Brand Strategy – What Is It and Why Is It Important?
The word ‘strategy’ is one which can cause confusion and sometimes scare people because they don’t really understand what it is.
Brand strategy (not to be confused with marketing strategy) is important for every business, as it identifies all of the elements that are important for your customers.
And it is just as important for small businesses as it is for large businesses. Whatever your size, your customers need to know who you are, how you interact, what you deliver and what benefits you offer to them.
A well defined brand strategy not only benefits your customers, but also your employees and any other stakeholders in the business. It makes sure that everyone is singing from the same hymn sheet (as the saying goes)!
So what should your strategy consist of?
+ Your vision – what do you want to be?
+ Your brand promise – what commitment do you make to your customers and promise to deliver?
+ Your brand personality – if your company was a person, how would you describe it?
+ Your market position – where should you sit amongst your competitors?
+ Your proposition – what do you offer and how does it benefit your customers?
+ Your brand values – how do you operate internally and how do you interact with customers externally?
A well-defined strategy helps everything to run smoothly within a company as both employees and customers know what to expect from the brand. If executed effectively, the elements of the brand strategy become second nature in day-to-day business.
Until next time,