Brand strategy? Is it a logo, or is it a business plan? The term "branding" gets thrown around a lot, but most business owners don’t actually understand the power a good strategy holds. It's not just a buzzword for marketers and designers; it’s the foundation of your business and your most valued asset.

Did you know Apple’s brand accounts for 60% of their value? Sounds pretty important, right? Let’s learn how to use it…

First, let’s clear something up…

There are some pretty common misconceptions about branding that it’s crucial for us to dispel…

• It's Not Just a Logo: While your logo is an important visual asset, it's just the tip of the iceberg. Brand strategy is the essence of your brand, including your values, messaging, and every interaction with your customers.

• Not a One-Time Task: Brand strategy isn't a one-and-done deal. It's an ongoing, evolving process that continually adapts to market changes and the growth of your business. Think of it as the ever-present compass that keeps your brand on course.

• Not a Luxury: Some might mistakenly believe that brand strategy is a luxury reserved for big corporations with hefty budgets. In reality, it's equally, if not more, crucial for small businesses. In a competitive market, having a well-defined brand strategy is your ticket to standing out and making a memorable impact.

Many believe branding is confined to a logo or, at best, a visual identity. It's a common misconception, and I don't blame anyone for having this notion. The term "branding" is thrown around so liberally that its true meaning often gets lost in the noise.

Okay, But Why should I care?

Why should you bother? With a million other things already on your to-do list, it's a valid question. But here's the deal: neglecting brand strategy can lead to unfocused marketing efforts, wasted time, and money down the drain. However, a good strategy sets the stage for unrivalled business success…

What can strategy do for my business?

• Create a Loyal and Engaged Customer Base: Develop emotional connections with your target audience, transforming them from one-time customers into steadfast advocates.

• Informs Your Business Decisions: Strategy acts as an unwavering guiding star, bringing clarity and effectiveness to all your business decisions, from crafting impactful marketing campaigns to optimising customer service interactions.

• Slashes Marketing Costs: Save significantly on marketing expenses by establishing a strong and recognisable brand that naturally draws in customers.

• Rising Above the Competition: Stand head and shoulders above competitors in the marketplace, securing a distinct competitive advantage.

• Empowering Premium Pricing: Enable your business to command premium pricing for your products or services, ultimately boosting profitability.

I’m sold, teach me how…

First, understand that brand strategy is a comprehensive process, not a quick fix. It won’t happen overnight, but don’t worry; here are some essential action points to kickstart your strategy:

• Start with Self-Reflection: Get to know your business, values, and goals, analyse where you sit in the market, analyse where you want to sit in the market.

• Conduct thorough Market Research: Analyse competitors and spot opportunities.

• Get to know your audience: Understand your target customers deeply – what do they do, where do they hang out, what are their fears and desires, and how does your product help them solve their problems?

• Define your Positioning: Define where your brand stands in the market in relation to what your audience needs to solve their problem.

• Craft your Messaging: Develop a brand message that resonates with your audience's journey from having a problem to not having a problem.

• Align your visuals: Develop visual elements that mirror your brand's messaging, values, positioning, etc.

• Implement your strategy across touchpoints: Outline how your strategy will be executed across your social media, website, documents, online presence, and even how your staff will act.

Remember:

As McDonald's CMO once said, "Our head of social media is the customer." 

The most important part of brand strategy is your audience; create an ideal customer profile to help you! The customer must be the foundation your brand is built upon, or else how will you sell to them?

It's clear that brand strategy isn't just a buzzword; it's the foundation of your business's success.

Dedicate the time and effort to your brand strategy to achieve business longevity.

It’ll be worth it, trust me.

Ready to get started? Download our FREE Brand Strategy Template to kickstart your journey.

Don't let them ignore you.