What is a brand?
A brand is a promise to the buyer about the kind of product or experience they are purchasing, and how they will feel when they use it. Brand strategy is a long-term plan for the evolution, development, and success of a brand.
A well-defined brand strategy leads to a consistent brand message, a strong emotional connection with customers and a higher brand equity. It is crucial as it delivers clarity about the competitive landscape, market position and customer expectations and helps on how, what, where, when and to whom you communicate your brand messages.
Why do businesses require a brand strategy?
Whether you want to launch a new brand or refresh an existing brand, a strong and effective brand strategy helps you to be on the right track. This significantly helps to enhance the brand’s market performance and profits by improving the name, recognition, credibility, and trust. If your brand presence is consistent and easy to recognize, it may make the customer feel more at ease purchasing your product or service.
Aspects of Brand Strategy
Brand positioning is the distinctive space it occupies in the minds of your target consumers. A strong brand positioning strategy includes creating brand associations in customers’ minds to make them perceive the brand in a specific way. An effective positioning creates a long-term bond between the product and the consumers which stays in their sub-conscious mind and helps them in brand recall. By influencing consumer choices, brand positioning strategies are directly linked to consumer loyalty, brand equity and the willingness to purchase the brand.
Brand voice is essential to develop the personality of your brand. The personality of your brand is determined, in large measure, by the words you use. It is the purposeful, consistent expression of a brand through words and prose styles that engage and motivate. By using this brand voice consistently, you can make your brand appear more cohesive and better speak to your target audience.
Brand values are essential to the successful building of the brands in the market. Just like how an individual’s value define their daily lives, similarly, the brand value defines a clear identity of the brand. Every brand value should consist of certain elements that should be present for every organization like memorable, unique, actionable, clear, meaningful and timeless.
A brand promise is a statement by any organisation telling their customers what they can expect from the product. It builds expectations in the minds of the customers through the deliverables it promises and increases the desire for the product or service. To motivate clients, a brand promise must achieve the following three goals:
- It must convey a compelling benefit
- It must be authentic & credible
- It must be kept, every time
In today’s scenario, millions of brands are vying for their customer’s attention. Hence, targeting the right audience at the right time and right place is the key. A target audience is a group of people whom you intend to reach with the brand strategy process. When you know your target audience, you need to keep the voice and tone of the brand to match the consumers’ needs and expectations. It is important to pay equal attention to B2C and B2B audience as they are the peg of any marketing plan.
Brand identity is the collection of all brand elements that the company creates to portray the right image of itself to the consumer. The foundation of your brand identity starts with the creation of your brand logo, typography, brand colors, brand stationery, graphics, tagline, email signatures, etc. components.
Once you’ve got your design assets, you want to make sure they’re used in the right way, which is why you’ll definitely want to create a brand style guide. This document—which outlines your design assets, when and how to use them, as well as any design, do’s and dont’s for your brand—will ensure that any future design is in line with your brand identity and generates the right perception with your audience.