Your brand strategy defines what you stand for, a promise you make, and the personality you convey. Branding is crucial for products and services sold in huge consumer markets. It’s also important in B2B because it helps you stand out from your competition. Successful brand strategy also creates “brand equity” – the amount of money that customers are willing to pay just because it’s your brand. Brand equity makes your company itself more valuable over the long term.
Brand strategy is a long-term plan for the development of a successful brand in order to achieve specific goals. A well-defined and executed brand strategy affects all aspects of a business and is directly connected to consumer needs, emotions, and competitive environments.
How can you define your business’ purpose?
• Functional: This concept focuses on the evaluations of success in terms of immediate and commercial reasons — i.e. the purpose of the business is to make money.
• Intentional: This concept focuses on success as it relates to the ability to make money and do good in the world.
The key to consistency is to avoid talking about things that don’t relate to or enhance your brand. Added a new photo to your business’ Facebook Page? What does it mean for your company? Does it align with your message, or was it just something funny that would, quite frankly, confuse your audience?
In an effort to give your brand a platform to stand on, you need to be sure that all of your messaging is cohesive. Ultimately, consistency contributes to brand recognition, which fuels customer loyalty.
If you already have people that love your company, and your brand, don’t just sit there. Reward them for that love. These customers have gone out their way to write about you, to tell their friends about you, and to act as your brand ambassadors. Cultivating from these people early on will yield more returning customers — and more profit for your business. Sometimes, just a thank you is all that’s needed. Other times, it’s better to go above and beyond.
A well-defined and executed brand strategy affects all aspects of a business and is directly connected to consumer needs, emotions, and competitive environments.