The same way an architect draws out a building plan before they begin construction, you need to develop a brand strategy for your company.
Building customer loyalty through strategic branding helps you stand out from your competition.
This article will teach you how to grow a brand that stands the test of time using branding methods and essential elements.
What is Brand Strategy?
In a business plan, brand strategy outlines how a company will build rapport and favorability within its market. Brand strategy aims to become memorable in the eyes of the consumer so that they decide to patronize your business over your competitors.
A well-defined and executed brand strategy impacts all aspects of a business and is directly linked to consumer needs, emotions, and competitive environments.
Let's clear up the biggest misconception about brand strategy: Your brand is not merely your product, your logo, your website, or your name.
The things that feel intangible are all part of your brand. Branding is that intangible feeling that differentiates powerhouse brands from forgettable ones.
Elements of a Brand Strategy
Brand strategies include the following elements:
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Being aware of the competition
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Purpose
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Maintaining consistency
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Loyalty
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Getting employees involved
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Adaptability
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Emotion
1. Competitive Awareness
You can use the competition as a challenge to improve your own strategy and increase your brand's value. The businesses you're in and the customers you're targeting are the same, right? Keep an eye on them.
How successful are some of their tactics? Are there some who fail? To better your company, tailor your brand positioning according to their experiences.
Keeping tabs on your competitor's social mentions for HubSpot customers is easy using the Social Monitoring App. Learn how to set up custom social streams in this article.
The key takeaway
It's essential to stay on top of your competitors' strategies if you want to enhance your brand, but don't let them dictate your every move.
You probably sell a similar product or service to many other companies, but your brand makes you different. Your differentiation is lost if you focus on every move your competitor makes.
2. Purpose
Defining your brand positiox`ning requires an understanding of what your business promises, but knowing why you wake up every morning matters more.
The purpose of your business serves as a differentiator between you and your competitors.
How can you define your business' purpose? Purpose can be viewed in two ways, according to Business Strategy Insider:
- Functional: Business success is measured by immediate and commercial factors, i.e., making money is the main goal.
- Intentional: The concept of success relates to making money and doing good in the world.
As much as making money is crucial to almost every business, we admire IKEA's willingness to go beyond profitability:
IKEA's vision isn't just to sell furniture but rather to "create a better everyday life."
This approach appeals to potential customers, demonstrating their commitment to providing value beyond the point of sale.
The key takeaway
Consider this example when defining your business' purpose. Even though making money is a priority, it isn't enough to differentiate your brand from the competition.
Our advice? Don't be afraid to dig a little deeper. Take a look at the mission and vision statements of brands you admire for inspiration.
3. Consistency
Consistency involves avoiding talking about things that don't enhance or relate to your brand.
Have you updated the photo on your business's Facebook page? How does it affect your company? Was it just something funny that confused your audience, or does it align with your message?
In order to build a platform for your brand, you must ensure that your messaging is cohesive. In the end, consistency contributes to brand recognition, which fuels customer loyalty. It's not a big deal, right?
Coca-Cola is a great example of consistency. Every aspect of the brand's marketing is harmonious because of its commitment to consistency. As a result, it has become one of the world's most recognizable brands.
The seamlessness of its brand is evident even on its social media accounts, such as Instagram, Facebook, and LinkedIn:
The key takeaway
Consider creating a style guide to avoid leaving potential customers struggling to connect the disconnected pieces of your business.
From the tone of voice you will use to the color scheme you will employ to how you will position certain products or services, a style guide can cover it all.
Defining and agreeing upon these considerations will benefit your brand as a whole.
4. Emotion
There are times when customers aren't rational.
Why would someone pay thousands of dollars more for a Harley than to buy another cheaper, equally well-made bike? Somewhere, there was an emotional voice whispering, "Buy a Harley."
Why is that?
As part of its emotional branding strategy, Harley Davidson cultivates a sense of community around the brand. To connect their customers with their brand (and each other), Harley started HOG-Harley Owners Group.
Providing customers with the opportunity to feel like they're part of a larger group than just motorcycle riders, Harley Davidson has made itself an obvious choice for anyone looking to purchase a motorcycle.
Why? Relationships are innately important to people.
This need is best described by psychologists Roy Baumeister and Mark Leary in their belongingness hypothesis, according to which "people have a basic psychological need to feel close to others, and affectionate bonds that arise from close relationships are an important part of human behavior."
The need for belonging - the desire for love, affection, and belonging to a group - falls right in the middle of Maslow's hierarchy of needs.
