So, you want to create a killer brand strategy, huh? Well, it’s not just about picking the right logo color or sounding cool on Facebook. Brand strategy goes way beyond that and involves considering consumer demand, emotions, and the competitive landscape. In fact, it might even be more important than your company’s name.
Imagine stripping away your logo and name. Would your brand strategy still shine through? For the most successful brands out there, it absolutely does. It permeates every aspect of their operations, from high-level decision-making down to the nitty-gritty of shipping and handling.
If you’re still scratching your head, wondering what the heck makes a brand strategy tick, don’t worry. You’re not alone. That’s why we’re breaking it down for you into seven essential components. Take good care of each of these components, and you’ll be on your way to building a long-lasting brand.
Purpose
Sure, a name and a logo matter, but they can’t hold a candle to your brand purpose. This is what gets you and your team out of bed in the morning. It’s what keeps you going all day long. Your purpose is what sets you apart from the competition.
When it comes to brand purpose, there are two types:
Functional: This is all about achieving financial success, selling products, making money, and delivering value to stakeholders. Intentional: This focuses on how your brand operates and why. It’s about your big ambitions and the larger role you play.
When defining your brand purpose, keep in mind that it shouldn’t solely revolve around making money—unless, of course, you’re an investment firm, in which case, go ahead. But even then, there should be something more that sets you apart, something that differentiates you from the competition.
Always keep your brand purpose front and center. It should guide every action and decision your business makes.
Emotion
Your brand purpose should resonate with your customers on an emotional level. It needs to tap into their feelings.
Customers don’t always make purchasing decisions based on price or features alone. Let’s face it, there are probably other companies out there offering similar products, maybe even at lower prices or with more features. So, how do you stand out?
Of course, providing value to your customers is important. Strive to give them more bang for their buck. But here’s the secret sauce: emotional attachment. Long-term customers develop an emotional connection to your brand for various reasons. It could be an amazing post-sales experience, the aesthetic appeal of your product, or the sense of belonging to a community.
Customer Loyalty
If you’ve managed to build a customer base that loves your brand, your products, and what you stand for, it’s time to nurture that love and give it back. This is where customer loyalty comes into play.
Believe it or not, customer loyalty is worth more to your company than any celebrity endorsement. Those loyal customers who keep coming back for more and spreading the word about your brand are like walking billboards.
Show your appreciation for loyal customers. It doesn’t take much—sometimes a heartfelt thank-you note can work wonders. You can also showcase their business on your website (especially if you’re in the B2B space).
If you want to go the extra mile, consider offering them membership in an exclusive rewards club. Loyalty program memberships grew by over 1000% from 2014 to 2016, and nowadays, 63% of customers won’t commit to a brand that lacks a loyalty program. So, if you don’t have one yet, you’re missing out on a lot of repeat business and valuable insights.
Rewarding customers, both new and existing, gives them a glimpse of the benefits they can expect if they stay loyal to your brand. And remember, fostering brand loyalty isn’t just about your customers. It’s also about creating brand awareness among your employees.
Employee Engagement
Your employees shouldn’t feel like anonymous cogs in a machine. They should be an integral part of your brand. When they are involved in shaping your brand identity, they are more likely to embody it—both online and offline.
Your employees should not only promote your brand but also live up to what it stands for. This could include values like excellent customer service, diversity, and a commitment to continuous improvement. It’s important for your employees to reflect the brand image you project. After all, it’s a bit odd if your social media accounts sound playful while your customer service reps are as exciting as a rock.
Engaging your employees is key to building your brand. It shows that your company is committed to meeting its lofty goals. Moreover, it helps attract and retain top talent, which ultimately leads to increased sales, better products, and continued growth.
Competitive Intelligence
Just as knowledge of your own brand strengthens it, understanding your competitors is crucial too. After all, you’re often vying for the same customers with similar products. Keeping an eye on your competitors and learning from their successes and failures can help you make smarter decisions.
While observing or even collaborating with your rivals can be beneficial, remember to craft your own strategy. You need to highlight your unique selling proposition and set your brand apart from the rest.
Your brand purpose is what makes you special. So, whenever you use competitive intelligence to inform your moves, always keep that purpose at the forefront of your strategy.
Consistency
Consistency is key to building a strong brand. It means ensuring that everything you do aligns seamlessly. For example, if you’re using a landing page software to promote a product, make sure the colors, images, and messaging on that page align with your brand.
Let’s say your corporate colors are blue and white. Using teal and yellow on your landing page will, at best, confuse potential customers. At worst, it’ll turn them off completely.
Flexibility
While consistency is vital for a successful brand strategy, a little flexibility can go a long way. This is especially true when you’re expanding into new markets. Consistency sets the foundation for your brand, but flexibility allows you to adapt to market demands and differentiate yourself from competitors.
A great brand identity is both recognizable and adaptable. As consumer preferences evolve, your brand must keep up with the times. Otherwise, you run the risk of becoming irrelevant.
No matter the size of your business, a brand strategy is a must-have. Numerous studies have shown the strong connection between a solid brand and business success. Crafting an effective brand strategy requires introspection, competitor awareness, and the courage to try new things.
When you nail your brand strategy, you can take your business to new heights. Remember to cover all the brand components we discussed today, and you won’t miss out on any opportunities for growth.
