What is a Brand Strategy?
One of the critical aspects of a business strategy that helps a business generate a long-term sustainable competitive advantage is branding.
Your brand is much more than just a logo, product, service, or slogan – It is the entire experience an existing customer or a prospective customer has about your company, products, or services.
Branding is the best way to distinguish your products or services from that of your competitors.
To successfully develop a brand, you need consistent messaging, developing a strong emotional connect with customers, design your marketing strategy aligned to the objectives of the brand, thereby shape the perceptions of your products and services amongst customers.
This plan of building a successful brand that distinguishes a business from others is called brand strategy.
It is widely perceived that business strategy is the role of top management while branding is the task of the marketing team.
However, branding is crucial to every aspect of your business and hence the branding strategy should be developed collectively at the top level that aligns well with the business strategy and objectives.
Create an impact
Aligning branding strategy with business objectives makes your brand more meaningful and impactful not only at the external level but also internally.
At an external level, a well-defined brand linked to business goals can create a specific perception regarding your products and company amongst customers that differentiate your business from competitors.
At an internal level, when branding and business goal are aligned, employees at every department are motivated toward the common goal thereby creating an emotional connection and loyalty.
Create Roadmap for Business
When you define a business goal for growth, it automatically leads to the creation of plans about how to improve the brand image and take the brand to a target audience. This, brand strategy is an inherent part of the business strategy.
You need to define the target market, create or improvise a brand that the target audience relates to, create communication plans through digital means, and so on. Thus, when you create a business objective, you automatically need to create a brand strategy to achieve the business objective. As such, both these are intertwined objectives.
However, companies should realize right at the onset that building a brand and brand strategy is not solely the function of the marketing department and that brand strategy is an extension of business strategy.
The brand strategy helps influence customer experience, brand perceptions, and relationships with customers that drive business growth and performance.
Based on our experience of aligning several brands with their business objectives – both start-ups and established companies, here are some ways to get brand Strategy Aligned with your Business Objectives:
Mapping the building blocks of a business model:
Every business follows a distinctive and unique model that signifies its organizational objectives. Mapping the building blocks by studying the business model, the market it caters too and current trends in the industry can be lucrative.
72DPI Skillz has a team of business enthusiasts with a zeal to comprehend the crust and fundamentals of your business to devise a cohesive strategy that is in synchronization with your business model.
Setting brand objectives:
Brand objectives are a cumulation of organizational and branding motives. It defines what are intentions behind formulating a brand strategy. Formulating a brand objective is a herculean task.
It requires market study, an analytic approach, and research to form crisp and concise objectives. Only an expert like 72DPI Skillz can master this art and assist businesses in setting brand objectives that are target-oriented and market-specific.
Analyzing the market:
72DPI Skillz has a rich record of serving the Indian and international market with its cutting-edge branding and marketing solutions. Over the years, it has worked in almost all domains and has acquired expertise in market analysis.
Its research team and branding team work closely to analyze the current market trends and align branding strategy with business objectives.
Gauging market foresight:
Only studying the existing market is not enough. It is essential to gauge foresight and make the right move at right time. Foresightedness and market study can play a vital role.
72DPI Skillz moves beyond traditional concepts of branding and marketing. It employs contemporary means to predict the market movement to plan meticulous brand strategy.
Value proposition and product differentiation:
At 72DPI Skillz, we first understand what value proposition your products and services offer to the end customer, map how customers from different market segments perceive the brand, and then offer strategies to differentiate your brand and products from that of competitors.
Setting mission and objectives of Brand Strategy:
72DPI Skillz excels at devising brand strategies not only for well-established companies but also equally well for start-ups.
For start-ups, as soon as the business objectives are laid out, we work together with the top management team and set the mission and objectives of the brand strategy. Working at the start-up stage, we can influence customer perception of your brand from the beginning working together to create a successful brand.
Example of how 72DPI Skillz helps create brand strategies aligning with business objectives
Suppose the business goal is to increase the prices of your product. Now, directly raising the prices of your product can alienate your customers and can negatively impact you in the long term. To achieve this objective, we suggest a brand strategy of improving the value proposition of your product.
Once customers perceive that your product delivers much more value than the cost of buying your product, they will easily take the price rise.
To improve the value proposition, we focus on demonstrating to the customer the benefits the product offers and make sure that at every touchpoint the product is perceived high-end, thereby enabling you to raise prices without any negative impact.
Business Objectives met through brand strategy
The development of good brand strategy and business strategy is a vicious circle in itself. For example - Once you create a great brand, it automatically leads to your organization attracting better talent, better vendors that automatically help your business grow exponentially.