Blog: "Brand Strategy – The Key to Building a Lasting Business"

It may no longer be enough only to have a great product or service in some industries, unless your offering is truly one-of-a-kind. What separates the successful companies from all the others is a strong brand strategy: the blueprint that guides how your business will communicate its identity, build trust with its customers, and grow in a meaningful, strategic way. What is this concept really though?

What is Brand Strategy?

Brand strategy is a long-term plan for the development of a brand in order to achieve specific goals. It's defining what your brand stands for, the promise it speaks to its customers, and how it differentiates itself from competitors. It influences far more than colors, far more than your logo; it can impact your customer interactions, your products, and even your culture—and of course, sales.

Why Does Brand Strategy Matter?

Brand strategy matters because a well-defined one will provide you with clarity and direction. It's a key foundation that supports consistent messaging to your customers, builds business recognition, and fosters emotional connections with your target audiences. Think conversely: without a good strategy, businesses will risk confusing or alienating customers, which can lead to stagnation, lost sales, and lost patronage/loyalty.

Statistically, companies with a clear brand strategy enjoy greater customer loyalty; according to Lucidpress, brands with consistent messaging are 3 to 4 times more likely to experience brand awareness and loyalty.* That's the power of knowing, and communicating who you are, and why your audience should care.

Core Elements of Brand Strategy

Building a strong strategy is sort of like piecing together a puzzle. There are several components we must consider, then assemble:

1. Brand Purpose: Why does your brand exist? It may seem like a simple question, but this is the "why" behind everything you do, and it's central to how customers will perceive your business. Brands with a clear purpose connect more deeply and foster loyalty. I know you'll know what I mean here: Apple's driving innovation and constant improving living through technology is one example of a brand with a purpose. Samsung does similar things, with wonderful and competitive products, BUT not with the same brand strategy. Think about it.
   

2. Brand Positioning: Where does your brand fit in the market? Brand positioning helps you carve out your space by understanding your target audience, identifying competitors, and pinpointing what makes you unique. For instance, Porsche positions itself as a brand for luxury lovers and high-performance drivers, which is reflected in its marketing and products. (Don't worry, we won't talk about Jaguar. Too soon.)
   

3. Brand Values: What does your brand stand for? Your brand values guide your actions and how you interact with customers, employees, and the world at large. Brands like Patagonia and Paravel stand out by aligning with environmental causes, creating trust and loyalty with customers who share similar values.
   

4. Brand Identity: This includes all the visual and tangible elements of your brand, such as your logo, colors, typography, and design. But it’s also about tone, voice, and the overall personality your brand conveys. Starbucks does this with its friendly, recognizable, and consistent image, from cups to coasters to campaigns.
   

5. Brand Communication: Elegant, complex, and simply put—and easier said than done—this is the manner in which you communicate, or in which you "speak" to, your customers—plus the nuances and figures of speech that go into communicating consistently. The way your brand communicates—whether through social media, advertising, or customer service—will, if done correctly, reflect your values and mission, and be distinctive and unique to you. Successful brands are usually consistent in their voice-tone and style, regardless of platform or place, so as to spread their recognition and affinity.
   

6. Brand Experience: Every interaction a customer has with your brand shapes their perception of it. A seamless and positive brand experience, whether online or in-store, reinforces the trust customers have in your brand. For example, consider how your favorite brand has shaped their customer service and user experience to be the way you like, creating loyal customers who come back time and again. Who is your favorite brand? Share in the comments below!

   
   

The Impact of Strategy on Growth

Yes, brand strategy impacts how people perceive your company—and of equal importance, it can also have a direct effect on your growth. A study by Qualtrics has revealed that businesses with strong brands enjoy up to 30% more revenue growth on average than those without one.* The key lies in crafting a brand that is clear; that is consistent; that is delightfully engaging, creating long-term loyalty from the customers you have worked so hard to win.

However, brand strategy is a truly dynamic process. As markets change, and customer needs evolve, so too must you and your strategy. This is where brand evolution comes in: continuously fine-tuning and adapting your strategy to stay relevant—while maintaining the core principles that define your brand.

Invest in Your Brand Strategy for Long-Term Success

In business growth, brand strategy is the secret weapon that differentiates you from competitors, builds lasting connections with customers, and drives your growth. Whether you’re just starting out or looking to refine your well-established brand, investing in a thoughtful, clear, and dynamic brand strategy will almost always pay off in the long run.

That's why we specialize in crafting strategic branding solutions that are tailored to you and your business. From the fundamentals like defining your purpose to scaling your brand and commanding its influence, the people at FixxeL partner with you to create lasting impact, and to release all of your business's potential. Together, we can develop your business into an unforgettable brand. Are you ready to make a difference and shake up your market? Contact us today.

Ref.:

*https://cxl.com/blog/brand-awareness-marketing/

Written for FixxeL Agency by Rebecca Bogdon.