer trust, and foster loyalty.
Consumers are fickle. And relevant companies know to stay flexible. It’s worth noting that companies can deliver a consistent message while maintaining flexibility. While consistency is the foundation in which to build a brand, flexibility enables you to make adjustments to encourage interest and distinguish you from your competition.
You may already have people that love you’re your products and/or services. Reward them! Happy customers spread the love. They talk to their friends and family, write generous reviews, and act as your brand ambassadors. Take care of your customers and they’ll take care of you!
Maintain Competitive Awareness
Chances are, your business has competition. And they are targeting the same customers. Embrace this competition and use it as a challenge to improve your own strategy and create greater value in your brand.