Want To Step Up Your Brand Strategy? You Need To Read This First
In the “How to develop a successful brand identity,” we talked about the visual and emotional factors you should consider building up your brand. In this article, we’ll talk about five ways to approach your brand strategy to get all the previous elements to work together and achieve the outcome that your business aims to.
Brand strategy and Planning
Brand strategy is a plan that includes specific long-term goals that can be achieved as a successful brand evolves.
A well-defined and executed Brand Strategy affects all aspects of a company and is directly linked to consumer needs, emotions and competitive environments.
Specifically: how to set up a successful strategy?
These are my 5 things to carry out to have the best from your brand:
1. Market research:
- Define your company’s vision (why your company exists), your mission (what your company does) and your values (the beliefs that guide your company’s actions);
- Conduct a competition analysis: where do they operate? How do they interact with their customers? What kind of content do they post? What kind of services do they offer?
- Identify your target: Who are your customers? What are their goals and frustrations? Where do they spend their time?
- In the same way, evaluate how people perceive your brand and identity, both internally, from your staff, and externally.
2. After having analyzed your competitor, think about creating a proposal that is unique and different from them.
3. Brand analysis: showing a healthy brand is a sign of safety and trust and affects your ability to sell, raise funds, hire the best employees and grow.
4. Conduct a SWOT Analysis: starting a business without a business plan means only go in bankrupt. It is essential to examine whether your project can be successful. In fact, you can’t just rely on your instincts or data-less predictions. The SWOT Analysis framework is a tool that can help you understand where your business excels and where it is weak and needs improvement.
5. PEST MODEL: analyze the macro-environment of a company. In practice, the PEST model analyzes and microeconomic studies are used as part of the environmental analysis, to identify opportunities and risks arising from the business environment.
Below, I’m going to explain briefly each factor:
Political Factors: The political factors that converge in the PEST analysis include all aspects of the organization of the state that, directly or indirectly, affect the business processes of your company.
Economic Factors: Economic factors provide insights into the economic development of markets relevant to your business. These factors have a significant influence on the success and profitability of your business.
Socio-cultural factors: demographic characteristics and norms, values and mentality can decisively influence your business processes.
Technological Factors: they refer to technical development that brings opportunities and risks to your business model.
Difference between Brand Strategy and Marketing Strategy
What is the difference between brand strategy and marketing?
The Brand strategy bases its core on the experience you want to offer to your target, the values your brand wants to share, the mission your brand wants to accomplish.
The Marketing strategy outlines the tactics you will use to communicate your key messages to your ideal customers.
It includes your content strategy, digital marketing, campaign development, social strategy, advertising, PR, retail marketing, etc.
Likewise, in order to have success, both strategies should have specific goals to aim and to accomplish.
How to write a SMART Goal?
As we said in the introduction, the Brand Strategy has long-term goals to achieve.
Setting a goal is a prerogative that applies to all aspects of our lives.
Who do you want to be?
What would you like to do in the next six months?
Which hobby would you like to dedicate your time to?
Instead, on the work side, your business must define its goal and stick to them as much as possible. Without them, you will not have a specific path to follow, and you will not be able to understand if you have achieved results or not. Also, defining goals can help you know if your strategy needs some improvements or it is good enough.
Goal setting is a process that starts with careful consideration of what you want to achieve, and ends with a lot of hard work to actually do it.
What does SMART mean?
The term SMART was coined by Peter Drucker, in 1954, in his book “The Practice of Management”. In this highly successful text, economist Drucker emphasized managing work in the company by identifying, monitoring, and tracking specific objectives. Briefly, I’m going to show you the concept of SMART.
The acronym stands for:
- S — specific, significant, stretching, simple
- M — measurable, meaningful, motivational
- A — agreed upon, attainable, achievable, acceptable, action-oriented
- R — realistic, relevant, reasonable, rewarding, results-oriented
- T — time-based, time-bound, timely, tangible, trackable
How to apply this concept
- Specific: try to answer the five “W” questions:
- What do I want to accomplish?
- Why is this goal important?
- Who is involved?
- Where is it located?
- Which resources or limits are involved?
Example: “I want to be a Marketing Freelancer to get my freedom in terms of location and time.”
2. Measurable: Having measurable goals can help you track your progress and stay motivated.
Example: “I’m going to send 20 emails to B2B every week, for three months.”
3. Achievable: Setting goals you can reasonably accomplish within a certain timeframe will help keep you motivated and focused.
Example: “I’ll improve my copy skills to write an appealing email.”
4. Relevant: Ask yourself why the goal is important to you, how achieving it will help you and how it will contribute toward your long-term goals.
Example: “To propose me as a Marketing Freelancer to B2B, I’ll improve my copy skills to send them 20 emails for a week.”
5. Time-based: Accordingly to a target date, you have a deadline to focus on and something to work toward.
Example: “I’m going to send my B2B email, every week for the next 3 months and at the end of this timeline, I’ll make a point of how many companies have answered me.”
Did you think it was easy to build a successful brand? No, it is not at all.
In Marketing, everything must be evaluated, examined, analyzed and constructed as a work of art. Don’t underestimate this type of work.