What is the top Brand Strategy for 2024?
In today's competitive marketplace, a solid brand strategy is essential for any business that wants to succeed. But what exactly is brand strategy?
“Strategy is figuring out what not to do.” ― Steve Jobs
Strategy is a word that gets used - ad nauseam - in business. It sounds official and important, but it is esoteric, aloof, and usually, it is used for things that are decidely not actually strategy.
Brand strategy - they way we'll refer to it here - is the long-term plan for building and managing a company's brand. It's about defining who you are as a brand, what you stand for, and how you want to be perceived by your target audience. It's also about developing a plan to communicate your brand story and values consistently and effectively.
“Someone is sitting in the shade today because someone planted a tree a long time ago.” — Warren Buffett
Does every business need a brand strategy? Only if they want to win. Oh, you like to win? There are many reasons why brand strategy is essential, but here are a few of the most important:
Brand strategy helps you to differentiate yourself from your competitors. In a crowded marketplace, standing out from the competition is more important than ever. A strong brand strategy will help you to do that by defining what makes you unique and valuable.
Brand strategy helps you to build trust and loyalty with your customers. Customers are likelier to do business with brands they trust and believe in. A strong brand strategy will help you make those relationships.
Brand strategy helps you to attract and retain employees. Employees are more likely to work for companies that they are proud of. A strong brand strategy will help you to attract and retain the best talent.
Brand strategy helps you to increase your sales and profitability. A strong brand can command a premium price for its products and services. This can lead to increased sales and profitability.
“There is only one winning strategy. It is to define the target market carefully and direct a superior offering to that target market.”— Philip Kotler
Strong Brands Are Made Of These...
A strong brand strategy is made up of several key components, including:
Your brand vision: This is a statement of what you want your brand to be in the future.
Your brand mission: This is a statement of why your brand exists.
Your brand values: These are the core principles guiding your brand decisions.
Your brand positioning: This is how you want your brand to be perceived by your target audience.
Your brand identity: This is the visual representation of your brand, including your logo, colors, and typography.
Your brand voice: This is the personality of your brand.
How to Develop a Brand Strategy that doesn't suck
Developing a brand strategy takes work, but it is essential for any business that wants to succeed. Here are a few tips for getting started:
Do your research. Learn as much as you can about your target audience and your competition. Seriously, this is hard work. Do it anyways. This is foundational.
Define your brand vision, mission, and values. What do you want your brand to achieve? Why does your brand exist? What are the core principles that guide your brand decisions? PRO TIP: Do NOT copy the vision, mission and / or core values of anyone else. These are unique to your business. For GAWDS sake, don't say you stand for customer service and integrity or respect. Those are a given. Do better.
Develop your brand positioning. How do you want your brand to be perceived by your target audience? What makes you unique and valuable? Here's the paradox: Be humble, but be bold. Do not be arrogant, and do not play small. Own your strengths, experience, and your ability to solve a problem / relieve a pain point.
Create your brand identity. What will your logo, colors, and typography look like? A lot of people think a brand is a logo. Of course, it is not - but a logo is a part of your brand, and you'll want it to represent you well. Keep it simple, legible, and clean.
Develop your brand voice. What is the personality of your brand? How will you communicate with your target audience?
Once you have developed your brand strategy, it's crucial to implement it consistently across all your marketing channels. This includes your website, social media, marketing materials, and even your customer service interactions.
To put a bow on this, brand strategy is a powerful tool that can help you to achieve your business goals. By taking the time to develop a strong brand strategy, you can set your business up for success in the long term.
I hope this blog post has helped you to understand what brand strategy is and why it is important. If you have any questions, please feel free drop us a line!
Pro Tips PS:
Get buy-in from all levels of your organization. Your brand strategy should be a shared vision that everyone in your company is working towards. From the C-Suite to the front line employees, brand and culture must align. Even if you're a solopreneur.
Be patient. It takes time to build a strong brand. Don't expect to see results overnight. This cannot be overstated. Too many business leaders trade in their brand strategy investment for every new fad and trend (Note: There will be a lot of tempting trends, Stay true to your strategy, but also:
Be flexible. Your brand strategy should evolve as your business grows and changes.
Have fun! Branding should be a fun and creative process. Enjoy the journey!
Brand strategy is an ongoing process. It's essential to regularly review and update your brand strategy to ensure it is still aligned with your business goals and target audience.