Brand strategy is a long-term plan for the growth and management of a small businesses plan. COG Strategy provides a guide on brand strategy.
In order to accomplish particular commercial objectives, a brand strategy is a long-term plan for the growth and management of a company’s brand. Market research, positioning, messaging, audience targeting, as well as the creation and development of visual and verbal identity components, are all included in this process. A brand strategy’s overarching goal is to develop a distinctive and differentiating brand that connects with consumers and distinguishes the business from its rivals. This will boost brand awareness and loyalty, which will ultimately lead to superior financial performance.
All internal decision-making and communication within a firm should be guided by a brand strategy, which should also be used to inform and guide a variety of activities, such as:
Product and service development: A solid brand strategy can assist a business in identifying unmet consumer needs and directing the creation of new goods and services that are consistent with the positioning and values of the brand.
Marketing and advertising: A brand strategy can give a framework for producing compelling and consistent marketing messages that connect with target audiences and promote corporate success.
Visual and verbal identity: A brand strategy should guide the creation of a company’s logo, typography, colour scheme, and tone of voice, among other visual and verbal identity components.
Internal communications: A brand strategy can be used to create a shared understanding and alignment among employees about the company’s purpose, values, and goals, which can lead to increased employee engagement and productivity.
Business decisions: A brand strategy should be used to inform and guide key business decisions, such as strategic partnerships, mergers and acquisitions, and new market entry.
Continual review: Brand strategy also needs to be reviewed and updated regularly based on market and customer behaviour, competitive changes and company progress, in order to ensure that it stays relevant and effective.
A brand strategy can benefit a small business in several ways:
Increased visibility and awareness: A well-developed brand strategy can help a small business increase its visibility and awareness among target audiences, which can lead to more customers and greater revenue.
Differentiation from competitors: A small business can use a brand strategy to distinguish itself from competitors by highlighting its unique value proposition, messaging and visual identity. This can make the business more attractive to customers and increase its competitiveness in the marketplace.
Improved customer loyalty: A small firm can develop a loyal client base by continuously communicating its brand promise and values to customers.
Consistency and cost effectiveness: A brand strategy can give a small business guidelines for developing reliable and reasonably priced marketing collateral and consumer interactions, which can ultimately save time and money.
A small business can use a brand strategy in several ways:
They may be able to communicate with their target audience more successfully and understand them better as a result. Customers can come to trust and believe in a small firm by developing a strong, recognisable brand.
A small firm can stand out from rivals and improve its chances of success in the marketplace by putting a brand strategy in place. It can assist small businesses attract and keep employees, partners, and investors by providing a strategic framework to direct business, brand and marketing decisions.
Depending on the size and complexity of the project, the kind of agency or expert doing the work, and other factors, the price of a brand strategy can vary significantly. Smaller firms or independent brand strategists may charge less than some larger agencies for a brand strategy. However, regardless of the expense, a well-developed brand strategy can result in a sizeable return on investment for the company.
There are various types of brand strategies:
Positioning strategy: which determines where a brand should stand in the market and how it will be perceived by the target audience.
Rebranding strategy: which redefines or updates a brand’s identity to adapt to changes in market or company position.
Custom Experience Strategy: A Customer Experience (CX) strategy will create a dynamic and innovative solution for brand and business to strategically connect with and communicate to your targeted audience.
Brand Extension strategy: which leverages an existing brand to launch new products or services.
Integrated brand strategy: which considers how a brand should be communicated across different channels and touch points.
Digital strategy: which focuses on building and managing a brand’s digital presence and engagement with customers through digital channels such as:
Brand strategists, brand consultants, marketing consultants, and branding firms are professionals who create brand strategy. These experts frequently combine knowledge of marketing, branding, and business strategy. Some might have a particular speciality, such rebranding or digital brand planning.
The needs and resources of the company will determine whether to hire a strategy firm or a freelance brand strategist to build a brand strategy. While a startup business may want to work with a freelance brand strategist, an established small business may have the resources to hire a more professional agency such as COG Strategy.
A key difference in the COG Strategy team is that while we’re career professional brand strategists, we also have the benefit of the broader business which provides a clear downstream vision to where and how any implemented strategy will be deployed and come to life. Our decision making is focused on building brand equity and delivering commercial success, and it’s here we know that fundamentally brand and business strategy will underpin that goal.
A freelancer can be more flexible, less expensive, and more individualised than an agency because they have a team of professionals with various specialities working together, which can be advantageous in terms of the breadth of services offered and execution capabilities. Both choices have benefits and drawbacks, so it’s crucial for a firm to take its needs and objectives into account when choosing.
