To find the true meaning behind the term brand strategy, it is important that we look at the two terms separately. The brand is a name or an identity given to a type of product by the business manufacturing it. Whereas, strategy refers to a plan of action to achieve certain goals. Therefore, brand strategy, as the term implies, is a strategy that is derived by a certain business or brand so that it is able to accomplish a certain set of goals in a prescribed amount of time.
It is better to brand a brand strategy as a magical gateway that paves the way for the success of a company. Branding provides a company with a sense of self. It distinguishes a product from others of the same industry and provides the consumers with a chance to select your brand over the competition. A good brand strategy revolves around certain factors that, if executed correctly, are bound to bear fruit for the company. These marketing tricks can increase your sales as well as increase brand visibility.
Locating the target audience
The main question that hovers over any new business is knowing what a brand strategy really is. A good brand strategy depicts the heart and soul of the company. It exudes the personal goals of the business and the level of commitment they are willing to offer to their consumers. To achieve this, it is essential that they first have a good idea of who their target audience really is. This way they will be able to penetrate the minds of their target audience to understand what they really need from the product as well as figure out how their mind functions and react towards their creations. An example of this is that of Apple Company. Their target audience is mainly business people. Therefore, the market gadgets which are business-friendly, have large memory and slim appearance to attract their consumers.
In this day and age, with so many brands circulating around in the market, it is easy to go with the flow and adopt the strategies that other brands are doing. This in no way would help your brand garner the attention of the people it so desperately seeks. Therefore, for your brand to stand out, it is necessary that you embrace new techniques and ways that make you stand out from the crowd. This would require you to reevaluate what your company’s brand strategy is and then think of different angles in which you could convey your message to the target audience. However, in this fight between cleverness and clarity, a brand may lose sight of the goal which is to attract attention. This may result in the content being produced which is witty but not clear enough to win over the customers. So, to really demonstrate to your audience that you are cut above the rest, sell your product in a way that is impressive, innovative and highlights why only your brand can deliver the experience that any of your competitors can’t.
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Sum up the brand’s values in a sentence
It has been observed that most high-end brands with a large customer base have a statement that goes with their brand’s name. It is different from a tag line because it delivers the company’s value and policy to their customers in one go. An example of this is that of a dollar tree. Its slogan is, ‘Everything’s $1’ which clearly states that everything at the store is for a dollar and not a price above, it. Another example that can be quoted in this context is that of Walmart. Walmart has many stores spread across the U.S and their slogan, Save Money — Live Better, has gained them massive popularity among the audience. Their slogan speaks for the cheaper prices they offer to their consumers. Having an impressive slogan for your brand delivers a promise to your consumers.
Speak with your brand’s objectives
Besides the slogan, another crucial factor to take into consideration for a successful brand strategy is that of a tag-line that signifies the brand’s objectives. When answering the question of what is a brand strategy? The main point to comply with is to stick to the objectives of the company. Therefore, all successful brands incorporate their objectives into their tag lines as well so that they are better able to woo their customer base. An example of a world-famous brand is that of Nike, whose tag-line is popular among the masses. ‘Just do it’ urges people to take charge and get active instead of procrastinating. It, at the same time, calls attention to the company’s cause of contributing to a healthier world. Other than this, another impressive tag line is that of L’Oréal. The company’s tag line, ‘Because you are worth it’, is actually coined to empower women.
In conclusion, it is safe to say that the question of what a brand strategy is relevant to the way that you present your brand to the public. It is merely not based on a single thing but is in fact, dependent upon many factors that have the potential to guarantee you success among your competitors.
Waqar Hussain is the founder of The Business Goals. He writes about entrepreneurial strategies and is an SEO consultant by profession. He is a B.Com, GDM, and an MBA from the Australian Institute of Business.