In the first chapter of brand strategy, you will learn what it is and the important steps to be successful.
As a marketer, hope you struggle to build a strong communication with your consumers. Today, you need advocates buzzing for your offering because people increasingly collect information regarding brands from social connections. And this will be possible only with a successful brand strategy execution. Now, let's have a look.
Definition of Brand Strategy
Before we go in details, let's clear that your brand is not your logo, your product, your website, or your company name. But, it's beyond all these things. Branding is nothing but image of a company,which company is potraying in the market. When we look at this broad definition of branding, it can be a little bit vast to think about what is concerned in your brand. In short, your brand is one of the primary aspects which gives your business an identity and recognizable facade in the competitive market.
A well-defined and executed brand strategy will be a way where your customer perceives you. It tells your customer what they can expect from your products and services and differentiates you from your competitors.
An effective and consistent brand strategy is built on the pillars of:
- Competitive Awareness
By Embracing all of these pillars in your branding strategy, your business will get better brand recognition, more reliability and have all prospective to build momentum.
4-Steps Process of Creating A Strong Branding Strategy:
Brand Positioning- Let us start with defining the brand positioning that you want to own in your targeted consumers mind. It isn’t as daunting or as complicated task as it sounds. For that, you have to research the market and find out differentiating factors of other brands in your industry.
The unique brand position will provide the brand a boost and influence the overall performance of the brand. A stunning brand positioning strategy will maximize customer relevancy and competitive uniqueness in developing brand value.
Brand Name Selection- The second step is to choose recognizable name that easily tells about your business and about your products or services. Selecting brand name is an incredibly difficult task that requires full consideration of many different aspects. Name must be identifiable, unique and easy to pronounce which allows your brand to grow into the market. Apple is one of the extendable brand names.
Brand Sponsorship – Once you have decided brand name, you need to carry out brand sponsorship task. This involves a major brand decision making process wherein a business chooses how it will distribute its brand. With brand sponsorship, you can establish your brand worldwide. Brand sponsorship is an important step in branding strategy because it covers the gap between planning and distribution. This form of marketing would be beneficial to your business and could potentially create a profitable future business relationship.
Brand Development- This is the final step in the branding strategy development. Once the brand has been introduced, there is a need to work on it. If left stagnant in the market, your brands will fail to make a great impact in the market. In order to keep the influx of consumers, you need a constant stream of product and brand extensions. you will have to make decisions such as widening the brand into a new product category, keeping it in its existing category or using the existing brand name for the company’s production extension or using again the old brand name.
WRAPPING IT UP
A specific, achievable brand strategy is build on a strong idea… an idea that you and your team can keep hold of and deliver on the promise. If you desire to build trust, you have to build your brand and has to stand for something, make something splendid.
Stay tuned to GlobalYogi blog the second chapter of the brand strategy Introduction series where you’ll learn about the benefits and tips of developing your strategy. If you need help with your brand, from building your initial brand strategy to the visual identity elements, do not hesitate to contact us.