A brand strategy (a, k, a. brand development strategy) is the long-term plan to achieve a series of long-term objectives that ultimately result in the identification and preference of the brand by consumers. Aren't there better products? Maybe. However, customers love the brand and want anything engraved with the Apple name and are more than happy to shell out 2 to 3 times the regular price of competing brands.
It's more than 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.
When designing the brand strategy, you must also consider how the company will position itself in its market and how it will compete within that market. 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. Let's say that if you're a very relevant brand but there's no differentiation, then you won't differentiate yourself from a mass-produced product. With an ever-changing market, brand management can help you create and maintain loyal customers through a positive partnership, regardless of upcoming trends or changes in consumer behavior.
A successful brand strategy is Nike's Just Do It campaign, which motivated millions of people to pursue their goals (and also to buy Nike sneakers). When you dare to develop a complete brand strategy, you'll be in a much better place if you study the strategy of your competition. Development includes aligning your brand with your business objectives, communicating it to your target market, and updating or strengthening your brand as needed. The developing fields of place branding and national branding work on the assumption that places compete with other places to win over people, investment, tourism, economic development and other resources.
Having brand development strategies not only helps your customers choose you, but it will also help your employees stay focused. 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. 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. As will be discussed later in the product marketing module, cannibalization occurs when the new brand takes business away from an established one, which is also owned by the organization.
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. A starting point for your research may be to ask critical questions to ensure that your brand strategy supports your business objectives. Simply put, brand value is the degree to which a brand has a positive or negative impact on its consumers. The most successful companies regularly develop, implement and review a comprehensive brand strategy to make strategic and purposeful marketing decisions.
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