Why is a Powerful Brand Strategy The Winning Element in any business? - 5 minutes read
Only the best companies succeed in staying at the front of consumers' minds in a competitive world. Because of this, it's crucial to concentrate on how consumers view your brand. Brands must discover their voice and learn how to communicate it to their customers because the retail business has a lot of direct and indirect competition.
In this post, we'll concentrate on the components of a strong brand. We'll also provide advice on how to combine these components into a brand strategy that will help people remember your company.
1. What is a brand strategy?
A brand strategy is a comprehensive method that specifies how a business will position itself in front of its target market. The purpose of branding is to make a company stand out in consumers' minds. A strong brand strategy can also increase sales, customer satisfaction, and brand loyalty. However, the fundamental objective of brand strategy is to construct an excellent impression and a bond with consumers.
2. Why is it important to develop a branding strategy?
What use is having the best product in the world if no one is aware of it? Nike Inc. Chairman Phil Knight
Before the product, there is the brand, and without an effective branding plan, neither your brand nor your products will be remembered. A brand strategy enables you to build trusting connections with the right clients. You've succeeded when consumers think of your brand as a real person.
Statistics highlight the significance of putting a strong brand strategy in place. 21% of consumers say they bought a new product because it was from a brand they like, and 59% of consumers prefer to buy from companies they trust. A brand is much more than just a name or a basic logo. There are a few characteristics that any brand strategy needs to concentrate on, even though these are the ones that people remember most clearly and are so significant.
3. The elements of a winning brand strategy
It's essential to understand and combine these factors before you begin developing your brand strategy.
a) Brand core
It's essential to understand and combine these The brand core, as its name implies, is the most crucial element of any brand strategy. The brand's core is made up of its core values, purpose, beliefs, and, most significantly, its brand story. You should be able to respond to the following inquiries to understand a brand's essence:
This is what helps you connect with your customers. More and more consumers are looking for brands that are built on solid principles and actively work to improve the world. Customers are ready to "payback" brands in this way. Consumer loyalty to brands that share their values is around 89%. before you begin developing your brand strategy.
The narrative a brand uses to communicate its basic values, tenets, and purpose is known as its brand story. When this happens, storytelling comes into play and draws in your customers.
Customers want to connect with a brand, as we've already established, and this is impossible without a brand story.
The P&G brand is one of the best success stories. The company has been promoting itself as a "Proud sponsor of Moms." This tagline was used in the majority of their ads and marketing initiatives, and it effectively evoked feelings. Who doesn't admire a company that helps mothers, after all?
c) Brand message
This is where a brand's personality, brand voice, and essence are found. The messages and tones a brand uses to convey a message across all marketing channels make up its brand voice.
You may find a brand voice that works for you based on the things you sell, your target market, and the essence of your company. There are a number of companies whose voices are recognizable because they have succeeded in creating an emotional response.
d) Brand “personality”
The sentiments your brand arouses in people are its "personality." How is your brand viewed by consumers? Is your brand the witty, dependable, old buddy or the green, environmentally conscious woman? Of course, each customer will view your brand differently because it depends on their individual circumstances and feelings.
All of the aforementioned factors come together to form the brand personality. Discovering them all and figuring out how to communicate them with the customers is crucial. The value proposition, tone of voice, and messaging pillars are further significant components of the brand message.
e) Brand visual identity.
A brand's visual identity is essential, especially for FMCG brands. Even the slightest things, like the font used on a bottle of soda marketed under that name, contribute to the company's visual identity.
f) Brand color selection
Due to the meaning associated with a select few elements and colors, most brands use them. Red, for instance, represents fervor or fury. However, this color manages to grab notice right away when it is applied to labels or packages. Consider how many companies have red in their logos or other graphic elements. Only a few FMGC brands used this color in their logo and packaging, including Coca-Cola, Red Bull, and Nescafe.
Yellow is another typical color in the retail sector. Yellow (and orange) are colors that can make you feel more hungry in addition to being a reflection of optimism and happiness. Because of this, several fast-food companies, including Mcdonald's and Subway, employ the color yellow.
Since sustainability and green retailing have become popular issues, several companies have begun to use the color green in their packaging. Brands that wish to promote their products as bio, eco-friendly, or healthy options utilize the color green. Customers seeking healthier or diet-friendly options will hunt for goods with green labels or packaging.
Let customers know your brand
Let your customers understand the "core" of your brand. You must discover a brand voice that embodies your beliefs and communicate a brand narrative that uses your visual identity. Your brand will be at the forefront of consumers' minds if you combine all of these factors.