Does your company logo have an impact on your target audience? If not, then maybe it’s time to get back to your roots and analyse where you went wrong. It is pretty much possible to fail in the very first instance and there are several reasons for it.
But, all you can do from this is learn and determine your mistake so that you do not repeat it in future. Here’s how you can start from scratch by clearly understanding the meaning of brand strategy.
In simple words, brand strategy is a plan which clearly defines long term goals of the product or service. It is the combined efforts to improve the company’s reputation and product that helps you to build a brand.
The most essential components that make a brand are discussed below:
Right at the birth of a brand it makes a promise to its audience. But, if there are 5 other brands selling same products they are likely to make five similar promises. Well, here is where you ought to pick the right opportunity and make unique yet right promise.
Remember, that your brand promise should go along the lines of business reputation and brand positioning. In other words, there should be synchronisation between your brand, parent company and brand positioning.
If you fail to hit the right chord (emotion) you might fail in reaching your potential audience. For instance, a life insurance company is less likely to pick humour to communicate their message considering the service is crucial and involves life as an integral aspect of the brand.
Your customers must enjoy a feeling of belongingness towards the brand only then can you link your brand and audience. You can also use Maslow’s theory wherein you connect emotion based on the needs.
For this purpose, it is very much essential to understand perspective of your audience so that you can trigger them to purchase your brand through right emotion.
Customers are exposed to a pool of advertises all through the day. This makes it difficult for them to remember one particular brand. This why you need to constantly remind them about your product/services can give recall about your brand to your target audience.
This way, you will remain on top of the mind of your customers and they are less likely to ignore your presence. In fact, they will recall your brand when the need arises.
At times, marketers and brand managers carry out primary research to understand their target group. One way to not go wrong in this research is to ask employees of your company the same questions.
There are two benefits of doing this-firstly you acquire an instant reply and don’t have to wait for their response. Second and most importantly you acquire an honest opinion required to develop build brand reputation.
It is important to evolve with the world because you do not want your brand to come last in the race. For instance, if the world is adopting digitisation and promoting brands through social media platforms then you cannot stick to mere traditional medium.
Instead, you can plan a media mix which includes a combination of both mediums. This way, you can reach your audience precisely and there are less chances of your campaign to fail.
You should also have a flexible financial approach where in if you run short of a thousand pounds, you have a back-up option to run your strategy. Alternative finance providers are one such financial assistance that can save you from temporary financial crisis. There are some well-known companies which can offer loans at a quicker pace and flexible repayment options that suit your business.
Once you have been successful to accumulate significant amount of customers in your kitty the next step is to retain them. Most marketers and brand managers believe that, ‘it is easier to retain an old customer than find a new one.’
Well, it is rightly said as convincing a new customer means starting the process from scratch plus additional resources. While retaining a customer involves convincing your customer to re-consider you.
Rewarding your customers is one way to keep them stick around your brand. A personalised letter or mail to your customer can also encourage them to purchase your brand again. You can also ask them for their recommendations regarding your services or product features. This will help you to improve your branding strategy and overall campaign.
Apart from this, it is equally important to note activities of your competitors. This will help you to understand which tactics work in the industry and which don’t. Based on this you can alter your brand position and brand identity and enhance your brand.
Moreover, branding is all about understanding your audience and positioning your brand in the right way.