A brand can make you billions! Now if you don’t agree with us, let’s talk about, or rather.
Your brand is what other people say about you when you’re not in the room.
Mr Jeff Bezos, CEO of Amazon
Now you can’t disagree with the richest man on Earth! A brand acts as an official standard for the prediction of any new product’s response from its audience. According to a survey conducted by NielsenIQ, only 41% of consumers buy products irrespective of the products” brands. The majority loves to brand shop’ so first, let’s talk about what is branding and how can we build an effective brand strategy.
The summarized version of a company’s heart and soul is what a brand represents. A brand will become a company’s reputation for as long as that company goes on to exist. The overwhelming task of building a brand strategy would require thorough research and smooth execution.
10 steps to build an effective brand strategy
1. Purpose
The first step towards building an effective brand strategy is to answer the question “WHY”. This roughly means to know the essence of the brand, the niches behind this idea of brand formation and what one wants to achieve or what one would expect out of the brand. A clear picture of a brand’s purpose would help to provide. Clarity through making it into a successful onel
2. Competitors
After the purpose’ has been found) out, it’s time to go outside and look, for competitors and substitutes Any other brand out in the market that could challenge the foundation of the ‘infant brand and would provide similar opportunities to customers. This screening would help the amateur brand to understand the market nature and the influence their competitors have on the market pattern.
3. Target audience
The next step is to identify connect and related to the target audience best suited for the brand. This will save enough efforts of the R&D team and will also be an efficient catalyst towards. optimisation of the company’s resources. The target audiences expectations and preferences should be balanced to create a loyal base in the long term.
4. Vision and Mission
A company without visions and missions doesn’t get anywhere and a brand incapable of communicating visions and missions doesn’t stay for long. Customer trust and employees’ motivation comes from a clarified sphere of visions and missions. A short-sighted approach reaps shorter outcomes.
5. Quality analysis
The brand, after defining its reason for existence to the world, has to now make sure to convey what about benefits and facilities they can provide to their customers. To do that, a strict procedure has to be followed internally in the company to identify the doability of the same.
6. Unique approach
To stand out from the crowd and avoid herd behaviour, the company has to look for a unique approach to connect to its audience. It can be in form of their objectives, their messages to the non-customers or a particular tool of aid that would make me different or even better from the others!
7. Marketing
There couldn’t be enough focus on this part of our branding strategy Marketing can be defined as a medium for the company to come in contact with the real world! If your marketing strategies and decisions don’t work out or won’t be even close to attracting the target audience, it would be a company anymore, just a closed business!
8. Representation
A subtle logo and a relatable tagline would make up for the brand’s lost or unaware efforts! The logo should be attractive and its relation to the tagline would just act as a cherry on your sundae top! Let’s talk about Starbucks and Dunkin’ Donuts, before you get hungry, let’s closely look into their logos and taglines. Both the companies sell similar products but have a unique representation.
9. Execution
A brand strategy would fail if one doesn’t know how to compile all the findings into one book of instructions. From the brand’s social media presence to its capability of being ‘found’ is one of the ways to know that the brand is just not another brand in the market. A streamlined allocation is to be made for the various stages. towards building a brand so that the outcome wouldn’t differ from the ‘blueprint!
10. Follow-up
In an era of digital media and virtual business, only a fool would be stupid enough not to bring any change or improvement into their brand. An efficient brand strategy doesn’t stop after its brought to life but will continue as far as the company would go A follow-up with customers after they have availed the brand’s services would be one of the ways to do it. It not only helps the company to keep up with the ongoing trend but also to build a loyal customer base.
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