Why do you need a brand strategy?

Posted by Tracy Lloyd May 15, 2014

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A brand strategy can take what people know and believe about your business to new levels. Active brand management takes a valuable asset that may now be largely underused, and turns it into a powerful competitive weapon. 

Regardless of how sophisticated your current approach to branding is, your business has a “brand” today, though you may have acquired it by default. Simply by being active in the marketplace, your business will have accrued a reputation, a level of fame, and a degree of notoriety (for better or worse) with your customers, and within your industry.

A brand strategy will take all that value and put it to work in new ways. It will elevate the importance and relevance of what is already known and believed about your business. It can also add many new reasons, both rational and emotional,that will create stronger bonds with customers and make your business more attractive to prospects. Finally, a well-constructed brand strategy can be used to unite and motivate your employees.

When your business has a focused brand strategy, all its working pieces generate more preference, loyalty, and appeal for your offering and greater profits to your bottom line.

Three key advantages of a strong brand strategy

1. Greater appeal and differentiation 

Your brand serves as a magnet, drawing prospects to your offerings. Buyers see more difference between your offering and those of your competitors, and act in your favor. Your brand stands out in an engaging way in the "me-too" world of your industry, and beats back your competitors.

2. Improved loyalty and customer retention 

Your brand works as a glue, binding customers to your brand so they stay with you, grow with you, and tell others about your brand. It helps you identify your best customers and to direct special efforts against them. There’s far greater ROI in keeping an existing customer than recruiting a new one, and a strong brand idea can optimize your marketing budget.

3. Employee engagement and alignment

Your brand works as a “North Star” that you’re employees follow. As a result, employees feel more engaged, work harder for your brand’s success, and become great ambassadors for your brand. And when recruits feel the energy of your brand, and see the results your workplace generates, they are more likely to join your business.

Today’s most successful leaders embrace brand strategy as part of their overall business strategy. By setting concrete brand goals, and developing strategies and tactics to  achieve them, they have seen their brands grow and prosper.

Arm your business strategy with a stronger brand. Develop a brand strategy that takes everything you do today to a new level. Then use your brand to win.

To learn more about the power of emotive branding, please click here.

Topics: Meaningful Brnads, Brand Strategy, Startup