Brand Strategy

What are the processes of brand strategy development?

 

 Your brand is more than your logo, name or slogan- it is the entire experience your prospects and customers have with your company, product or service (MarketinMO). Your brand strategy defines what you stand for, a promise you make and the personality you convey. Logo, name and slogan are just the creative elements that convey your brand. You brand actually lives in every day-to-day interaction you have with your market The different components that are affecting the brand are:

• the image you publish,
• the messages you deliver on your medias and communication channels, 
• the way your employees interact with customers and,
• a customers opinion of you versus your competition. (MarketinMO.)

Branding is not only crucial in huge consumer markets, but it is also important in B2b because it helps you stand out from your competition. Succesful branding also creates "brand equity" - the amount of money that customers are willing to pay just because it is your brand. (MarketinMO.)

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Brand strategy should be based on the company goals. Brand strategy is the how, what, when and to whom you plan on communicating your product or service (Sorenson 2012).  Having a clear and concise brand strategy leads to stronger overall brand equity. According to Sorenson 2014, there can be found 7 components that comprise a comprehensive brand strategy:

1. Tie your brand to your business model. Your brand is not your product, your logo, your website, or your name. It is what your customers perceive and feel about you.
2. Be consistent. Make sure that your brand attributes are clear and understood through all your communication.
3. Connect emotionally. Emotions are effective in marketing. Find a way to connect to your customers on deeper level.
4. Reward and Cultivate. Reward the loyal customers that love your company and your brand.
5. Measure. At the start of each new campaign, check your marketing analytics for branded and organic search. Do not get stuck on one tactic or campaign.
6. Be flexible. In this fast-changing world, marketers must stay flexible to stay relevant. Be creative.
7. Watch out for competitors. Take your competition as a challenge to improve your own strategy and create greater value in your overall brand.  

Nike Branding Strategy: How Nike Branding Flatters Athlete Egos

Who is involved in brand strategy development?

Brand development is the methodological evaluation, construction and continued monitoring of brand. The progress is usually measured with an index of a brand's sales in an are in relation to the population to the total population of that region. In practice, brand development is a process of creating an engaging brand which is agile in nature and reacts according to the business demand created by internal and external environment.  (Khan 2009.)

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Business strategy as well ad brand strategy involves different parties of the company. It involves: partners, customers, distributors, employees, sales and marketing.
(Khan 2009.)

How to plan and manage brand architecture?

Brand architecture is the logical, strategic and relational structure for your brands. Brand architecture adresses each of the following: 

• What the overarching branding approach is
• How many levels of branding should exist
• What tupes of brands exist at each level
• How brands at different levels relate to each other
• Decision rules for creating new brands
• Which brands indentifies are dominant and which ones are recessive
• What typer of names the organization uses
• Which brand are features in each and every media, vehicle, situation and circumstances. (VanAuken 2014.)

 All brand architecture strategies fall into one of two approaches, a branded house or a house of brands. In a house of brands strategy, the company name is not indentified at all. intead, product names drive purchases. A branded house strategy has one unique brand name that motivates purchases and offers value. Many organizations use hybrid or vraiaton of one of the two approaches. (Pérex 2013.)

Here are four common brand architecture examples:

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 You know when you have a product brand if:

1. The corporate brand is hidden
2. One name is assigned to one product along with a single positioning
3. Each new product is a new brand (Pérex 2013).

 

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 You know when you have a endorser brand if:

1. The ompany name is well-known and guarantees quality
2. One name is assigned to one product along with a single positioning
3. Each new product is a new brand (Pérex 2013).

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You know when you have a masterbrand if:

1. There is one unified brand name known to consumers
2. The brand name covers more than one category
3. Products align with the brand position of the corporate name and typically do not have their own brand names (Pérex 2013).

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  You know when you have a source brand if:

1. The company name is well-known and guarantees quality
2. The company name takes a backseat position
3. Products are the heroes
4. both the source brand and product brand have unique, but aligning positions (Pérex 2013).

Sources:

7 Components that comprise a comprehensive brand strategy. Lauren Sorenson 2012. URL: http://blog.hubspot.com/blog/tabid/6307/bid/31739/7-Components-That-Comprise-a-Comprehensive-Brand-Strategy.aspx. Accessed 09.03.2015 

Brand Strategy. MarketingMO. URL: http://www.marketingmo.com/strategic-planning/brand-strategy. Accessed 09.03.2015

What is the difference between brand development, brand strategy and branding. Suhel Khan 2009. URL: https://khansuhel.wordpress.com/2009/05/16/what-is-the-difference-between-brand-development-brand-strategy-and-branding. Accessed 09.03.2015

Brand Architecture Strategy Quide. Brad VanAuken 2014. http://www.brandingstrategyinsider.com/2014/01/brand-architecture-strategy-guide.html#.VP1_AuHY2zs. Accessed 09.03.2015

Four brand architecture examples to help define your existing strategy. Betsy Pérex 2013. URL: http://ervinandsmith.com/blog/branding/four-brand-architecture-examples.
Accessed 09.03.2015