Brand Strategy - The BS You’ll Want in Your Business
A brand strategy helps you achieve your business plan and determines how you will differentiate your business and influence people's perceptions of you. So if you're a business owner, and you want to stand out or want to increase your market share, then a brand strategy will lay the foundation to help you get there.
People don't just buy from brands just because they have the best programs, products or services. They buy from brands they see value in that give them what they need and are easy to do business with.
Not having a defined brand strategy can lead to many companies wasting substantial money on marketing as they cannot communicate their purpose effectively.
But a successful brand strategy will lead your current and potential customers to perceive your brand, employees, products and services positively. Positive perception means great memories, which can impact your reputation, and your brand is your reputation.
"Your brand isn't what you say it is. It's what they say it is." - Marty Neumeier
What Does a Brand Strategy Do?
[03:52] It sets the foundation for your branding and marketing and intentionally creates the reputation you want for your business.
It differentiates your business from others in the market by:
- Helping you define your visual identity
- Creating your brand tone
- Creating your brand personality
- Defining the program's products or services that you create
- Helping you excel in the customer experiences that you create
- Hiring correctly and creating a positive internal culture
- Defining the purpose of your brand
- And keeping you on track for every other aspect of your business.
Coaches, entrepreneurs and small business owners often overlook brand strategy when their business is growing, and when you're ready to hire help but are not clear on brand strategy, you can end up making a bad hire.
The incredible brand and reputation you've already built are why your business is doing so well, and you need people on your team who will embody what you do. If you haven't defined what this is, it's tough for others to replicate your work to help grow and scale your business.
🙌 Want your brand to stand out and look professional?
💥Determine your brand's strengths and weaknesses
The 4 Elements of a Successful Brand Strategy
1. Brand Purpose:
The brand purpose is the why behind the business. It's your business's raison d'etre or the reason for being. What is your reason for being beyond making money? Successful entrepreneur Verne Harnish did research that found when your team align with your purpose, they will give you 40% more discretionary effort.
As a business owner, your business is your baby. And when you hire people, and they're just not giving that effort that you give every single day to every client and interaction, it can be frustrating. Now, bring it back to Verne Harnish's research. If you hire people aligned with your purpose, they are much more likely to put in that effort.
A great way to help you figure out what your purpose is is to watch Simon Sinek's Ted Talk here called 'How great leaders inspire action.'
2. Brand vision:
A successful brand will look into the future and determine where it will create its brand vision. Use your brand vision as a guide, like a compass. Look to it to ensure your brand is not straying from that vision, and it will help you ensure that everything you're doing keeps you on the right path. To help you get clarity on your brand vision, consider at a high level what you will accomplish due to your purpose.
I recommend reading this great Harvard Business Review article about building your company's vision by James C. Collins and Jerry Porras.
3. Brand value:
Your brand values are the beliefs or characteristics that shape the culture of your business and influence behaviours and decisions. When writing my chapter for the best-selling book Customer Experience 4, I did a lot of research on culture. And one of the things that I read was from a survey conducted by the World Economic Forum across 25 countries.
An average of 70% of the respondents from that survey said that they would buy from brands they believe reflect their principles.
Values are sometimes called guiding principles. Ask yourself the following questions to help you identify your values or guiding principles.
Number one: What is important and meaningful to me?
Number two: What beliefs would I be willing to stand up against others for?
Number three: What behaviour do I value so much that I become very passionate when I speak about it?
Number four: What behaviours do I demonstrate or believe are essential when deciding on things within my business?
Number five: For any values that you're considering for your brand, articulate them. Write a sentence that explains your values and add an example.
4. Brand mission:
To wrap it all up, your brand's mission is the plan on how you will fulfil your purpose and vision whilst staying true to your values. Your mission can be what differentiates you from your competition.
Often a mission statement will be SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) e.g. by 2030, this will be the best podcast about marketing, entrepreneurship and business on Spofity. But you've got to break down what your mission is by considering the following:
- Who is your target audience?
- What is the timeline for the delivery or achievement of your vision?
- What is the delivery method?
- What problem will it solve for your target audience?
- And what is the destination for your mission?
In A Nutshell:
You need a defined brand purpose, vision, mission and values. There are so many common misconceptions about what constitutes a brand strategy. Building a great brand takes time, effort and consideration, but when you do it properly, you have an encyclopaedia for everything in your business.
It's worth the effort. Remember, you must be consistent for your brand to generate the results your company would like.
You can get even more information about creating a successful brand strategy by downloading my ultimate brand strategy checklist.
Tune into episode 5 of the Master Your Business Podcast to hear about the other (but just as important) core elements of a brand strategy you should concentrate on to excel in your industry.
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- Brand Strategy Checklist
- The Book Deirdre Co-Authored - Customer Experience 4
- World Economic Forum Survey
- Harvard Business Review Article
- Verne Harnish Research
- Simon Sinek TedTalk