What is Brand Strategy and What Does it Mean for Your Business?
Brand strategy is a term thrown around in the world of marketing. From a business perspective, you might think of it as your logo, font, graphic design, and so on. But it’s so much more than that.
As branding experts, we thought we’d put together an article on what exactly we mean by brand strategy and why it’s a vital component for any business looking for success.
What is brand strategy?
Brand strategy arguably encompasses everything about your brand. It’s entirely centered around where you want to go – your destination.
Think of it like a GPS navigation system. You type in your intended destination and it tells you how to get there. But importantly, it does so in a structured and detailed way. It doesn’t just highlight your end point and say “off you go”, it states every step for getting there.
Well this is what brand strategy does. Inevitably, your end goal is to provide your potential customers with a product or service that you’ve decided they need. Your brand strategy details how you’ll provide them with this, from concept to execution.
• Brand identity (logo, website design, name, etc.)
• Competitive positioning and market research
• Necessary tools (website, copy, etc.)
• How you’ll create and retain customer loyalty
The starting point of your brand strategy is your core principles. These often include philosophies of production and supply, emotional connection with customers, consistency, flexibility, and more.
Designing your brand strategy around your core principles will result in a much more comprehensive and applicable set of steps.
It also covers things like clarity of your company’s message. For example, developing a clear brand strategy allows you to produce consistent brand messages across a variety of channels, such as social media, your website, and even printed marketing.
Lack of consistency in a brand strategy quickly becomes obvious. In a worst case scenario, potential customers will leave more confused than when they found you and will have no idea how or why they need what you’re offering.
So, in short, a brand strategy is your road map to success. It should factor into everything you do from identity and research to customer interaction and marketing. Clarity and consistency are cornerstones of an effective brand strategy.
Brand strategy is about clarifying your purpose. It forces you to ask: “Besides making money, why does my brand exist? Where do I see my brand in 10 years, and what steps must I take to get there?”
Knowing these questions before you start marketing, or even developing a business strategy, will help make things much clearer and more streamlined.
A great example of an almost perfect brand strategy is Tesla. While they’re currently one of the most valuable companies in the world, this has never been their main objective.
Since Tesla’s inception, its goal has been to revolutionize the sustainable transport industry. Within this was the secondary goal of accelerating technological development and making it more accessible to a wider market.
In short, their goal is sustainable transportation that’s not only environmentally friendly, but also stylish. Each year they’re able to improve the design and function of their vehicles, and over time make them more affordable.
Having an effective brand strategy in place allows Tesla to keep their efforts streamlined and consistently reach their goals. It’s through brand strategy that the company has built a loyal following and become so financially successful.
Why is it important?
The answer to this question should now be fairly obvious. Brand strategy is important because it dictates everything you do for getting your brand out there and into the minds of your customers.
Having a clear brand strategy will also make these steps much easier. If you have a clear picture of what your customers want and how you’ll give it to them, you’ll have a much greater chance of success.
Brand strategy impacts the following vital areas:
• Market analysis and company objectives
• Managing assets and launching brand identity
• Deciding and refining your business focus
• Design and marketing
Coming up with an effective business strategy should be your first step, even before deciding on things like a name. The only bit of information you need to start a brand strategy is your business idea – everything else flows from there.
You use this idea to do your market research to understand your potential niche. In turn, this impacts your business model and asset management. Having a brand strategy first will refine your scope much more effectively.
Similarly, a brand strategy will make it much easier to produce your brand identity, which we discussed in more detail in a previous post. Brand identity includes assets such as logo, website, business cards, font type, colors, and so on. In short, anything related to the visuals of your brand.
Without a strategy, these could become unrelated and disparate. With a strategy, they’re much more consistent. For example, prior market research will give you an indication of what works in the market and what doesn’t. This information is vital for deciding the visual aspects of your company.
To summarize, then, brand strategy is vital for success. This is true regardless of the size of your company, as everyone benefits from better business results.
The important thing with brand strategy is that it allows you to articulate your brand. By the end you should be able to summarize your business into a sentence; that’s the result of a good brand strategy.
Here at Gee Productions, we’re brand experts. If you feel your company is missing the vital tools to make it really stand out, we can help.
Our process will help you to build and understand the right brand strategy to take your business where it needs to go. Contact us for a free consultation.