Brand Strategy can be a bewildering challenge for many business leaders either because they don’t completely understand its benefits, or they assume that branding solely consists of items like name, logo, and graphics --but it involves much more than that. To enable growth, we have to focus not only on building a product that is transformational, but also on establishing the company’s voice and framing how we want it to be perceived by consumers. Often, branding is not seen as a top priority for businesses, and understandably so as it is easy to see the product itself as the most critical priority. In reality, having a sound brand strategy is vital for a company of any size.
A brand can be summed up by how your customers and the market perceive you as a company, product, or service. A brand strategy should guide every aspect in which you communicate and interact with your customers, while at the same time, establishing your position in the market.
In this post, we summarize the top five misconceptions about branding as perceived by business leaders, along with suggestions on how it can resuscitate business growth at any stage.
5 Common Misconceptions About Brand Strategy:
1. Branding is Only About the Name and Logo – Smart branding goes beyond corporate identity. It is strategic and involves an explicit promise to the consumer, making an impression that is distinct and providing relevant evidence in its delivery. The brand promise is at the heart of marketing, and even sales, providing an essential framework for building a strong relationship with customers in all interactions when appropriately managed.
2. We Don’t Need Branding Because We Have a Great Product – Many companies begin with a novel idea, but this product obsession often overshadows the need for active customer research and validation of its traction. Understanding your client is essential for positioning the brand to gain traction and in turn, build the business. Further, effective branding assures that your great product is easily identifiable in its respective market, showcases its significant benefits, and connects it with potential customers.
3. Branding Can’t Motivate nor Engage Customers – An efficient marketing strategy is ultimately about influencing the behavior of the target market. Customers will be far more inspired by a brand that they connect with and that offers relevant content with an emotional promise, as well as an appealing personality. Likewise, implementing an insightful brand strategy starts and ends with the target customer, and is crucial for targeting today’s audiences who are not as responsive to traditional approaches in advertising and methods of product pushing.
4. The Brand and The Business are Two Different Things – We are living in a digital world where consumers can easily express their opinions on a brand’s performance and products, and readily share it with the entire world. Thus, the authenticity of any promise declared by a business is crucial. The emotional connection with a brand depends on the customer’s needs, though more than ever, trust, authenticity, and credibility are critical in fortifying this connection. It is crucial to deliver on the brand promise with consistent evidence and obvious cues. In the end, the connection between the brand and the customer will be efficiently reflected in the following three areas of a business: marketing, sales, and service; and demonstrated through the values and actions of the company.
5. We Don’t Want to Constrain Marketing with Brand Limitations – The marketing plan really begins with a well-researched brand positioning that is genuinely relevant and differentiated for the target audience, and then uses this brand identity to firmly guide the development of the creative content, marketing programs, and tactical initiatives. Nowadays, marketers have a multitude of traditional and modern platforms to choose from, though it is best to use vehicles that connect and strongly communicate emotions, while at the same time, engages with a unique point-of-view. Transitioning from analysis to execution is easier with a comprehensive brand strategy to guide the marketing plan. A good brand strategy is the doorway to endless opportunities.
To sustain growth in any business and differentiate oneself from the competition, we must be more open-minded and add an out of the box dimension to our marketing plans in order to effectively connect with customers. A well-defined brand strategy can catalyze new ideas inside the company, whether they be implemented from the business’s onset or when faced with new challenges.
Are you ready to enable a brand strategy to optimize your business’s growth? It is essential to start working on a strong brand to begin on the right foot.
DuartePino is a management advisory firm that combines in-depth customer knowledge with practical expertise in marketing to help clients create sustainable business growth. We can provide your organization with a fresh perspective, a proven process that invests in the outcome, and the tools for successful execution. From Fractional CMOs to business advisory services, contact us to learn how our team can help with growth strategies for your organization.
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