“People don’t buy goods and services. They buy relations, stories, and magic.” - Seth Godin
Nike, Coca-Cola, Amazon, Apple, and Disney are some of the most successful companies in the world…and what do they all have in common? A strong brand presence. Did you know that presenting a consistent and unified brand message can increase profits by nearly 25%? This is precisely why companies pour hundreds of millions of dollars every year into crafting the right approach to branding. In this article, we will discuss what branding/brand strategy is, how to develop your brand strategy, and why it’s so important.
What is Branding?
Let’s begin with the basics. Branding is much more than the logo you design, the colors/font you use, or the products you sell. It’s the customer experience you provide and the story you tell. A brand is a feeling that a business evokes in customers. It’s what makes your brand truly unique amongst competitors.
What is a Brand Strategy?
Developing your brand strategy is an essential part of your business plan. A brand strategy outlines how the company will build rapport and favorability in the market. The goal of a brand strategy is to become memorable in the eyes of a consumer so they choose your business over your competitors.
How do you develop a Brand Strategy?
Let’s break it down step-by-step.
1. Find your Brand’s Purpose
Your brand’s purpose is your “why?” The famous author, Simon Sinek, developed a marketing model called the “Golden Circle,” which helps businesses understand that “users don’t buy what you do, they buy why you do it.” A brand’s purpose is a great way to establish strong relationships with your customers and generate support for your business. Frame your vision and mission statement in a way that goes beyond generating cash flow. Yes, making money is essential to almost every business; however, operating under this notion alone will not set you apart from competitors.
2. Discover your Target Audience and Investigate Competitors
When developing your brand strategy, it is critical you identify your target audience. Identifying your audience will help you choose the right voice, tone, design, and marketing strategy to help you reach potential customers. It is also important to research your competitors and the consumers that they are targeting. Watch what they do! What is working for them? What isn’t working for them?
3. Develop your Brand’s Name, Logo, Look, and Slogan
Your brand name will be synonymous with your business, so it should encapsulate everything it stands for in as few words as possible. Equally important as the name is the logo, which will be one of the first things that connects with the consumer’s mind. Therefore, both your name and logo should be easy to understand and be very meaningful. Complementary with the name and logo, the look of your brand is influential in identifying your business at first glance. Therefore, you should be careful when considering important elements such as: colors, fonts, and imagery. A powerful slogan is where a few words can have a huge impact by boosting brand awareness among consumers. An ideal slogan is short, catchy, and powerful.
4. Stay Consistent Staying consistent with your branding is key.
Creating a style guide is one way to ensure consistency. Avoid discussing things that don’t align with your message. You must ensure your messaging is cohesive because consistency contributes to brand recognition ultimately fueling brand loyalty.
Why is a Brand Strategy Important?
A company’s brand can be considered one of it’s most valuable assets if utilized correctly. It can be challenging to manage a brand and grow your business when you’re in an oversaturated market. Developing a brand strategy will help you identify your “why,” and what exactly makes your brand truly unique. It will help you stay consistent in your messaging, which ultimately builds customer loyalty and shapes the way in which consumers perceive your products or services.
The Branding Boutique LA specializes in Branding and Strategy. Don’t forget to check out our services and how we can help take your business to the next level!