importance & benefits of brand strategy
Table of Contents
In football, teams do not go into a game without a strategy to win. In war, armies do not go into battle without a strategy to win. In medicine, doctors do not go into surgery without a strategy to win.
Those that fail to strategize lose, or at minimum, encounter more difficulty than if they had strategized.
In business, brand strategy is what allows an organization to outmaneuver the competitors and conditions in its market. In other words, it’s how businesses strategize to win. It also has other benefits, from improving efficiency in several key areas (marketing, new business development, brand awareness, etc.) to charting a course for the future of a brand.
Brand Strategy is the key to WINNING
Business is a game of categories. Some businesses just play to compete, while others play to win. Brand Strategy, by definition, is where a brand strategizes to outmaneuver the competitors and conditions in its respective market. Brand Strategy is the key to winning.
The aim for every business should be to win – and truly ‘winning’ means being at the top of your category.
There are a few schools of thought on how to get to the top of a category. The first is disrupting a category (brand positioning) and the second is creating a new category altogether (onlyness).
So what’s the difference, you ask?
A “disruptive brand” will affect a category so much so that it pulls a lot of the market share away from its competitors.
An “only brand” will create its own category and, quite obviously, be at the top – therefore capturing 100% of the market share.
Tools within the Brand Strategy toolbox are what allow brands to disrupt categories or to create their own.
In order to understand buyer behavior, why a brand is chosen over its competition, and customer pain points – in-depth interviews and surveys must be conducted. And in order for everyone to understand the brand and what makes it unique – purpose, mission, vision, and values must be established.
These are the brand strategy tools that will help you win.
Efficiency, efficiency, efficiency!
How often do you wonder if your marketing dollars are spent effectively? Or if you’re chasing the right types of new business? Or if your brand is becoming well-known?
Brand Strategy cuts out that uncertainty:
In-depth interviews with your customers tell you where to market them, how to speak to them, and why they chose you to begin with.
Ideal client design allows you to look at each market segment you do work for and prioritize certain types of clientele over others.
Brand positioning and onlyness afford you the opportunity to become specialized in something; a market, a demographic, a particular service, etc.
The list could go on and on…
In essence, Brand Strategy ensures every part of a business is as efficient as it could be. From eliminating overspending in marketing to avoiding the pursuit of market segments that aren’t profitable or are in decline – it pays dividends.
Brand Strategy scopes may seem daunting or front-heavy in general, but the upfront time and costs associated with it are pennies on the dollar in comparison to a murky alternative.
A map for the future
All businesses have goals and objectives, but are they cross-referencing the conditions of their market? Are they looking at what their competitors are doing and how they are trying to best them at every waking moment? Chances are – they aren’t.
Discovery exposes what is working and what isn’t working.
Market Research unearths opportunities and risks alike.
Positioning ensures the brand in question is different and recognizable.
All of these items (and others aforementioned above) inform the brand’s purpose, mission, vision, and values (known as Brand DNA here at vnzo) and paint a crystal clear picture of the future.
Who in their right mind wouldn’t want to be armed with this lethal information when discussing the future of their company?
Summary – Why is brand strategy important
Brand Strategy, done properly, is arguably the best investment a business can make. It ensures efficiency, charts a course for the future, and empowers brands to WIN.
How could Brand Strategy affect your organization?
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