In order to understand what exactly a brand strategy is, one must first define what a brand is. By definition, a brand is the perceived association that a customer has with a product, and with the organization or company that markets, brands and develops products. There are different levels of brand awareness, ranging from subtle brand identity recognition to full-blown consumer brand awareness. The level of brand awareness required in any situation is determined by the type of market, the competition and the target audience. A Brand Strategy Agency such as Really Helpful Marketing can help support you in developing key areas of your branding.
Smart Objectives : An essential component of a brand strategy is the creation of short-term and long-term business objectives. These objectives should be realistic and achievable, while still within the company’s financial capability. The ability to meet these objectives provides a positive perception of the company and contributes to its overall image and position in the marketplace. For example, if the company wishes to continue to grow in the marketplace, it must have a brand strategy that focuses on meeting growth and productivity objectives over the medium and long-term. Likewise, if the company wishes to increase profitability, the focus should be on improving financial performance and reducing expenses.
Competitor Analysis : Competitors will vary greatly in their ability to compete against your company, as well as in their ability to compete favorably. A brand strategy should recognise the competitive environment, and attempt to identify the key areas in which competitors can have strengths while seeking to exploit those same strengths. The brand strategy should examine the extent to which competitors are using similar techniques, and the extent to which they are able to differentiate themselves through innovation and creative thinking. It is also important for your brand to distinguish itself from similar offerings from your direct competitors. In essence, your competitors must “lessen their nets” in order to attract your customers.