Contents
- What is a brand strategy?
- Goals and objectives of brand strategy
- Types of brand strategies
- How to develop a brand strategy
What is a brand strategy?
A brand strategy is a comprehensive vision of how a company and its product will develop in the future. It encompasses all aspects related to the brand, from its mission to methods of communication with customers. It is an important element of business that helps articulate long-term goals and determine the direction in which the company is moving.
Goals and objectives of brand strategy
A brand strategy is a key document that helps a company define its main directions for development, focus on important aspects, and optimally allocate resources. Here are the primary goals it helps achieve:
- Differentiation from competitors: It starts with a deep analysis of the market, niche, and target audience, allowing for an understanding of the product's unique advantages and its positioning in the market.
- Enhancing product value: A well-crafted strategy helps increase brand recognition and trust, which in turn leads to increased sales.
- Effective internal operations: If employees are aware of strategic goals, they can better formulate intermediate tasks, improving the overall team performance.
Types of brand strategies
There are several main brand strategies that companies often combine to achieve their goals. Here are some of them:
Personal branding
This strategy involves using the popularity of a well-known figure to promote a product. An example is Elon Musk, who uses his fame to popularize Tesla cars and SpaceX missions.
Corporate branding
In this case, the focus is on promoting the brand as a whole, rather than individual products. Apple is a prime example of a company that emphasizes the overall brand image.
Product branding
This strategy focuses on individual products; for example, Mars positions its chocolate bars by highlighting their uniqueness for different audience segments.
Service branding
This approach is similar to personal branding, but emphasizes the professionalism of the entire team and the quality of service. Customer feedback and the company's reputation are crucial.
Online branding
Positioning the company in the digital space, including social media and media, allows for increased audience engagement.
Offline branding
This includes the use of traditional advertising channels such as television and radio, as well as POS materials and events.
Branding without a brand
A strategy where the focus on the absence of a well-known name attracts customers. AmazonBasics is an example of successful application of this strategy.
Co-branding
Two or more companies come together to create a new product, helping to expand the audience and increase recognition.
How to develop a brand strategy
For successful implementation of a brand strategy, several principles should be considered:
- Engage employees: It is important to involve the team in the strategy creation process to ensure it is understandable and relatable to everyone.
- Maintain consistency: All brand elements should resonate and reflect its core values.
- Plan for the long term: Branding takes time to achieve results.
The stages of developing a successful strategy may include:
- Conducting a market and competitor audit;
- Defining the company's values;
- Describing the product and target market;
- Creating a profile of the ideal customer;
- Developing a unique selling proposition and mission;
- Creating a brand book with visual elements;
- Identifying customer touchpoints;
- Implementing and regularly assessing the strategy.
It is important to remember that the strategy is not static and should adapt to changes in the market and consumer preferences.