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Since devising a brand strategy is an extensive process, we are here to help you with what matters the most for long-term success when you start the journey

Many business owners believe creating a brand strategy primarily includes opting for an appropriate color palette, designing a good logo and devising a catchy tagline. However, the reality cannot be further from this. While these can be outsourced to freelancers or agencies, building a brand requires the business owners to be intrinsically involved. It includes everything from your visual identity to your customer experience and helps you stand apart from the crowd. It encompasses how people perceive your business, their interaction with it and the emotions that it arouses in them. 

Since devising a brand strategy is an extensive process, we are here to help you with what matters the most while you set out on the journey. 

What is a brand strategy? 

Branding strategy refers to a long-term action plan that helps build a successful brand and creates a strong brand image in the minds of the current and potential consumers. It helps the consumers associate with the brand and what it does without being told. A well-formulated branding strategy drives purchasing decisions, boosts financial performance, ensures competitive advantage and delivers a better consumer experience. 

What to consider while building a brand strategy

1. Consider your overall business and marketing strategy
Before crafting a brand strategy, you should know your current position amongst your consumers. You have been building your brand from the moment you established your company. Finding out the reason you started is a good start. Analyze how you communicate with your customers on social media and other support channels, how your logo makes them feel and what they think while doing business with you. These will act as the building blocks to pivot your marketing strategy.

2. Cater to a niche market
Pick your niche and offer specialized services to limited demography. Focusing on a limited set of products to meet the needs of your target audience can be helpful as - 

 

  • You can reduce resource wastage and focus more time and energy on the best possible products, services and experiences for your customers.
  • You can charge a premium for your services and differentiate yourself from competitors who offer more generalized or different services.

Focus on what you are the best at rather than spreading your resources thin, trying to satisfy everyone. Though businesses can successfully cater to different niches, making this critical decision can put you on the path to a dialed-in brand image that supports your marketing strategy.

3. Think of your business as a person
To prevent building a forgettable brand, you need to visualize your business as a real or imagined person. What traits would make it appealing and influential? How would you define their voice, tone and style? Knowing the answer to these questions can help you pinpoint the attributes you should highlight in your brand strategy and understand the best way to do so.

Though your brand starts with you, it ends with the perception people have of you and what they do or don’t do consecutively. Building an efficient brand strategy can help you supercharge your advertising and marketing strategy, breathe meaning into every aspect of your business and ensure long-term success. 

An effective brand strategy is an essential for a successful brand. Check out Design agencies which can help you build a solid brand strategy, on afaqs! marketplace.