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. It's more than just your logo and website. Brand development is the continuous process of defining, refining and testing the overall brand strategy.
It is the basis of your company's marketing approach and long-term winning strategy. From brand values to design and marketing assets, brand development is the process to get there. A brand strategy is a formal document that presents a clear and convincing image of the company in the audience's mind. Retail research confirms that customers who connect emotionally with a brand have 306% more lifetime value for the company compared to emotionally disconnected customers.
Often, the products that are introduced are no different from the offers that are already available on the market, with the exception of adding a brand name (and probably a higher “designer” price). Branding isn't about your logo; it's about your message, what you're communicating to the world. The downside is that the company cannot fully control these brands, because they are the product of crowdsourcing and, in fact, are owned by “the crowd”. Through a licensing agreement, a company (licensor) provides some tangible or intangible asset to another company (licensee) and grants that company the right to use the licensor's trademark and related brand assets in exchange for payment.
By following the step-by-step approach described below, you'll be able to establish an effective brand strategy that attracts your target audience at every touchpoint. Procter %26 Gamble is one of the main exponents of this philosophy, since it manages up to ten brands of detergents in the U.S. UU. When products fail, negative associations and a poor communication strategy can harm the parent brand and even the entire family of brands.
You should follow up with a brand statement or message that resonates with consumers, that your company can offer and that differentiates your company from your competitors. After defining the purpose of the brand, it's time to define the brand's core values that amplify its mission. Big brands begin to create brands within their organizations and they don't just come from outside correspondence, for example, logos, public relations and marketing campaigns. Making smart brand decisions early on is crucial, as a company may have to live with its decisions for a long time.
To develop and preserve the brand's market impression and goodwill, you must continuously discover your image and character. Since the main focus and investment are on a single and dominant “own brand”, this approach can be simpler and more profitable in the long term if it is well aligned with a broader corporate strategy. Branding is the process of creating a uniquely identifiable company or product and promoting it through marketing and advertising.
