Brand Strategy - do you need it in your business?

In today's highly competitive world, a well-defined brand strategy is important for any business. The brand and the community you build are among the most valuable assets in your company. Effective implementation of this strategy impacts every area of your business and is closely linked to customer experience, their emotions, and how your brand is perceived by the audience. In this article, we will take a closer look at the definition of brand strategy, its key elements, and explain in which businesses it is worthwhile to conduct strategic workshops and what benefits a brand strategy truly offers.

Table of contents:

1. What is brand strategy?
2. What are the elementes of a well-defined brand strategy?
3. When is the right moment to work on brand strategy?
4. What benefits does brand strategy have for businesses?
5. Is brand strategy needed in small business?

1. What is brand strategy?

Creating a name or an amazing logo is important, but many business owners don’t realize that building a strong brand requires much more than that. A brand strategy sets the goal and plan that guide your future branding and marketing efforts, as well as the creation of a visual identity. It helps build and maintain a strong and positive reputation. Without a brand strategy, you can’t determine if your brand is heading in the right direction or not. Simply put, a brand strategy helps define what actions to take and which to avoid to achieve the best results and establish a strong market position.

That’s why, a brand strategy should clearly communicate what you do, how you do it, for whom, and why. It should also convey what emotions and associations you want to evoke in your audience. These intangible elements create the brand identity and actively influence its perception.

2. What are the elementes of a well-defined brand strategy?

Depending on the type and size of the business, a strategy can look different. The right actions are determined through a needs analysis, as every business is unique. Sometimes, the process requires involving multiple people to conduct research and testing. Brand strategy is very complex, and each of the following elements could be explored in a separate article. Strategic workshops for a small business will look entirely different from those for a corporation. With this in mind, let’s explore the elements of a well-defined brand strategy.

Brand Positioning - Brand positioning is the process of defining how a brand is perceived in the minds of customers. Competitor analysis helps identify competitors’ actions, predict potential challenges, and provides a better understanding of the market, the needs of your target audience, and their behaviors. This allows you to determine a unique value proposition that attracts customers, increases their loyalty, and distinguishes the brand from competitors.
Core Values - To effectively position your brand, you must identify its fundamental principles and beliefs, that influence everything you do in your business – from product development to customer communication. They serve as the moral and ethical compass of your company, defining what matters most to you.
Mission Statement - The mission defines the primary purpose and reason for your company’s existence. It speaks about why it was created in the first place and the value it wants to deliver to customers, employees, and the community. It should be short (usually one sentence), inspiring, and aligned with your brand’s values.
Brand Promise - This is a commitment you make to your customers, assuring them of a specific benefit they’ll receive from using your products or services. It should be something achievable, believable, and consistently deliver to build trust and loyalty. Example: FedEx guarantees “On-Time Delivery” – demonstrating the reliability that customers can depend on.
Brand Vision - Brand vision captures your dreams and goals for the future. It shows where you hope your company will go. It should be big and inspiring, guiding the path you want to take. Vision is more future-oriented than the mission, helping you plan how to achieve those dreams.
Tone of voice - Tone of voice is how a brand communicates with its audience. Every company needs guidelines for how they talk to keep things consistent. It defines the style, narrative type formal and corporate or maybe casual and informal?). Your tone of voice should fit the people you’re talking to, your targeted audience, and what they like.
Targeted Audience and Ideal Customer Profile - Defining the target audience and ideal customer profile helps understand the needs, desires, and behaviors of potential customers. The analysis helps answer questions such as:
1. Who is your ideal customer and what do they need?
2. What are their buying motivations?
3. What communication channels do they prefer?
4. What is their customer journey?
This is important if you want to consciously reach the right customers and not focus your efforts in the places you don’t need to.
Brand touch points - Brand touchpoints are all the places where your brand interacts with customers. These can be physical locations or products, such as stores, flyers, posters, as well as digital elements like websites, social media, or email marketing. Touchpoints should match your target audience. A good brand strategy will help you focus on the right channels of engagement.

3. When is the right moment to work on brand strategy?

This is a common question clients ask about brand strategy. While it’s easier to make changes and shape different aspects of a brand early on, it’s also crucial to regularly review and update your strategy as needed. When you’re starting out, having a solid strategy is vital for setting your business’s direction, defining goals, and laying the groundwork for your brand.

But there are also other times when it’s smart to dive deeper into your strategy, like before launching a new product or service, or when there are shifts in the market or your company’s structure. It’s important to communicate these changes effectively both to your audience and within your team.

It’s worth pointing out, that there’s never a bad time to invest in your brand’s strategic development – in fact, the sooner, the better. Being prepared for change helps you stay ahead of new challenges.

4. What benefits does brand strategy have for businesses?

It helps position your brand, find a niche, and stand out from the competition.
It helps you identify areas for improvement and where to focus your efforts.
It gives you insight into your target audience’s needs and problems, increasing your brand’s authenticity and credibility in their eyes.
You know how to communicate with your audience and tailor your message to their preferences.
It helps maintain consistency across all communication channels.
It increases the value of your business.
It makes it easier to collaborate with subcontractors by providing clear guidelines.
It saves money by making your branding and marketing efforts more effective.

5. Is brand strategy needed in small business?

Not many small businesses opt for strategic workshops, but, it’s worth mentioning that brand strategy isn’t just for big companies with big budgets and resources. Even though budget might be a concern for small businesses, it’s important to remember that brand strategy helps you use it more effectively. Strategic workshops help identify and focus on key areas of your brand, laying a solid foundation for future branding and marketing efforts.

Every business has different needs, so strategic workshops don’t have to be as complex with small businesses as those done in big firms. However, creating a logo or visual identity without considering strategic goals results in merely an aesthetic project without deeper meaning. That’s why even startups or small businesses can benefit from implementing brand strategy, especially considering how often this aspect is overlooked in such businesses.

So, do you have a brand strategy implemented in your business? Or are you still figuring things out? If you have any questions, feel free to reach out to us at hello@studiokontekst.com.