Your brand’s strategy should be based on company goals. And just like James Bond wouldn’t have gotten too far without a plan, your business will eventually hit a wall without a cohesive brand strategy. Sure, maybe you can finagle a big sale or trick a Russian spy or two, but one day you’ll wake up and have no idea how your company got from A-to-Q — it’s supposed to go from A-to-B, remember? And skipping steps is not how a great company that stands the test of time is built.
Brand strategy is the how, what, when, and to whom you plan on communicating your product or service. Having a clear and concise brand strategy leads to stronger overall brand equity — how people feel about or perceive your product, and how much they are willing to pay for it.
It’s the stuff that feels intangible, but it’s that hard-to-pin-down feeling that separates powerhouse and mediocre brands from one another. So to help you rein in what many marketers consider more of an art and less of a science, we’ve broken down seven components of a comprehensive brand strategy that will help keep your company around for ages. So is your company’s brand strategy smooth like Bond? Or will it leave your company shaken harder than Bond’s martini?
Tie Your Brand to Your Business Model
Let’s clear up the biggest misconception about brand strategy right now. Your brand is not your product, your logo, your website, or your name. It’s what your customers perceive about you, and how you make them feel. Chances are you’re not the only company out there selling your product or service. Figure out what your company does best beyond what you sell, and make it a part of your brand strategy.