A brand strategy is a business plan component that describes how the firm will establish rapport and favourability in the market. A brand strategy’s purpose is to become memorable in the eyes of the customer so that they choose your firm above the competitors.
A well-defined and implemented brand strategy directly impacts all elements of a company and is closely related to customer demands, emotions, and competitive conditions.
We’ve broken down seven crucial components of a thorough brand strategy that can help keep your firm relevant for decades to help you objectively comprehend a subjective topic that many marketers consider more art than science.
A brand strategy includes the following components:
1. Function
While knowing what your company offers is essential when creating your brand positioning, knowing why you get up every day and go to work is more important. In other words, your goal is more particular in that it distinguishes you from your competition.
What is the objective of your company? Purpose, according to Business Strategy Insider, may be regarded in two ways:
- Functional: This notion focuses on evaluating performance for immediate and economic reasons—that is, the business aims to earn money.
- Intentional: This notion focuses on success in earning money and doing good in the world.
While profit is essential in practically every company, we love firms that stress their commitment to accomplish more than profit, such as IKEA:
IKEA’s mission is to “create a better daily life” rather than merely sell furniture. This method is appealing to prospective consumers since it demonstrates the company’s commitment to offering value beyond the moment of sale.
2. Reliability
The key to consistency is to avoid discussing topics that do not pertain to or improve your brand.
Have you updated the cover picture on your company’s Facebook page? What does this imply for your business? Is it relevant to your message, or was it simply something amusing that would confuse your audience?
Make sure your message is consistent to give your brand a solid foundation. Finally, consistency helps to build brand awareness, which increases consumer loyalty. (Is there any pressure?)
Consider Coca-Cola as an excellent illustration of consistency. Because of its dedication to consistency, every aspect of the brand’s marketing complements one another. This has contributed to being one of the world’s most known brands.
The seamlessness of its brand is seen even on the surface of its social media profiles, such as Instagram, Facebook, and LinkedIn:
3. Feelings
Customers are not always logical.
How else can you explain someone who spent hundreds of dollars more for a Harley-Davidson than a cheaper, equally well-made bike? There was an emotional voice saying, “Buy a Harley.”
But why is that?
Harley-Davidson employs emotional branding by fostering a sense of community around its brand. HOG (Harley Owners Group) was founded to connect its consumers with their brands (and each other).
Harley-Davidson can position itself as an apparent option for someone wanting to acquire a bike by giving them the ability to feel like they’re part of a broader club that’s more tight-knit than simply a bunch of motorbike riders.
Why? People have an intrinsic need to form bonds. According to Roy Baumeister and Mark Leary’s “belongingness theory,” “people have a fundamental psychological need to feel deeply linked to others, and that caring, emotional attachments from personal relationships are a key aspect of human behaviour.”
Not to mention that belongingness—the desire for love, affection, and group membership—is right in Maslow’s hierarchy of wants, which attempts to classify various human needs.
4. Adaptability
Marketers must be adaptable to remain relevant in today’s fast-changing environment. On the bright side, you’ll have more freedom to be creative with your advertising.
“Wait a minute, how am I meant to be consistent while simultaneously being flexible?” you may be wondering.
That’s a good question. While consistency tries to establish the norm for your brand, flexibility allows you to make changes that increase interest and differentiate your approach from the competition.
Old Spice is an excellent illustration of this sort of strategic equilibrium. Old Spice is now one of the most outstanding examples of good marketing in general. Until recently, they were, though, wearing Old Spice was almost an unwritten need for fathers everywhere. It is now one of the most popular brands among men of all ages.
5. Employee Participation
As previously said, creating a feeling of consistency is critical if you want to develop brand awareness. While a style guide may help you establish a consistent digital experience, it’s also essential that your staff be comfortable talking with consumers and representing the brand.
If your business is cheerful and lively on Twitter, it won’t make sense if a consumer phoned in and was connected with a moody, monotonous agent, would it?
Take notice of Zappos’ strategy to prevent this sort of misaligned experience.
If you’ve ever spoken with a Zappos customer care employee, you’ll understand what I mean. If you haven’t already, look at this SlideShare, which has some of its most fantastic customer service anecdotes.
6. Loyalty
Don’t simply sit there if you already have individuals that adore you, your business, and your brand; thank them for their devotion.
These consumers have gone above and beyond to write about you, tell their friends about you, and serve as brand ambassadors for you.
Cultivating loyalty from these individuals from the start will result in more returning consumers – and more profit for your company.
Sometimes a simple thank you is all that is required. Other times, going above and above is preferable. Create a customized note for them. Send them some fantastic stuff. Request a review from them and prominently display it on your website. (Or any combination of the above!)
We wanted to say a huge thank you while staying loyal to our brand when we achieved 15,000 customers at HubSpot, so we dropped 15,000 orange ping pong balls from our fourth-floor balcony and spelled out thank you in giant metallic balloons:
While the gesture may have seemed unusual to others, it made perfect sense to individuals familiar with our brand.
7. Competitor Sensitivity
Consider the competition a challenge to better your approach and provide more value to your entire brand. You’re in the same industry and competing for the same clients. So keep an eye on what they do.
Do some of their strategies work? Do some people fail? To improve your firm, tailor your brand positioning depending on their experience.
The Social Monitoring App makes it simple for HubSpot clients to keep track of their competitors’ social mentions. Learn more about creating unique social streams in this post.
Conclusion
Managing a brand is complex, and it becomes much more difficult in an oversaturated market when every brand looks the same.
One of the most critical stages in thriving in a crowded industry is emphasizing what makes your brand distinctive — which is what strategic branding is all about.
Strategic branding allows you to future-proof your brand and grows it in a manner that sets you apart from the competition. You increase your selling power, brand value, and customer loyalty by expressing your distinctiveness to consumers.