Brand strategy is a systematic long-range plan developed to address a specific series of short-range goals and construct a solid, enduring brand. Successful brands take brand strategy seriously. Poor design, an inadequate branding identity, poor communication, inconsistent message, poor partnering, and inefficient marketing can tarnish even the best brand. Brand Strategy not only acknowledges the key drivers of a brand’s performance, but also identifies the most critical challenges that it will face over the course of its life.
In the digital era, people expect their brands to communicate and engage with their customers. A strong branding strategy must be able to do so. The key to creating a powerful digital marketing communications program is to build a core brand identity that is consistent with the company’s mission and values. This core brand identity should be communicated consistently in all marketing communications. The digital environment demands relevancy, precision, and authenticity.
Brand strategy starts with an understanding of the basic elements of a strong, lasting brand and the corresponding critical processes that shape it. Identifying the essence of the brand is an essential first step in developing a robust strategy. Brand essence includes the core values, objectives, functions, services, and culture of the brand. These are the elements that form the essence of a customer relationship management or CRM system. In addition, brand essence includes the underlying technological and organizational infrastructure that a brand requires to deliver its optimal performance.
Brand identity encompasses the values, practices, technology, processes, and systems that constitute the physical, digital, and emotional make up of a brand. A comprehensive brand strategy addresses these essence by defining the unique roles each represents within the bigger overall identity. Brand identity is largely impacted by the interactions a consumer has with a brand and its corresponding values, objectives, and culture. Brand identity is also shaped by the values, practices, technology, processes, and systems that constitute the larger company. Integrating a robust comprehensive brand strategy effectively creates a powerful marketing tool because it can significantly increase a business’s brand recognition, thus increasing profitability.
Brand equity is the value derived from a brand’s reputation. Consumers decide whether a business is reputable and their opinions carry much weight in the decision process. Brand equity refers to the value of a brand, either for the company or for the products and services associated with it. A strong brand strategy therefore builds customer loyalty and increases a company’s credibility. A comprehensive brand strategy is thus designed and executed to create and preserve long-term value.
Brand equity refers to the combined effects a consumer’s experiences with a product or service have on their buying decisions. Consumer perceptions of brand names have changed dramatically over the past few decades. Today, brand name loyalty is not just measured by the quality of a product; rather, it is measured by the perceived quality of a brand and the perception of that brand among other things. A multi-product branding strategy has the potential to significantly enhance the consumer experience because it allows marketers to create multiple, differentiated offerings that complement one another in terms of both functionality and visual appeal. Multi-product branding strategies are also very attractive to the end-user, because they allow customers to purchase multiple items associated with the same brand or logo.
Brand extensions are an effective strategy for building consumer trust and confidence in a brand. Extensions are built upon established brand strategies in order to provide consumers with a bridge to the brand and its associated values. Brand extensions may include extensive marketing campaigns, promotional campaigns, public relations campaigns, or social media campaigns. Each extension leverages the strengths and weaknesses of the brand, which allows marketers to build a solution that works for the specific business. Brand extension strategies also incorporate established techniques for tailoring a new brand to the specific market.
Brand positioning is the process of making sure that the right people see the right thing. Brand positioning involves many different activities, such as choosing the right brand names, building and maintaining strong marketing partnerships, building consumer awareness, implementing a multi-branding strategy, advertising and positioning, and more. There are many different areas of focus when developing a brand strategy, but each is important because it allows businesses to distinguish themselves from their competition while reaching millions of consumers all at once.