What is Brand Strategy?

A brand strategy is a strategic plan for building and managing brands systematically. It encompasses several decisions about positioning, visual identity, values, promise and such others taken with the aim of differentiating the brand from competitors and establishing a strong brand image in the mind of target customers. A well-defined brand strategy can help you build stronger emotional connections with customers, increase brand equity and generate brand advocates.

Differentiate from competitors

A brand strategy helps your brand stand out from competitors by highlighting its unique value proposition and key differentiators. This allows you to capture the attention of your target audience and create a distinct identity that sets you apart.

Increased brand recognition and Top-of-mind awareness

A strong brand strategy ensures consistent brand messaging, visuals and customer experience. This consistency helps build brand recognition and recall among your target audience. When customers consistently encounter your brand in a positive and memorable way, it increases the likelihood that your brand will come to mind when they are ready to make a purchase.

Easy introduction of new products

With an established brand strategy, introducing new products or services becomes easier. Your brand’s reputation and existing customer loyalty provide a foundation of trust and credibility, making it more likely for customers to embrace and try your new offerings.

Enhanced brand credibility and market share

A well-executed brand strategy builds credibility and trust among customers. Consistent delivery of your brand promise, exceptional customer experience, and a strong brand reputation establishes your brand as reliable and reputable. This credibility can lead to an increase in market share as customers choose your brand over competitors.

Higher profitability from increased customer loyalty

A brand strategy focused on creating a strong emotional connection with customers fosters loyalty and advocacy. Loyal customers are more likely to repurchase, recommend your brand to others, and be less price-sensitive. This increased customer loyalty contributes to higher profitability for your brand.

Define your brand

Clearly articulate your brand’s vision, mission, and core values. These statements provide a sense of purpose and direction, guiding your brand strategy.

Conduct market research

Gather customer insights and conduct competitive analysis to understand customer preferences, needs, behaviors, and perceptions. Identify market trends and opportunities.

Define value proposition

Determine the unique value your brand offers to customers and how it differentiates from competitors. Identify key benefits and attributes that resonate with the target audience.

Decide brand positioning

Develop your brand’s positioning based on research findings and value proposition. Determine the desired perception and position of your brand in the minds of customers relative to competitors.

Choose a brand name

Select a distinctive and memorable brand name that aligns with your brand’s positioning and resonates with your target audience. Ensure it is legally available and reflects your brand identity.

Define brand promise

Articulate the promise or commitment your brand makes to customers. This should encapsulate the value and benefits they can expect from choosing your brand over competitors.

Determine brand personality

Determine the personality traits and characteristics that align with your brand. Define how your brand communicates, behaves and interacts with customers to establish a consistent brand persona.

Create brand identity

Create visual elements that represent your brand, including a logo, colour palette, typography and other design elements. Ensure they reflect your brand’s positioning, personality and appeal to your target audience.

Prepare brand guidelines

Document your brand strategy, visual identity and messaging guidelines. These guidelines serve as a reference for consistent application of your brand across all channels and touchpoints.

Craft brand messages

Develop key messages that effectively communicate your brand’s value proposition, promise, and personality. Craft a compelling and consistent brand story that resonates with your target audience and differentiates your brand.

Originally published at https://www.ikonmarket.com.