Brand Strategy – What is it?
Brand strategy is about creating feelings that compel people to transact. People don’t buy products and services anymore. They buy experiences and feelings.
A brand strategy is a research-based exercise that discovers the relatable, human elements in the otherwise rational interactions you have with customers. Does your company have meaning beyond the material goods you supply? Who finds you the most relevant? Which messages and experiences will resonate with high value audiences? Which of your competitors have higher social currency? When your brand plan addresses intangible and irrational dimensions, your business can evolve beyond a set of material transactions to become something more valuable and profitable.
Branding is relevant to any business. Large or small. Consumer or B2B. Because every business sells to people and inevitably needs to invoke human elements to thrive. That’s why a brand strategy needs to address more than a logo refresh to drive business results. A brand isn’t what happens on paper, on package, or on screen. It’s what happens in the minds and emotions of real people. It’s a feeling. A shared moment. A promise. A collaboration. A conversation.
What does it do for you?
Companies with fully developed brands are more profitable. Here are some examples of what a brand strategy could do for your business:
- Differentiate and dominate - Well branded companies are category leaders.
- Increase your market cap - Strong brands are a balance-sheet asset.
- Attract high value customers - Branded purchases have higher price tags.
- Improve HR function - Branded employees create culture and churn less.
- Increase loyalty - Branded purchases yield more repeats and referrals.
- Increase advocacy - People love brands that improve their social currency.
- Lower marketing costs - Compelling brands require less media.