What goes into a strong brand strategy? How do you know if your methodology is on point? When it comes to crafting a brand strategy, there is no one-size-fits-all approach. Every business is different from another, and each has its unique strengths and weaknesses. A brand strategy should be tailored to the business’s specific needs, considering its size, industry, target market, and goals. A killer and successful brand strategy results from a well-thought-out and implemented methodology. It should be clear, concise, and actionable. There are several key components of a strong brand strategy. Here we will discuss the methodology behind the process that goes into crafting a strategy.
The Business and Its Goals
Understand your business and its goals. What does the business want to achieve? What are its strengths and weaknesses? Who is its target market? Once you clearly understand the business, you can craft a brand strategy to help the business achieve its goals. Suppose you want to start the area rugs export business. In that case, you should look for a market niche and understand the needs of your target customers. You should also check the competition in your chosen market and create a USP (Unique Selling Proposition) for your business. Creating a strong and recognizable brand identity for your business is also essential. You can develop a logo, choose the right colors, and select the right font for your brand.
The Brand Positioning Statement
The next step is to create the brand positioning statement. The brand positioning statement is a short, one or two-sentence statement that describes what the brand does, how it does it better than its competitors, and what needs or wants of the target customers it satisfies.
Some examples of brand positioning statements are:
⦁ “To help busy moms save time, our grocery delivery service offers same-day delivery on all orders.”
⦁ “Our accounting software is the simplest way for small businesses to manage their finances and stay compliant with tax laws.”
⦁ “We are the leading online retailer for luxury fashion, offering customers a personalized shopping experience and access to the latest trends.”
The brand positioning statement is an important foundation for the rest of the brand strategy, as it will inform all other decisions about the brand.
The Target Market
The next step is to understand the target market. Who are you trying to connect with your brand? What are their needs and wants? What motivates them? Understanding the target market is essential to crafting a successful brand strategy. Suppose you want to start a business crafting and designing wool rugs; you will have to look at the region, the popular colors, the climate, and the type of people using them. You will also take a survey if it is a new business to understand the people’s preferences. In addition, you must check for the competitors in the market and what they offer. After determining your target market, you can move on to the next step.
The Brand Personality
Now that you know who you are trying to reach, it’s time to start thinking about the brand’s personality. What kind of tone for your brand do you want to set? How do you want people to feel when they interact with your brand? Do you want to be identified as friendly, helpful, or authoritative? These are just a few questions to consider when crafting your brand’s personality. Personality is how you want people to perceive your brand, which is an important component of the overall strategy. It also ties in closely with the values of your brand.
Your brand personality is how your target audience perceives your brand. It should be relatable and consistent with the promise and values you’ve already established. Some examples of brand personality traits are “friendly,” “luxurious,” or “adventurous.” Again, consider how these traits can be reflected in your messaging, visuals, and overall tone. The personality also needs to be something that you can maintain over time.
Your Brand Promise
Create a brand promise. It is a statement that reflects what the brand will do for its customers. It should be something that sets the brand apart from its competitors and speaks to the needs of its target audience.
Some examples of brand promises are “We will always be there for you” or “We will make your life easier.” The promise should be something that the brand can realistically deliver on. It also needs to be something that the target audience will find appealing.
Your Core Values
Core values are the foundation of your company culture and how you want your employees to behave. They should be guiding principles that everyone in the company can adhere to. Some examples of core values are “integrity,” “innovation,” or “customer first.” Your target audience should be able to see these values reflected in your brand. The values also need to be something that you can live up to.
Your Competitive Landscape
You can’t craft a brand strategy without understanding your competition. It doesn’t mean you should try to copy what they’re doing (that would be a surefire way to fail). Instead, you need to understand what they’re doing well, what they’re not doing well, and how you can set yourself apart. Some important questions to consider as you’re evaluating your competition:
⦁ Who are your main competitors?
⦁ What do they stand for?
⦁ What are their key marketing messages?
⦁ How do customers perceive them?
⦁ What are their strengths and weaknesses?
⦁ What opportunities do they have that you don’t?
By taking the time to understand your competition, you can better position yourself to succeed.
Networking and Collaborations
No business exists in a vacuum; chances are, you’re not the only one trying to solve the problem you’ve identified. Some likely other people or businesses share your vision and would be open to working together. Collaborating with complementary businesses can help you reach a larger audience, tap into new resources, and pool your collective knowledge. Suppose you design area rugs in your region and collaborate with its dealers and sellers such as RugKnots, Flooringamerica, Hayneedle, and other rug companies. These collaborations will help you better understand your target market and what they are looking for in an area rug.
In a Nutshell
The methodology behind crafting a brand strategy is not as complicated as it may seem. Following the above mentioned techniques, you can create a well-rounded and effective strategy to help you reach your business goals. Remember that your strategy will evolve, so revisit it regularly and make adjustments as needed. With a little struggle, you can craft a brand strategy that will take your business to the next level.