A brand strategy (a, k, a. brand development strategy) is the long-term plan for achieving a series of long-term objectives that ultimately result in the identification and preference of the brand by consumers. Brand development is the process of creating and strengthening your professional services brand. As we help companies develop their brands, we divide the process into three phases.
These organizations use their resources wisely to create targeted and effective marketing, since they have sophisticated knowledge of the market; they know how their brand and its offerings fit into it, what audiences they target and have a strategy to grow successfully. The downside of this multi-brand strategy (as opposed to a product line extension strategy) is the cost and time of successfully developing a new brand in the market. There is always a risk that the market will receive new offers, and sometimes, despite better laid out plans, co-branded offers fail. A starting point for your research may be to ask critical questions to ensure that your brand strategy supports your business objectives.
While they are similar, the products must be different enough that they don't compete with each other as much as they will with rival companies' brands. Companies as large and established as Coca-Cola, as well as small brands and even companies that sell services to other companies, benefit from a carefully created brand strategy. It allows greater flexibility to introduce a variety of different products, of different quality, to sell them without confusing the consumer's perception of the company's business or diluting the brand's perception of products that target different levels or types of consumers within the same product category. This exercise led to the development of a compact positioning statement and a persuasive message that they could use in all their marketing materials.
If properly prepared, these tools not only serve a business development function, but are also important for brand development. This inconsistency threatened the integrity of the Coca-Cola brand, that is, the expectations that its customers had of the brand. A common and visible example of brand dilution occurs when fashion companies and designers expand their brands to fragrances, shoes and accessories, furniture, hotels, vehicles, and more. A positioning statement is usually three to five sentences long and captures the essence of brand positioning.
A number of companies successfully pursue “unbranded” strategies by creating packaging that mimics the simplicity of generic branding. Answering a basic set of questions is one way for a company to create its own brand strategy. Co-brand relationships may not coincide uniformly, as partners have different views of their collaboration, give a different priority to the importance of the co-branded company, or one partner has significantly greater power than the other in determining how they work together. Branding is about effectively persuading customers to create and buy your product or service.