Branding your company/products is essential to mark your presence in this competitive market. How your customer perceives your product/company decides your long-term survival and growth. This is where a well-articulated Brand strategy comes into play.
What is a Brand strategy?
A brand strategy is a well-considered visionary blueprint to establish yourself as a unique entity in the eye of the customer. In other words, a series of well-structured and organized activities that speak the company’s/product value, culture, and philosophy.
The customer has become extremely conscious about which company they choose to purchase the product. We can witness several consumer movements boycotting specific companies and products for its failure to maintain brand identity and reputation.
Corporate and Digital branding Strategy differs from one company to another in regard to the nature of the business, pricing, Vision, and Philosophy. Nevertheless, there are few elements of branding strategies that every companies/product must follow to appeal to its customer:
A company has its own philosophy, culture, and values. The purpose behind the incorporation of the company, your mission, vision, and corporate resemblance should be well-defined by your brand. Your Brand should tell a story to the customer in such a way that each product, symbols, and artifacts clearly depicts the purpose of your organization. Your employees, distributors, suppliers and every other internal and external party should know what your company stands for. This is how you can create a holistic brand strategy right from the root.
Consistency is the key variable when it comes to brand positioning. There are several ways by which you can deliver your message to the consumer; symbol, blogs, artifacts, newsletter, reward schemes, website, logo, brochure. Flyers, leaflets, print media ads, online ads are some of them. The core of branding is whichever medium you use to deliver a message to your customer or prospects, it should reflect your brand identity. The use of fonts, logo variants, message tone, and style, cultural awareness, workplace culture all should echo with each other over the period of time.
If Consistency enhances brand identification, then flexibility saves you from probable brand disaster. This is sort of contradictory, isn’t it? How can a company become consistent as well as flexible? While consistency ensures that the company follows a mandatory guideline to speak coherent tone about your brand, flexibility allows you to tweaks and turn your strategy based on the environmental change and customer demand variability. Being flexible also implies the ability to experiment with new or improvised techniques to establish oneself as a market leader, thereby enhancing consumer loyalty.
Gones are the days when quality and price alone determined the customer decision-making process. Nowadays, People want a personal touch in every product they purchase. It is almost impossible for the company to customize its product for each customer. However, one thing that can be done at ease is promulgating an advertising strategy by Segmenting the market on the basis of demographics, behavior, Product usage, etc. The best example of emotional appeal often practiced by multinationals is by building community and closed groups around their brand and involving their loyal customers in the decision-making process.
Keeping an eye on a competitor is always a standout factor in this competitive industry. Although branding your company/product should focus on your culture, value, and purpose- analyzing yourself in front of the market leader or rival will give you different perspective on your brand positioning. Benchmarking with a top player in your niche will provide you several variables that can be used to successfully position your brand. Obviously, you don’t need to copy their every approach but tweaking and turning those data to match your brand identity is worth a shot.
The uprising trend of social media use cannot be ignored by companies. According to Global Digital Report 2019, the number of internet users worldwide is 4.388 billion, and the number of social media users worldwide is 3.484 billion. This is a large number of users who could directly affect your brand. Companies should, therefore, be very responsive in their social media platform, and interact with their customers to settle their queries. The right social media strategy always compliments a successful branding strategy.
Companies are now designing a special reward program for their customers to enhance brand loyalty. Loyalty cards, reward points, free gifts, and voucher, buy one get one, etc. are some of the common approach followed by an organization. A reward program focuses on strengthening brand identity by speaking your core values and philosophy on one side and attracting customers to purchase the product or generate positive word-of-mouth on the other side. A win-win situation in every way.
Your Brand strategy defines how a customer perceives you in the long-run. Your revenue, sales, and growth are directly affected by how you present yourself in front of the customer. You might have the best product in the world, but without a well-drafted and implemented branding strategy, your long-term future ceases to exist.