A brand can be identified with a concept, an activity or a product. Brand strategy is a course of action that includes particular and long-term outcomes that can be attained with the growth of a successful brand. It is the mix of unique character components that can be associated with important identifiers of your company.
A properly defined brand strategy relates to all business aspects of the company. The brand strategy is identified with the needs of the customer, the emotions it invokes in them and the competitive ecosystem.
The preliminary step in identifying your brand strategy is to accurately define the type of brand you’re constructing. Is it a standalone product or service? What category does your brand fit in? Is it a company brand? A family brand? or an Idea brand? Alignment of the brand should be done at the management level so maximum value will be deliver.
1.0 What is an Inclusive Branding Strategy?
2.0 Determination of Brand Type
2.1 Product Brand
2.2 Family Brand
2.3 Idea Brand
3.0 Importance of Value Proposition
3.1 Product Leadership
3.2 Operational Excellence
3.3 Customer Intimacy
4.0 Achieving a Strong Value Proposition
4.1 Identification of Brand Theme
4.2 Brand Influence
The functional purpose of the brand relies on success evaluation. Money making is the functional purpose of a commercial company. The intentional purpose of a company can be related to the ability to make a difference in the lives of the people.
Consistency of branding means avoidance of contradictory messaging. Cohesion should be the central factor of messaging. Consistency of brand strategy leads to easy brand recognition which propels customer loyalty.
People have an inherent desire to construct relationships. For example, Glossier gives an opportunity to make the clients feel that they are part of a unique community. Building emotional bonds with clients through branding strategy is a clear path for the success of the company. Customer loyalty will also be reinforced. The triggers related to human emotions should be used to build customer intimacy.
Flexibility in branding strategy ensures that you can make changes that can increase the interest level and make you distinct from the competition. There should be subtle variations to keep things dynamic and human. For example, Old Spice was flexible enough to team up with a younger agency to increase reach of the brand with the younger generation.
Loyalty is an important part of the brand strategy. Your company will need an excellent relationship with your existing customers so they can advocate for your company to future customers.
You have to always stay informed of the strategies of your competitor. This is needed to increase the brand value by successful adaption to the new market requirements.
Branding is critical in large consumer markets as it helps to set you apart from the competition. The market should be able to understand the consistency in your products and the excellent quality your company offers. Sales and marketing activities are also made simple by a strong brand presence. A good branding strategy involves the enhancement of brand equity. Brand equity indicates the money the clients are willing to pay for your brand. There are 3 main type of brands:
This brand type is for companies which have a diverse range of products that are targeted to different consumer groups. Usually they have more than two products that appeals to multiple users.
This brand is in the middle of a corporate brand and product brand. For example, L’Oreal offers a range of beauty products that can be categorized under high end and low end.
This brand type revolves around an abstract concept. This can be used as an innovative way to create a new market or devise a new way to approach something.
A value proposition indicates the differentiating qualities of the products of the company. A value proposition is the first impression that the customers create regarding your product. It compels the customers to choose your product in the market. A good value proposition is about acquiring the optimal quantity of mindshare in the market. A value proposition gives the customers a chance to ascertain how your relationship with them will pan out in the future years. The customers will be able to associate certain positive characteristics with the core of your value proposition.
The value proposition of a company is the unique selling point or a differentiator that can be used as a way to persuade the customer. The core drive of the company revolves around the value proposition.
The three important ways to deliver market value are:
The innovative capability lies in the heart of this value proposition. Driven by the latest technologies, the products of your company are uniquely different from others. Hence, the cost factor is increased. Your focus is on the delivery of a superior type of product or service.
You can use technology to cut down costs in manufacturing processes. This leads to a reduction in the cost of the product and scale of economies. Your product offers a fair market value. Not too high or too low. It occupies the mid-level position. Presently, most companies are relying on this value proposition to achieve a high degree of product maturity in the market. Consequently, if companies are unable to lower their production cost, they will lose the market.
Here the core factor is the unique relationship between the product and the client. You’re seeking an emotional bond with the client by guaranteeing the superiority of your product over that of others offered by your competitors. The market interaction will depend on how value delivery is taking place at the apex level. The visual branding assumes an important role to complement the marketing campaign. Your messaging will assume a deciding role in this value proposition. The measure of your company’s creativity and individual interactions will generate the final impression.
Your brand theme speaks about the inherent personality of your brand. The value proposition can be helpful in the exploration of various brand themes.
If the value proposition is product leadership it is important to emphasize your unique market values. The themes that can be explored are powerful, creative, essential and authoritative.
In the case of operational excellence, there is a ton of flexibility and you need to focus on the operational convenience that comes with the low price of your product. The theme of your brand should have the characteristics of targetability and customer awareness. These will ensure your brands are easily recognized and support the lifestyle of the clients.
Focusing on expanding the brand themes should be done when the revenue base has to be increased. Growth can be increased by a theme that can enjoin both team and market. Every product of the company will get its initial momentum from the brand theme. Your company should have a unifying theme that makes sure that the customers relate to everything you do. Your brand theme should be memorable in the minds of the customers. Decide on an overarching theme that can filter down to the individual details of the product or service of the company.
Marketing of your product should be done in an aggressive way through aligning your promotional programs into a singular customer-centric message. This lays out your position to different customer segments in the market. There should an element of monumental traction to your branding. Social media enhances the qualities of mindshare by making them viral. If the brand name is used to comment on an activity then it is fully reinforced in common talk and it can’t be easily removed from the minds of the customers.