What is a Brand Strategy?
A brand strategy can be a little tricky to conceptualize. Imagine you’re wanting to buy new running shoes and you can’t decide what brand you’d like. You could buy a pair of Reeboks, but nobody wears those things anymore. Now think about a pair of fresh Adidas wrapped all cozy inside the box.
Imagine the feeling you get when thinking about a new pair of Adidas shoes, the excitement when you open them, the joy you get from taking a whiff of that new shoe smell, and the rush you get when you finally put them on. That feeling and experience is brand strategy. Brand strategy is essentially a long term plan to dictate how customers feel about your overall brand.
Okay, Cool. Why Do You Need One?
If you weighed the pros and cons of developing a brand strategy, you’d probably feel pretty silly because it’s entirely beneficial. Here are some excellent reasons for creating a brand strategy:
- Brand strategy is your image! If you’ve ever looked at reviews of products online before buying, you’ll know that ratings can absolutely sway buyers.
- Having a well-established brand strategy, or higher “rating” (more positive feeling about your brand), will result in more sales.
- Customers can understand who you are! If you think about a brand like Louis Vuitton, you’ll think of luxury accessories. What do you want people to think of when they think of your brand?
- Competitors! You’re likely not alone in your market, but having a strong brand strategy can make you stand out from others.
A business strategy is a lot like a planet. As the strength of the planet’s gravitational pull increases (influence), so too does the matter (customers) that orbits around it (recurring sales).
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Sold! How Do You Do It?
To come up with a good strategy, first you need to understand the purpose and objective of your business. Do you want to have the highest sales in your field? Or maybe do you want to be the company with the most positive image? You have to understand what your outcome is before making an actual plan.
Next, you need to understand who your customers are. Where are they located, what do they look like, how do they like their coffee, are they secretly wishing they were an astronaut floating in zero gravity? Okay, maybe not that extreme, but you want to know if your customers are middle-aged women or teenage boys. Knowing who you’re trying to reach will allow you understand how to reach them in a way they understand.
We understand what makes up a great brand strategy, and we’d love to help you develop yours!