Components of an Effective Brand Strategy
Have you for once ever considered how Apple, Microsoft, Twitter or Google ever attained the height they have got to today? Yes, we can’t deny that these brands are doing very well. But how did they do it. Well, it all comes down to their brand strategy. It was effective and still continues to play a very important role in the lives of these businesses.
You see brand strategy isn’t just about your product, logo or that service your company renders. It is much more. It has to do with the way people feel as well as how they think whenever your brand’s name is mentioned. This is otherwise known, as brand equity.
Although it feels intangible, brand equity is that difficult-to-pin-down feeling, which separates the boys from the men when it comes to branding. So in order for you to understand what effective brand strategy entails here is a breakdown of some of the components involved in the following paragraphs.
Tie in your Brand with your Business Model
Consider what your firm does best besides the product that you sell or the service that you render, and make this an aspect of your brand strategy. It is important that you engage your market in such a way that will make them realize that you are doing more than just providing a service or selling a product to them. Make them know that you are helping them solve their problems.
Apple for example, does not just sell computer products or music equipment. Yes, because it sells products that are properly designed and easy to use.
Now there are basically two ways that customers can think of your product/service – rationally or emotionally. Or how else can one explain the fact that a customer is willing to pay far more (in some cases even thousands extra) for an original Rolex than some of the equally well-made wristwatches. It just runs against reason. Therefore, the logical answer is that emotion got the better of this person and he/she buys. Owing a Rolex is a status symbol statement. Now you belong.
So there is a need for you to connect with your customers or clients at a much deeper level. Do you make them feel like family? Are you making life much easier for them? Or are you answering the questions they have for you on social media? Okay enough has already been said you need to act now!
Learn from Others
Probably the best set of people you can learn from is your competitors. Always be willing to do this and you will excel. This is just common-sense. You should always be on the alert to see what your competitors are doing right as well as learn from how not to do things that they are getting wrong.
This component is one that sort of ties in with the last component. You can only learn from others and apply what you have learned if you are flexible. In today’s fast-paced world, there is a need to adapt to what is working. Consider how some 10 years or so ago it was somewhat unthinkable to consider social media marketing as serious marketing or any marketing for that matter. But now this cannot be ignored. So be willing to change your brand strategies if there is a much better way to attract or communicate your prospects and customers.
In order to know how effective your brand strategies are you must measure results. And, developing the right brand strategy for your business involves brainstorming sessions plus sleepless nights. Nevertheless, this can be reduced tremendously if you are aware of these important brand strategy components.
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