What are key elements of brand strategy?
What is a brand strategy?
Long-term marketing support for a brand, based on the definition of the characteristics of the target consumers. It includes understanding of their preferences, and expectations from the brand (Business dictionary).
Why it’s crucial to have the brand strategy?
Firstly, the world has come online and there are many new markets and a growing middle class in places like BRIC, for example. These consumers buy brands and also premium brands because they highly appreciate distinguishing products.
Secondly, the brand strategy makes existing brands, with their strong, well-known names and credibility more valuable. It also means creating a new brand is a challenge which requires a sophisticated strategy. It is not just about a product and a name, it’s about a lot more.
Branding is about product differentiation. No differentiation, no long-term profitability. People don’t have relationships with products, they are loyal to brands. In a movement strategy, brands have a purpose that people can get behind.
What are the steps to develop a brand strategy?
- Consider your overall business strategy.
- Identify your target clients.
- Research your target client group.
- Develop your brand positioning.
- Develop your messaging strategy.
- Develop your name, logo and tagline.
- Develop your content marketing strategy.
- Develop your website.
- Build your marketing toolkit.
- Implement, track, and adjust.
Why should a brand reinvent its strategy?
What are the signs showing that we need to reinvent brand strategy?
- Your brand is not growing though the market has grown… you should be feeling anxious.
- Marketing campaigns are failing. You aren’t seeing improvements in sales figures when you increase spend on the channels that have your demographic. Hmmm – is it the budget or your message doesn’t connect with the audience?
- Competitors are promoting a message that you never considered or you discounted as irrelevant.
- Wholesale buyers say your look is old.
- Your target market doesn’t know your brand exists.
What are the risks and opportunities of reinventing brand strategy?
Good examples of companies
Bad examples of companies
How to involve employees and other stakeholders in brand strategy reinventing process?
- The CEO needs to lead the brand strategy work.
- Build your own model as not every model suits all.
- Involve your stakeholders including the customers.
- Advance the corporate vision.
- Exploit new technology.
- Empower people to become brand ambassadors.
- Create the right delivery system.
- Measure the brand performance.
- Adjust relentlessly and be ready to raise your own bar all the times.
Why it’s important to involve employee and other stakeholders in your brand strategy?
How employees and other stakeholders can contribute to brand strategy reinventing process?
“Internal branding is a corporate philosophy that focuses on bringing the company’s core culture, identity and premise to its employees as well as its consumers, and usually looks to make workers at all levels “ambassadors” or true representatives of the company and its values.” (Source: Wisegeek)
Companies with a higher sense of purpose outperform others.
A rewarding investment:
Building and embedding an internal brand strategy takes time and investment. However, the rewards can be extensive. Engaged employee brand ambassadors contribute to tangible returns for your business, including:
– ADVOCACY: 78% of engaged employees would recommend their company’s products and services
– RETENTION: Highly engaged organizations can reduce staff turnover by as much as 87%
– CUSTOMER SERVICE: 70% of engaged employees say they have a good understanding of how to meet customer needs
– REVENUE AND RETURN: During a study, companies with highly engaged employees improved operating income by 19.2% over a 12 month period, according to The ISR Employee Engagement Report (Towers Perrin-ISR (2006) Source: Orchestra Communications)
Some methods to encourage employees and other stakeholders take part in brand strategy reinventing process?
Engaged Employees Build Strong Brands
- Promote Personal Branding
- Make Brand Awareness a Priority
- Connect the Personal and the Corporate