Definition of a brand strategy?
A brand strategy is a company’s plan for creating a brand image in minds of potential and current customers.
Goals of a brand strategy:
- Increasing revenue.
- No differences between brand identity and a brand image.
- Attracting new market segments.
- Developing brand loyalty among customers.
- Sales protection from competition.
- Increasing market share.
- Strong Brand.
What are the elements of a good brand strategy?
Ken Hanson, CEO Hanson Dodge, has 30 years of competitive experience in creating brands for companies. He created 16 components of a killer brand strategy.
Mandy Movahhed defines six key elements of a good brand strategy:
- Target Audience. Identifying your targets can help a company to achieve better results. The personal approach makes value proposition more interesting for specific targets. Moreover, it maintains brand loyalty.
- Brand Promise. It is a core message of your brand to the target audience.
- Brand Perception. It is essential for all companies to know how customers understand company’s brand. In order to avoid crucial misunderstandings, a company can create a survey for customers. This will help in developing a process of brand perception.
- Brand Values. They identify what drives the company.
- Brand Voice. How does your brand sound? Is it serious or funny?
- Brand Positioning. It is a current or dreaming position of the brand in the market. It creates an image of a usual customer of the brand.
What is the process of a brand strategy?
The process of a brand strategy starts with a brand audit and ends with a brand strategy plan execution. The whole process can be divided into three stages:
- Brand Audit.
- Brand Strategy.
- Brand Execution.
What are the tools and models used for a brand strategy creating?
It is one of the models that helps companies to understand their vision, and mission.
Why? Why you do what you do.
How? How to do it?
What? What do you do?
The most successful leaders started building their organizations from answering the question “Why?” instead of “What?”
There is no doubt, this approach helps companies with brand strategy since people do not buy what companies do, they buy why companies do it.
This analysis helps companies to understand macro economical factors in external and internal markets. Moreover, it opens new opportunities for the company, estimates risks, and helps to prevent them.
Alliant Brand Strategy Process:
Where do you come from?
What do you do?
Who do you do it for?
Why does it matter?
What winds are you riding?
Who shares the brandscape?
What makes you the only?
Brand Strategy Development.
Brand Strategy Development is divided into four stages: understanding, creation, deployment, and monitoring.
The company “Simple” is a good case of a brand strategy. The company has target audience – young tech people, who do not want to spend time in banks. “Simple” created a good decision for them. It is an application for people, who seek for easy decision regading banking.
Heinz is a bad example of a brand strategy. The QR code on its botteles linked consumers to website for adults.
Rebranding – it is a process of changing company’s corporate image.
When & Why does a company need rebranding?
- a company wants to shake off its old image
- a company plans to tap into new demographic
- a company outgrow original mission
- market is evolving quickly
- a company has only its name.
- macro problems
- look and function do not match
- atracting wrong customers
- management change
- philosophy change
- function change.
How to rebrand?
There are 19 essential questions that every rebrand needs to ask:
- Why are we doing a rebrand?
- What problem are we attempting to solve?
- Has there been a change in the competitive landscape that is impacting our growth potential?1
- Has our customer profile changed?
- Are we pigeonholed as something that we (and our customers) have outgrown?
- Does our brand tell the wrong (or outdated) story?
- What do we want to convey? To whom?
- Why should anyone care about our brand?
- Have we isolated exactly who should care about our brand?
- Have their needs, or the way they define them, changed?
- Are we asking our customer to care more about our brand — and what it means — than we do?
- Is our brand associated with something that is no longer meaningful?
- Is our brand out of step with the current needs and desires of our customers?
- Are we leading with our brand direction?
- Are we following with our brand direction?
- Is the goal of this rebrand a stepping stone (evolutionary) or a milestone (revolutionary) ?
- Will this solution work in 5, 10 and 15 years from now based on what we can anticipate?
- Have we assigned some committee to manage the project versus someone (or at most, two people) who is/are focused, inspired and can lead?
- If we were starting our business today, would this be the brand solution we would come up with?
Rebranding strategies & examples:
Proactive Rebranding – it is a strategic decisions that a company makes in anticipation for future events (e.g. predictible market changes in the future).
Reactive Rebranding – it is a company’s reaction to a series of events that have happened (e.g. merging companies).
The New Age of Rebranding:
- What is a Brand Strategy? by Amy Kasza
- Star Brands by Carolina Rogoll
- B2B Branding by Nicole Groysman
- Business Strategy + Brand Strategy by VCU Brand Center
- Alliant Brand Strategy Process by Alliantstudios
- Brand Strategy Development by Wamp Solutions
- Brand Strategy by Marketing Guides
- The 5 Worst Marketing Failures in 2015 by Kim Shandrow
- 5 Signs It’s Time to Rebrand Your Company by Andre Bourque
- 10 Signs You Should not Rebrand by Katy Morell
- How to Reband: 19 Questions by DBD International
- The Rebranding Handbook – Everything You Need to Know about Rebranding by Alejandro Mercer