Brand Management Marketing Series
Brand Strategy can be a tumultuous but rewarding science that brings businesses to their targets or fails miserably. The beauty is that changes can be made and results can be found with the right work and implementation.
The strategy crafting can help companies build vital awareness, stem new customer interest, find old or lagging customers more intentionally, and eventually spur action amongst the target segment.
Brand Strategy is often used to increase a specific metric amongst a company/organization. A good example is to build customer loyalty or awareness, engagement, or even simply stronger brand equity.
The start of the process can be introspective and illustrative of the business’s internal organization. This is why it’s usually important this process is done with limited bias and multiple points of consideration and review.
While focusing on the product or service it is generally considered a strong policy to create a market overview, position the brand, product, and go-to-market strategy.
This allows managers to further define their brand purpose, through synthesizing their products, services and segmenting their customer’s needs.
The strategy will pave the way for stronger trust and rapport with the consumer as it will equally differentiate your product and service.
Product + Service Strategy
The process of defining the integrated communications plan and finding unique identifiers, or points of difference, can help managers both maintain consistency and drive new collaboration.
The plan then leads them to the product, merchandise, or experience definition. How do you deliver the “best” or “most competitive” product out there?
Following product and merchandise definition, marketers should then focus on the price strategy. Is the brand the most affordable? The most bang for the buck? Or do people seek out the brand for its prestige?
The next step is to build an optimized and channel-specific relationship marketing system.
This will help managers analyze how post-sales activity and follow-up with customers reflect their loyalty to the brand.
This can be further solidified with a proper brand equity management system. Think of it as a long-term audit plan for how the tracking and progress of the unique performance indicators (KPIs) are coming along.
Not only does the strategy have multiple touch-points, exclusivity, and connected actions to be successful, it is funnel direction-dependent and without the proper management, customers can fall off this organic pathway.
Managers need to work extra carefully around developing proper brand protection and brand development activities that maintain the brand identity and help draw customer salience.
Managing and measuring the unique performance of said strategy plan metrics is also key in defining changes and implementing proper strategy oversight.
The brand strategy can be useful in the sense of the introductions and highlights it can provide teams and marketers regarding their product segments, unique customers, and the future of their brand amongst the competition.
When implemented properly a brand strategy plan can grow and sustain brand equity far beyond the sum of its parts. As we know, a strong brand drives business growth in all categorical aspects.