Since the time of globalisation, there has been an unprecedented increase in the number of brands that are coming into the market. With heavy competition, brands are trying new things to get customers to buy their products every day. But how does a brand stand out? How does it catch the fancy of the customer? This is where brand strategy comes into play. What is brand strategy? Brand strategy is a long-term plan used to ensure that a brand has developed successfully for it to achieve its specific goals. A good well-defined brand strategy affects all parts of the business, from the consumer needs to the competitive environments.
To create a successful brand strategy you need to follow simple 6 steps. The first is Purpose. You must understand the purpose of your brand. It can be functional – backed by monetary motive or intentional – backed by CSR and societal motives. When you decide on which route you want to follow, you can move ahead and start to sort between several branding strategies. The second step is consistency. Consistency will make sure that all the elements of your brand strategy have a uniform tone and work well together. Your preferred level of consistency also dictates your choice between branding strategies. Third – Emotion. Will your brand emotionally connect with the audience or will it be solely a monetary sale? Brands that use emotion are known to have better and long lasting relationships with their customers. Flexibility is fourth. Flexibility is the capacity of a brand to stay relevant to the market, times and societal changes. When picking among hundreds of branding strategies make sure the one you choose leaves enough room for growth. Next, loyalty. Brand loyalty is important. Your brand strategy must be strong enough, so that if you’re company goes through a rough patch, you will be able to recover swiftly. And lastly, competitive awareness. Your product might be perfect in every way but if it doesn’t stand strong in the market, it has no future. Always choose a strategy that gives utmost importance to competition.
So make sure that when you choose your brand strategy, you keep in mind the details & nuances of the process. Always think, choose and use smartly. Smart is in.