A brand strategy is a way to give your business an identification, so unique that it stands out in the business arena, adds value to increase customer loyalty and helps you establish yourself as the expert in the industry.
A good branding strategy would create an image of your business such that you are perceived as exactly who you claim to be. This means that whatever you promise to deliver should be delivered in exact terms in order to ensure that your target customers believe whatever you claim to be.
There are four aspect of creating a brand strategy:
1. Brand Vision – this is what you want your business to be perceived as, what you want your brand to become. This is an internal aspect of branding strategy. You get to decide how you want the people to look at your business. Also, this is a fixed variable in the whole branding strategy. It is not recommended to keep changing the brand vision. Changing the brand vision from time to time makes it difficult for people to identify your business.
2. Brand Positioning – this tactic of creating the brand strategy helps identify your target market. You cannot satisfy everyone in the market and therefore, you need to select a niche that you plan to target foremost. You can approach the rest of the market once you have created powerful monopoly in your main target market.
Once you have identified the target market, start figuring out which media channels you are going to use to approach this market and what kind of content would be most relevant for them.
3. Brand Promise – once you have identified a target market and a way to communicate with them through media channels, create a brand promise. This can include a mission statement, a tagline and a value addition statement. Once decided on what you want to promise your target market, communicate it to them.
You can use the online social media channels or traditional offline ones to communicate your brand promise. Next up, find out how much of an impact has your brand promise created on your target market and how willing are they to try your business out.
4. Brand Delivery – this is the final and most crucial step. You have created a brand vision, decided on what you want to be perceived as and have let your target market know what you promise to deliver them. Now it is time to make the actual delivery. Make sure the products and services that you have on offer are in line with your brand promise and people are satisfied with the results. Measure brand delivery results with reviews, feedbacks, number of complaints and number of referrals.
Once you have measured the results of brand delivery, calculate the gap between brand promise and brand delivery and close it as soon as possible with brand integration strategies.
A good branding strategy gives you control over your profits and help you sustain success. With the help of good accountants, like SK Financial CPAs, you can easily create a brand vision, deliver the brand promise and close the gap in the between!