Brand Strategy isn't simple and is not a one-time process. That's why it remains in the back burners of most business leaders or is ignored completely thinking we are building a product-based business so what have we got to do with branding?
The reality is that you are constantly making brand strategy decisions for your business but when it's not designed consciously or reviewed the chances of failure are much higher.
From the time you named your business, to the first team hiring, the product that you built or the features you are constantly adding are all elements of brand strategy and if done consciously yields better growth for business.
With the increase in digital media ad rates and Apple's data policy, targeting ads have become expensive and often futile.
So then what is in your control that will ensure your brand and business WINs? Organic brand building is something that is in your control even if it's time-consuming. When planned and executed over a sustained period brand becomes a MOAT for your business.
As branding guru Marty Neumeier says, a brand strategy is “a plan for the systematic development of brand in alignment with a business strategy.”
The way to implement brand strategy is illustrated below in 5 simple steps.
1. Define SMART goals to WIN i.e. define what success looks like WIN for your brand hence your team.
2. What's your playing field? Which category are you playing in and what kind of competition do you have? Can you win in small portions i.e. dominate or create a subcategory as a brand?
3. How will you WIN i.e. how will you create a differentiation in the market and what positioning will you try to occupy? What is the distribution strategy for reaching that positioning? (3Ps of marketing)
4. What will be the role of the business and brand in the lives of your customers or consumers? The role needs to be both functional and emotional.
5. Who will help you achieve this strategy and what will they need? Here's where culture steps into brand strategy where you define the 'attitude', 'skills' and KPIs and OKRs of the team members so that they can move quickly towards achieving the goals of the organisation.
Founders usually answer these questions in their heads when they start the business. But as your business starts to grow, you need to document these, discuss and iterate the strategy specially the last 4 points so that the 1st goal is met.
Startups are about pivoting and improving, sometimes even point 1, i.e. the goal can change. Netflix and Instagram are two successful brands that pivoted gracefully and have survived the test of time.
This means these 5 points must be revisited repeatedly to finalise the brand strategy.
Do you find this too broad, then keep following this space as we go deeper with each post about brand strategy and how to build it.
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