Brand Strategy can be a bewildering challenge for many business leaders because either they don’t completely understand its benefits, or they assume that branding solely consists of items like name, logo, and graphics. But it is 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. Often, branding is not seen as a top priority for businesses, and understandably so since 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 way in which you communicate and interact with your customers while establishing your position in the market. We are summarizing the top five misconceptions about branding by business leaders, along with suggestions on how it can resuscitate business growth at any stage:
1. Branding Is Just About the Name and Logo – Smart branding goes beyond corporate identity. It is strategic and involves an explicit promise to the market, making an impression that is distinct and relevant evidence on its delivery. The brand promise is the heart of marketing, and even sales, 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 validate its traction. Understating your client is essential for positioning the brand to gain trial and build the business. Effective branding will take further your great product, showcase significant benefits, and connect with customers.
3. Branding Can’t Motivate nor Engage Customers – An efficient marketing strategy is all about ultimately influencing the behavior of the target market. Customers will be far more inspired by a brand that connects, offers relevant content with an emotional promise, and has an appealing personality. Also, implementing an insightful brand strategy starts and ends with the target customer, crucial for targeting today’s audiences who are not as responsive to traditional approached on advertising nor product push.
4. The Brand and The Business are Two Different Things – We are living in a digital world, where consumers can easily express their opinion, and share it with the entire world, on a brand’s performance, so the authenticity of any promise is crucial. The emotional connection with brands depends on the customer needs, but generally, trust, authenticity, and credibility are more critical than ever today. 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 all three: marketing, sales, and service; and lived throughout the entire company.
5. We Don’t Want to Limit Our Plans with Brand Limitations – The marketing plan really starts with a well-researched brand positioning that is genuinely relevant and differentiated and then using this brand identity to firmly guide the development of the creative content, marketing programs, and tactical initiatives. Nowadays, marketers have so many traditional and digital options to choose from, but it is best to use vehicles that connect and can communicate emotions well while engaging with a unique point-of-view. Moving from analysis to execution its 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 these days, we all must be more open-minded, adding an out of the box dimension to our plans to connect with customers. A well-defined brand strategy can catalyze new ideas inside the company, whether in the beginning or when faced with new challenges. It’s the only way to differentiate from the competition and connect with customers truly.
Are you ready to enable brand strategy for growth? It is essential to start working on your marketing plan and begin on the right foot. If you need help, one of our advisors can guide you through the marketing planning process.
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. Contact us to learn more about growth strategies for your organization.
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