Brand strategy is the how, what, when, and to whom you plan on communicating your product or service. Having a clear and concise brand strategy leads to stronger overall brand equity -- how people feel about or perceive your product, and how much they are willing to pay for it.It's the stuff that feels intangible, but it's that hard-to-pin-down feeling that separates powerhouse and mediocre brands from one another. So to help you rein in what many marketers consider more of an art and less of a science, we've broken down seven components of a comprehensive brand strategy that will help keep your company around for ages. So is your company's brand strategy smooth like Bond? Or will it leave your company shaken harder than Bond's martini?
Your brand’s strategy should be based on company goals. And just like James Bond wouldn't have gotten too far without a plan, your business will eventually hit a wall without a cohesive brand strategy. Sure, maybe you can finagle a big sale or trick a Russian spy or two, but one day you'll wake up and have no idea how your company got from A-to-Q -- it’s supposed to go from A-to-B, remember? And skipping steps is not how a great company that stands the test of time is built.
6. Be consistent. Make sure the attributes of your brand are clear and understood throughout all of your communications.7. Talk about things that relate to your brand.For example, if you add a new photo to Facebook, explain what it means to your company.
Customers can either think rationally about your product or they can think emotionally about it. Consider Harley Davidson as an example. Customers pay thousands of dollars more for a Harley than they would for another, equally well-made bike. Why? The emotional connection to being a Harley-owner. Harley owners feel they belong to a larger, tight-knit group. (HOG = Harley Owner’s Group)
Reward and Cultivate.Sometimes, just a thank you is all that's needed, but great brands also tend to give more than that. Write them a personalized letter. Do you have some extra special swag? Sent it to them. Ask them to write a review, and feature them prominently on your website. For example, Porsche reached 1 million Facebook fans quicker than any other automotive brand, so to thank its fans, Porsche made a wraparound for its GT3 Hybrid that included all 1 million names. No doubt the car company also received an extra bit of buzz for it. And showing how happy your current customers are with your product certainly helps your sales organization, too, because it shows the positive end result of becoming a customer.
So if your old tactics aren’t working anymore, don’t be afraid to change them just because it worked in the past. Take the opportunity to engage your followers in fresh, new ways. Are there some out-of-the-box partnerships your brand can make? Are there attributes about your product you never highlighted? Use those to connect with new customers and remind your old ones why they love you.
Take the competition as a challenge to improve your own strategy and create greater value in your overall brand. You are in the same business and going after the same customers, right? So watch what they do. Do some of their tactics succeed? Do some fail? Tailor your tactics based on their experience to better your brand and company. For too many years, American car companies ignored their foreign competitors. But they finally realized they needed to change their model for the changing times and tout a more fuel-efficient agenda to keep pace with foreign competitors.
Branding Strategy for Business By Vibrant Internet Marketing June 5, 2012 All rights reserved. No portion of this presentation may be duplicated without permission of the author. Vibrant Internet Marketing is available to provide customized presentations to your organization. Contact us at email@example.com.
Branding Strategy for Business• Brand strategy is how, what, when and to whom you will be communicating your services.• Having a clear and concise brand strategy leads to stronger overall brand equity• How people feel about or perceive your product will dictate how much they are willing to pay for it.• Even though it seems intangible, it’s that “hard- to-pin-down” feeling that separates powerhouse and mediocre brands from one another.
Branding Strategy for Business1. Your brand’s strategy should be based on your company’s goals.2. Your brand is not the services you offer, your logo, your website, your name or your tagline.Your brand is:• What your customers perceive about you.• How you make them feel.• Describing what your business does best beyond what you sell.
Branding Strategy for Business3. Solve specific problems.What problem(s) does your business solve for your customers?4. Play the word game.• Volvo = safe• Coke = refreshing• Disney = entertainment• Your Company = ?
Branding Strategy for Business5. Decide which aspect is the most important about your service and make it a part of every aspect of your brand communication.What is the most important aspect of Your Company?6. It is best to have one, clear “benefit” that you are promoting to avoid confusion and frustration on the part of the customer.
Branding Strategy for Business7. Be consistent. Make sure the attributes of your brand are clear and understood throughout all of your communications.8. Talk about things that relate to your brand.For example, if you add a new photo to Facebook, explain what it means to your company.
Branding Strategy for Business9. Connect emotionally.Customers can either think rationally about your product or they can think emotionally about it. Consider Harley Davidson as an example.
Branding Strategy for Business10. Reward and CultivateReward your customers who are your brand ambassadors. Cultivating loyalty from these people early on will yield more returning customers – and more profit for your business.
Branding Strategy for Business11. Stay Flexible and CreativeMarketing online is a fast-changing world. This frees you to be creative. If your tactics aren’t working, don’t be afraid to change them.
Branding Strategy for Business11. Watch Out for CompetitorsPay attention to what is happening online. You never know who else your customers are listening to. Your competitors are a challenge to improve your own strategy and create greater value in your overall brand.
Build Your Buyer Persona Start with your TARGET MARKET GROUPSExample Target Group #1: Baby Boomers (born 1946 – 1964) who are now age 66 – 48.Example Target Group #2: Business Partners
What are their biggest concerns?Example: What are Baby Boomers biggest concerns? – Health – Community Service • Health Care – Giving to Charity • Eating Right – Church • Exercise – Money – Family • Personal Finance • Grandparenting • Investment • Older kids • Saving Money • Empty Nest – Politics – Entertainment • Social Security • Music – Travel / Vacations • Books – Work • Movies – Retirement • Events – Home Improvement – Shopping • Do It Yourself • Coupons, discounts, etc. • Hiring Contractors • Reviews by Baby Boomers • Smart Home Technology
What are their biggest concerns?Example, what are Business Partners biggest concerns?• Getting Started in Business• Running Their Business• Funding Their Business• Marketing Their Business
What problems will you solve for them?Baby Boomers Business Partners – Information – Marketing – Connection to other baby boomers – Reviews – Entertainment
What do they need the most?Baby Boomers Business Partners
What information are they typically searching for?Baby Boomers Business Partners
What trends are influencing their personal or business success?Baby Boomers Business Partners
What kinds of content do they prefer?Baby Boomers Business Partners
What do they do online?Baby Boomers Business Partners
What service do they spend the most time reading?Baby Boomers Business Partners
Where are they most likely to be whenthey become aware of Your Company?Baby Boomers Business Partners
Where are they most likely to be when they research / educate themselves about BBG?Baby Boomers Business Alliance Partners
Where are they most likely to be when they compare your services with other services?Baby Boomers Business Partners
Where are they most likely to be when they decide to purchase your services?Baby Boomers Business Partners – Website – Website
Branding Strategy for BusinessFood for Thought:How will your measure the effectiveness of your brand strategy?We will discuss this in our next presentation, “How to Measure Online Return on Investment (ROI)”