Does brand strategy actually work?
The one thing we know about today’s market? It's competitive. Highly competitive even, for most fields. With an entirely new generation of solo/ entrepreneurs developing a variety of businesses every day, having some sort of plan to stand out is becoming more and more instrumental to maintaining and growing any business. And this is where Brand Strategy can truly help.
What is Brand Strategy?
Brand strategy is a long-term plan that outlines how a business creates, communicates, and delivers its unique brand identity to its customers. It's not about having a memorable logo or a catchy tagline, but it’s all about creating an emotional connection with your target audience and building trust and loyalty over time.
Think of strategy as a map for a treasure hunt. You know the pot of gold is at the end, but reaching it means solving a series of clues that you unfold to get there. In the real world of business, the same applies- you ideally want your business to reach a certain level of success- which varies depending on the type of services/ products you provide- but to get there you need to have a clear path that you unfold step-by-step- that’s your strategy.
Check out Honed Film’s Brand Strategy to Design case study to see how strategy can make an impcat in building a brand.
What is the value of Brand Strategy for a business?
The true value of a business brand strategy lies in how it can help drive consistency and growth. And it can be measured by five big pillars of success:
Differentiation: In a crowded market, it's essential to differentiate your business from competitors. A strong brand strategy helps you create a unique identity that sets you apart from your competitors. This could be through your visual identity, tone of voice, messaging, or customer experience. By standing out from the crowd, you can attract new customers and retain existing ones.
Increased customer loyalty: A strong brand strategy builds trust and loyalty among your customers. When customers identify with your brand and feel a connection to it, they are more likely to remain loyal to your business. Loyal customers not only continue to purchase from you, but they also become brand advocates who recommend your business to others.
Improved customer recognition: A strong brand strategy ensures that your business is easily recognizable to your customers. This recognition helps customers to remember your business when they need your products or services. By having a consistent visual identity, tone of voice, and messaging, you can increase your brand recognition and build a strong brand presence.
Increased brand equity: Brand equity refers to the value that a brand adds to a product or service. A strong brand strategy increases brand equity by creating a perception of quality, reliability, and trust among customers. This perception translates into higher brand value and increased pricing power, which can help drive business growth.
Better marketing ROI: A strong brand strategy helps to optimize your marketing efforts by ensuring that your messaging is consistent across all channels. This consistency helps to increase the effectiveness of your marketing campaigns, resulting in a higher return on investment (ROI).
Last thoughts
So, is a strong brand strategy essential for any business? Yes! Once again, a solid strategy will help you differentiate your business from competitors, build customer loyalty, become a recognised brand, and improve your overall ROI- driving your business growth and creating a sustainable competitive advantage in today's crowded market.
What are some of the key things to think about when developing a Brand Strategy? Brand description basics, Value Proposition, Target Audience Communication, Competition, Positioning, etc.
How can you get started? A solid strategic plan can be developed as a 5-step process- and I created a free pdf you can download to guide you. Find it here.
