What Is Brand Strategy?
Brand strategy is the process of creating a unique brand for a product or business and results should be measurable, such as reaching a new audience or launching a new product.
Unlike simply creating a brand, a brand strategy contains specific and actionable goals for the company to achieve using its brand.
Why Is Brand Strategy Important?
Brand strategy is important because it provides clear parameters and goals for businesses to measure success against. Brand strategy establishes these goals and a plan for executing them using brand tools and elements.
A brand strategy also helps businesses connect their brand to the larger vision of their operation in a clear and tangible way. It keeps the focus on how the brand connects to the purpose of the business and, ultimately, the customer.
By creating a brand strategy, businesses also create added incentives to adhere to their brand guidelines. A consistent brand is critical to an effective brand strategy. When a business is repeatedly evaluating their brand’s success, they open up opportunities to evaluate the consistency of the brand over different channels as well.
How Do I Develop a Brand Strategy?
Businesses can develop a brand strategy in-house or hire a brand strategy expert to offer insights. Check out these 6 steps for developing a strong brand strategy.
Here are the steps to develop a brand strategy:
- Set a goal for the brand strategy: When developing a brand strategy, begin by setting an overarching goal for the brand. This goal can be to increase awareness of the company, launch a new product, or enter a new market.
- Evaluate core values, mission, and vision: Take time to consider how your business’s mission aligns with the goals set for the brand strategy. Evaluating your core values and vision for the business in the context of your brand strategy goals will help align all brand objectives.
- Identify a target audience: You may already have an established target audience, but an effective brand strategy requires thinking about your audience through the lens of your brand. What colors do they respond to? What types of fonts are attractive to them? Consider these questions when designing your brand strategy.
- Create core messages and tone of voice: Research your target audience and reflect on your company’s core mission and values to help inform the core messages of your brand.
- Establish a visual signature and identity: Create a visual identity that reflects your company values and appeals to your customer base. Select a color palette and a logo that helps achieve the brand strategy goal established at the beginning of the process.
- Set goals for promoting the brand: Decide how and where to promote your brand. You can promote your brand online on a website or social media, or in person with print collateral. Establish metrics and benchmarks to measure engagement and effectiveness of the brand strategy.