5. Flexibility
To remain relevant in this fast-changing world, marketers must remain flexible. You can be more creative with your campaigns as a result.
The question may arise, "How can I remain consistent and flexible at the same time?".
Good question. In contrast to consistency, flexibility allows you to make adjustments that build interest and set you apart from the competition.
Old Spice is a great example of this type of strategic balance. There is no doubt that Old Spice has become one of the most successful brands in terms of its marketing efforts.
For many dads, Old Spice was an unspoken requirement up until recently. Today, it is one of the most popular brands among men of all ages.
The secret? Adaptability. The Old Spice brand knew it had to do something to gain a new customer base, so it teamed up with Wieden+Kennedy.
By enhancing its already strong brand with new commercials, a new website, new packaging, and new product names, Old Spice was able to capture the attention of a new, younger generation.
The key takeaway
Do not be afraid to change your tactics if your old ones are no longer working. A strategy that worked in the past may not work today.
Don't miss out on the chance to engage your followers in a fresh, new way. Would your brand benefit from some unconventional partnerships? Are there any aspects of your product that you haven't highlighted? Your old customers will appreciate you for reminding them why they love you by using them as a way to connect with new customers.
6. Employee Involvement
Building brand recognition requires consistency, as we mentioned earlier. Although style guides can facilitate a cohesive digital experience, your employees must be able to communicate with customers and represent the brand effectively as well.
You wouldn't want a customer to call in to a grumpy, monotonous representative if your brand is playful and bubbly on Twitter, right?
Consider Zappos' approach to avoid this type of mismatched experience.
You know what I mean if you've ever spoken with a Zappos customer service representative. Visit this SlideShare for some of the company's most inspiring customer service stories if you haven't already.
The key takeaway
Zappos has built a reputation for providing solid, helpful, and human customer service by sticking to its core values and helping other companies follow suit.
7. Loyalty
Reward those who already love your company, your brand, and you.
Your customers are your brand ambassadors because they write about you, talk about you, and tell their friends about you.
More loyal customers will mean more profit for your business if you cultivate their loyalty from the beginning.
Sometimes, a simple thank you is all that's needed. Other times, it's better to go above and beyond. Send them a personalized letter. Send them some special swag. Encourage them to write a review and feature them prominently on your website. (Or all of them!)
The key takeaway
In order for your sales organization to succeed, loyalty is an essential part of every brand strategy.
It sets the tone for what potential customers can expect if they do business with you if you show a positive relationship with your existing customers.
Branding Methods
1. Attitude Branding
An emotional connection between a brand and its customers is referred to as this form of branding.
This type of branding has been perfected by Nike. Nike's 'Just Do It' slogan promotes a lifestyle that customers can enjoy by wearing its products.
By using such a slogan, Nike promotes the idea that every customer is an athlete.
2. Individual Branding
A product or service gets a unique identity, perhaps under a different brand name, to attract new customers.
Unilever is an excellent example of a brand using individual branding. Among its three divisions, some of the best-known brands are created by each.
3. Product Branding
The most popular type of branding is product branding. To create a unique identity for a product, the brand associates a logo, name, color, and design with it.
Adding life to products and increasing their uniqueness makes it one of the best branding methods.
Apple's MacBook offerings are a great example. Branding such as 'Air', 'Pro', and 'Mac' reinforces the quality of the products.
4. Co-Branding
An amalgamated brand is created through co-branding, also known as a brand partnership.
In addition to combining market strength and increasing customer bases, this method also increases perceived value.
The Nike-Michael Jordan collaboration is one of the most popular co-branding examples. Globally, Air Jordans are among the most sought-after and recognizable footwear.
This type of branding is usually used by brands that prefer to let products speak for themselves.
5. Minimalist Branding
The minimalist branding employed by MasterCard is an excellent example.
The red and yellow circles may not mean anything to us, but you'll recognize them as MasterCard's.
6. Brand Extension
When a company uses one of its popular or established brand names on a new product, it is known as unique branding. Using existing brand equity to boost the latest product is the idea behind this method.
Due to the brand extension, companies using it hope customers will be more receptive to the new offering.
Branding includes logos, color palettes, and fonts. Using HubSpot's Brand Kit Generator, you can create your own.
The Importance of Strategic Branding
In an oversaturated market where all brands look alike, managing a brand is even more challenging.
It is crucial to highlight what makes your brand unique in an oversaturated market - and that is what strategic branding is all about.
Developing a strategic brand allows you to future-proof your business and differentiate yourself from the competition. It strengthens your brand value, sales power, and customer loyalty when you communicate uniqueness to customers.