WHY DO WE NEED A BRAND STRATEGY?
What is a Brand?
A Brand is the sum of the customer’s experience and perspective with the company or organization. Generally, people get confused between Brand & Logo and think that the Logo and brand are the same things for any business, but technically, it is quite different as the Logo is a visual symbol for a business. However, in other words, the design agency designs the brand identity of the business. Your company’s brand is a commitment you make to your customers and prospects about your company, product, and offered services.
Your brand is how your customers think and expects from your company.
According to Mr. Jeff Bezos, Your Brand is what others say about you when you are not in the room.
Branding is not only about the company’s logo and the company’s name, but it is also about the company’s image and the way the company’s products & services are advertised.
The aim of branding is to spread awareness and to build loyalty.
A brand strategy is a long-term plan for the development of the brand with the connection of customer’s needs and emotions in the competitive world.
It is a master plan, responsible for the company’s build, shape, and the sharing of the brand with the Public. Generally, there are Brand strategy firms to assist newly started brands to grow up and reach on top of the market.
Why do we need a Brand Strategy?
Every business has a brand and the value of the brand is achieved by a good brand strategy.
The Public perception of the brand totally depends on the brand strategy of that brand, which refers to a brand strategy is the plan to shape the public perception of your brand. Here, the word Public denotes to your customers, your employees, vendors, and others who are directly or indirectly connected with your brand.
If you are getting positive results from your business in terms of money-making, you can opt for not proceeding further on this article, else you need to make strategies or get assistance from a brand storytelling agency to speed up the growth of your business and improve the revenues and profits.
In other terms, A good brand strategy can help your business to grow and reach up to the next level.
How to develop an effective brand strategy?
Development of an effective brand strategy for most of the companies is divided into three phases:
Market research or discovery is easy if your business is newly launched and does not have the brand identity in the market. Your company is unknown for everyone then there is nothing to discover, so you can proceed to the 2nd Phase.
But if you have a settled business and is known to everyone, then Market research is an important aspect and should not be skipped.
Market research includes every aspect of the market from the perspective of your business, which includes an evaluation of your customer, industry, vision, mission, values, and brand.
The basic elements of Discovery are mentioned below:
a) Evaluate your company’s existing core identities (vision, mission, and values).
b) Market research and Competitor analysis.
c) Develop Identity for your targeted customers
d) Evaluate the perception of your brand.
When you understand the market’s perception of your company and its position in the market, you can proceed to define your company’s new identity.
As we have already stated that the core identity of the company is often defined by your company’s vision, mission, and values. If you are starting a new business, then start by introducing each of the identity (company’s vision, mission, and values).
The basic elements of Identity are mentioned below:
a) Define the company’s core identity.
b) Coherent your USP (Unique Selling Proposition).
c) Develop brand identity components.
d) Create a brand voice and influence the market.
On a general note, the brandidentity consultants help in this situation to grow up in the competitive market.
If you have completed the market research for your brand and developed your core identities, You should get the correct path to communicate or spread the voice of your brand through marketing.
Your Brand strategy matters a lot when you stand at a different position from your competitors in the market.