Before jumping on how to create brand strategy?
What is Brand and Brand Strategy?
A brand is more than a logo, name, or slogan — it’s the complete experience existing customers and potential customers have with a company, product, or service.
A brand strategy defines what you stand for, a commitment you make, and the appearance you convey. Apart from the creative elements such as Logo, Slogan, color pallets the Brand has its own emotional social financial identity. People don’t talk about creatives they talk about Brand credibility and reliability. Before developing a strategy it is essential to understand How To Create Brand Strategy?
What are the 4 kinds of Brand Strategy?
• Product line extension.
A product line extension is when an existing brand launches new products in a product category, they already offer products within. For example, Amul initially provided only Pasteurised milk with no variant but later they launched several variants like Full cream Milk, Toned Milk, Double toned Milk, Tetra Pack Milk, etc.
• Multi-brand.
When a Producer sells multiple brands in the same product segment, we call this a multi-brand strategy. Often, the brands that are part of the multi-brand strategy are conceived for different target groups, these groups can be classified into Economic, social, or climatic factors. For example – Ditya Birla group has several Brands of Clothing line such as People, Park Avenue, Louis Phillipe, Van Heusen, etc each Brand target different group of customers according to demand and requirement.
• Brand extension.
using the existing brand name to launch a different product from the existing products is considered to be Brand Extension or the brand extension strategy only comes into play when the company launches new products under the existing brand name
for example – Patanjali is a renowned name in Ayurvedic Products but launching Patanjali jeans is an appropriate example of Brand Extension.
• New brand.
A new brand strategy is when a company creates or develops a new brand to go along with a new product or services without any connection to the existing brand or product, the owner or the founder can be the same but the Brand is all New with new objectives and goals. The whole process of advertising, sales, manufacturing, manpower has to be done from scratch which makes this strategy the costliest or not so economically viable.
What is the Process? How To Create Brand Strategy?
- Logo
- Website
- Business Card
- Brochure
One has to go through a rigorous process to get through the Brand Strategy.
There are several steps that have to be taken with the appropriate Data in hand to get a successful Strategy.
Trends impacting the Brand
Now the question arises what is Trend?
The trend is an assumed change in the future that will have a long-term effect on and. For example, Digital marketing is Trending now so, who so ever 5 to 10 years has assumed or predicted that the digital world will be a trend and worked in the direction are at the heights of success now, Digital marketing has changed the world and put a long-term effect on the Marketing world. