Brand Strategy: Everything You Need to Know in 2021

All successful companies have one thing in common- they take branding very seriously. A brand is not only about the product, it is about the experience. Pepsi and Coca-Cola are so much more than just sodas. Starbucks is not just about coffee. Your brand strategy is not limited to a beautiful logo and a catchy tagline. It should be about creating a brand that stands apart from the rest.

What is a brand strategy?

A brand strategy can be defined as a long-term plan that helps you achieve a series of long-term goals. Your brand strategy should create greater brand awareness and recognition, encouraging consumers to prefer your brand over others. It defines what you stand for, what makes you unique, your promises, and how you plan to deliver on them.

Your brand strategy shapes the consumer's perception of your brand.

Why is brand strategy important?

An effective brand strategy is important because it affects all aspects of your business. A strong brand strategy is important for the simple reason that it creates a strong brand. A strong brand makes you more recognizable, giving you an edge over your competitors.

Your brand strategy also determines your marketing strategy. It helps you narrow down and clarify the scope of your marketing efforts, ensuring smoother and more effective execution of your marketing campaigns.

A cohesive brand strategy also makes it easier to communicate with customers. With consistent messaging, your chances of attracting and retaining loyal customers greatly increase.

An effective brand strategy also increases employee focus. Having a clear vision for the brand ensures that everyone is working towards the same objectives. A stronger brand also attracts the best talent in the market.

What are the elements of a brand strategy?

You should include the following elements in your brand strategy to cover all bases:

Brand objective

Your brand objective should include your company's vision, mission, and purpose. When you have clear brand objectives, you can guide your team better and set easily understandable and measurable performance expectations.

Target audience

Your target audience is that group of people who are most likely to want your product or service. Identifying your target audience is important so that you can focus your marketing efforts on the people who are likely to become your buyers.

Brand positioning

Brand positioning is the act of designing your company's image and offerings to occupy a distinctive space in your consumers' minds. It describes how your brand differentiates itself from the competitors.

Brand identity

Brand identity refers to the visual elements of your brand that help identify and distinguish your brand in the consumers' minds. Visual elements include your logo, trademark color, name, or symbol. You should ensure that your brand story incorporates your brand objectives meaningfully.

Marketing strategy

Your marketing strategy is your game plan to reach prospects and turn them into paying customers of your product or services. It helps your company concentrate its valuable resources on the best opportunities to increase sales.

How can you develop your brand strategy?

Developing a brand strategy can seem like a difficult task. By following the steps below, you can give yourself a solid foundation to build your brand strategy.

• Cater to a niche market. You may need to offer specialized services to cater to a specific audience. However, it can help you focus your time, energy, and resources on creating the best products, services, and experiences for your consumers.

• Define your short and long-term business and marketing goals. You need to have a clear vision of where you want to see your company in the next few years.

• Conduct thorough research. You should understand how other companies that your target audience is engaging with are branding themselves.

• Focus on your brand messaging. You may sell similar products as your competitors but your brand messaging can still help you stand out. For instance, Starbucks and Dunkin' Donuts both sell coffee, but their brand messaging is different.

• Deliver exceptional customer service. You may not be able to compete on price, but if you deliver an excellent customer experience, your target audience is more likely to associate with you.

• Strategically develop your visual identity. Colors, images, logos, and website design should be such that it influences people to interact with your brand.

Do you need help creating the right brand strategy for your company? BrandStar offers a unique array of services including celebrity ads and athlete branding to develop your own unique brand.