Defining your brand strategy
The worst nightmare is when you define your brand that does not convey — who really you are and what really you do? If so, need not panic. And instead, you can visualize the big picture of your business before contemplating the tone in which you are going to engage your target audience on various channels.
Before dwelling into more detail, let us clear the misconception around brand strategy. We usually think that our product/ logo/ your name/ website is our brand. You are mistaken because — these are not exactly your brand. Then, what is a brand meant for you?
Brand strategy helps in defining your specific goals such as: How your customers view your product or service; how to differentiate your business from your competitors, so on. A brand strategy that is a powerful marketing tool, and with this tool, business firms (either established or new) can retain their customers through a long-term loyalty. Determining and positioning your brand strategy is crucial before expanding into the other aspects of your business. This avoids the risk of working backward in trying to get your brand resonating with the taste of your customers.
Your brand purpose
While defining your brand positioning, understanding your business promise alone will not meet your goals. Moreover, it needs to be more specific, thus differentiating between your business and your competitors. Purpose is developed upon your strong beliefs, to define the activities of your organization, thus it serves itself as a differentiator to your competitors. In essence, the sole purpose of every business is to make money; however, those brands that create more value than just a business profitability are more valued. An ideal example is IKEA; its vision is not to sell merely the products alone (i.e., furniture), but rather “to make everyday life better” for their consumers. This is more appealing to their potential consumers as it reflects the company’s commitment to value, other than that of the point of sale.
Clear brand purpose and associated benefits
Brands that have a purpose can:
- Improve consumers’ lives
- Differentiate from competitors with a focused long-term strategy, along with a comprehensive message
- Be competitive with strong corporate culture, coupled with a clear vision for the brand’s long-term mission
Brand purpose and its important
Every organization has vision as to what it does (e.g., selling its products); while the other does know how it does it (e.g., via a precise brand differentiation strategy). However, very limited numbers know why they do it. Customers, today, expect that the brands which they buy should resonate with their buying aspirations, and thus adding value to their lives, for example, as COCA- COLA does it.
To conclude, once a purpose is made which needs to be accompanied by an authentic, sustainable, and long-term committed strategy from your brand, to sustain. This helps ending up in a great business impact, of late.
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