Brand strategy is positioning a business in the market by making it different from other competitors. Positioning it, shaping it, and nurturing it are all part of a brand strategy. The strategy of any brand depends upon perception. When customers, employees, media, and investors look at your brand the same way you think they should, you know you’ve got yourself a seamless brand strategy.
Don’t think brand strategy isn’t important for small businesses. The core reason behind designing a brand strategy is to define how a brand will grow and compete in the market. Usually, the best strategies are data-driven. The end result of a thoughtful brand strategy is a formal brand brief. It is in a document form that serves anyone who wants to breathe life into the brand.
The 5 and a half Ps of a rock-strong brand strategy
Brand Purpose :
The best branding is done out of purpose. What is the purpose of your brand? Why did you want to start a brand initially? We know finance is the root cause of starting any organization, but beyond that, what pain point do you think you could solve with your business? Socially conscious customers will tell you why they have begun to be cult followers of certain brands. The reason behind such mass following of the most successful brands is they were driven with purpose. But before purpose, they knew what demographics were their potential customers.
Brand Positioning :
There are brands that are followed to the extent that even bribing their users with massive discounts and other offers won’t budge them. The reason behind such popularity? Brand positioning. These brands knew by positioning themselves apart in the market, they’d be able to create a platform for themselves. The way your brand is perceived and set in people’s minds is determined by brand positioning.
Brand Personality :
Brand personality is literally defined by how your brand would look if it were a human. Its emotions, its behaviors, its quirks, and its ideologies are all part of a brand personality.
Speaking human voices has become a must for brands these days. But it is not just voice that matters. Everything starting from the brand design, its color palette, and messaging, creates a brand personality.
Brand Perception :
Just like the name suggests, brand perception is how your brand is perceived in the eyes of your users. Brand perception is all about the thoughts, emotions, feelings, and attitudes your customers have for you.
If your brand doesn’t harbor very many great feelings in the hearts of your customers, shaping their perceptions isn’t that difficult. Molding customer perception is just another example of what brand strategy can do.
Brand Promotion :
Brand promotion is a channel, or medium your brand engages with to motivate customers to take action in your brand’s favor. Brand promotion is different than generic market promotion. The core difference between brand promotion and marketing promotion is that brand promotion is all about fostering brand loyalty and becoming valuable over time. At the same time, market promotion is about targetting customers for a short-lived period.
Brand Preference :
Conduct thorough market research to identify the specific demographics, preferences, and behaviors of your ideal customers. By gaining deep insights into their motivations and challenges, you can tailor your brand positioning strategy to effectively address their unique needs.
In conclusion, brand strategy plays a crucial role in positioning a business. It is the deliberate and systematic approach that shapes how a company is perceived in the market and differentiates it from competitors. A strong brand strategy not only defines the unique value proposition of a business but also establishes an emotional connection with its target audience, fostering trust and loyalty. By effectively positioning a business, brand strategy helps to attract and retain customers, drive sales, and ultimately contribute to long-term success.