What Is Brand Strategy? (6 Components And Its Importance)
Updated 30 September 2022
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Brand strategies can help businesses create a strong brand image that their target audience relates to. Creating a detailed and well-defined branding strategy enables your team to communicate with your customers through social media, email, private brochures and your product's positioning. Understanding the process of brand building strategies may teach you to highlight your unique selling points and deliver the responses and services your clients expect. In this article, we explain the meaning and importance of a brand marketing strategy and various important components to help conceptualise your branding process.
What is brand strategy?
If you are using marketing to increase your brand's awareness, understanding "What is brand strategy?" may prepare you with knowledge about your brand's tone of voice, logo design and value proposition. An effective strategy establishes a clear connection between the consumers and the brand.
In many ways, a brand strategy also shows your values as a brand and the best way to cater to your audience's sentiments. It is almost like a form of storytelling, along with the benefit of offering a continuous experience through your communication mediums. Messages sent through branding are an effective way to motivate consumers to stay engaged.
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Different components of a branding strategy
Developing a brand personality often requires including several components that increase the clarity of your brand's expertise and offerings. Here are six components to assist you in creating a successful brand strategy:
As a brand, it is important to study the branding and business developments of competitors. You can often identify an addition in your competitor's strategy, which allows them to gather visibility and relatability amongst your familiar audience. Staying mindful of such differentiating factors and incorporating them into your brand strategy can bring in a more loyal following of consumers. In some instances, brand strategists look for exciting and trending opportunities to differentiate themselves from competitors. You can achieve this advantage by evaluating their tactics and distinguishing your brand visually, textually or emotionally.
How well you cater and respond to your audience's issues, queries and expectations can develop a long-lasting emotional connection that brings sales and interactions. Sometimes, customers make buying decisions by relying on an emotional urge, so studying the consumer's emotional approach can significantly grow your brand. Whether your brand's tone of voice communicates excitement, eagerness, anxiety or physical welfare, the audience must experience the same emotion being activated after interacting with any of your brand's touchpoints. This component may allow your consumers to grow a sense of belongingness to your brand.
The way you position your brand in the market describes the type of audience your products and services attract. Be sure you explicitly explain the niche and category within the niche to which you cater. Your brand positioning usually articulates how you want your customers to perceive the brand. You can choose either celebrity-driven positioning, value positioning, problem and solution positioning or any other strategy, the goal being be to give your brand an identity that can be recognised amongst a long list of competitors.
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Your brand strategy can boost customer retention rates if you adhere to the loyalty you market to your buyers. Any offerings, services, claims, promises or unexpected incidents should typically be handled in a manner showing your dedication to customer satisfaction and experience. Some brands might grow their loyalty by consistently gifting customers valuable upgrades, timely rewards and promises mentioned in ad campaigns. If your customers build more memories explaining your brand's loyalty, a positive relationship is maintained and a reputable brand image develops for your prospects. For maximum prospect-to-client conversions, brands can create situations that reveal their customer loyalty.
Amongst the components necessary to design a quality brand strategy, your consistency in tone of voice, background colour themes and overall imagery is of utmost importance. This refrains your consumers from getting confused and enhances the chances of brand recognition, whether in the digital or real world. You can apply this component of consistency through audio branding, video branding and even typography decisions. Brand owners usually create a style guide that clearly explains all the branding traits with information on the colour palette, font types, social media templates and logo variations.
Once you decide the purpose of your brand's existence, it can become the main factor differentiating you from competitors. Some brands have functional purposes that focus on commercial success to increase company profits. Other brands may have more contributory purposes intending to positively impact the world, be it through education, food or healthcare services. Whatever your brand's objective is, emphasise it in the brand strategy to ensure your company progresses towards the same short and long-term goals as decided.
Why is brand strategy important?
Brand strategy is important since it helps create a benchmark to track your brand's goals. Here are a few additional reasons why brand strategy might build your business quicker:
1. Growing brand equity
If your brand strategy succeeds, customers may feel comfortable meeting your demand of a higher price for your services. This willingness of your customers increases your profits and your brand's equity. To maximise your returns, try altering your strategy either by dividing departmental responsibilities or by creating a fusion of two or more brand strategies and establishing key performance indicators (KPIs) for your brand's performance. Improving your brand's communication styles and reducing the time gap in meeting a customer's search intent can also make your brand highly recognisable, in turn increasing your brand equity.
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2. Readying your brand to adapt to changes
A strong and well-defined brand strategy eliminates any scope of confusion while describing your brand's objectives, message and tonality. If market changes are demanding a rework of your brand's core marketing strategy, the readiness of your brand to adapt to changes might make the transition swift. For example, suppose a healthcare provider focussed on in-house health inspection visits earlier. The onset of a global health pandemic may have opened an opportunity for trading in medicines. In this situation, the brand may require modifying its customer communication process and emphasising its branding for sales.
3. Creating a marketing plan
Once your brand establishes a position amongst its competitors, extra efforts on marketing may become simpler. For this, your brand requires a clear brand book or brand guideline document which explains the reason for colour schemes, logo aesthetics and a range of templates used for marketing purposes. After researching the industry leaders and ensuring your branding strategy can gather prospect-to-client conversions, the flexibility of your marketing techniques could improve. While designing these plans, including consumer journeys for multiple consumer personas might strengthen your brand strategy. Try understanding their varied demographics, educational background and daily challenges related to your service.
4. Designing a customer journey
Your customer's journey from the first moment they interact with your product until they receive customer support post-hiring your services can be pre-defined through a brand strategy. This makes you account for the ideal consumer while mapping their entire lifecycle with your brand. Effective brand strategies may consider all buyer types, such as first-time, regular, prospective or even dissatisfied buyers. Defining your offerings and interaction style towards them could clarify the best way to position your brand in front of different consumer types. You can also use email marketing or targeted ad content for specific customer categories.
5. Sharing the desired message
The clarity and precision with which your brand strategy dictates its story may be the key factor in motivating your consumers to partner with your brand. Try creating designs, copy and campaigns that evoke an emotion in your customer's mindset. For desired results, brand strategists might market their brand such that a call to action follows this emotion. Combining storytelling and consumer sentiment analysis makes your brand's image understandable for the target audience. This could result in long-term clients, who may bring in additional referrals and growth opportunities for your brand.
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Tips for creating a strong branding strategy
These suggestions may improve the flexibility and output of your brand strategy:
Be consistently creative on your website, social media platforms and other marketing mediums.
Study the typical consumer in your niche and design a strategy that prompts them to create a connection.
Plan with a long-term vision that accounts for market changes and changing consumer behaviours.
Prepare a memorable brand identity that customers can recall with minimal effort.
Base all your creative attempts on a strategic framework.
Carefully plan seasonal brand-building campaigns for maintaining customer engagement.
Communicate your brand story in the fewest possible words.
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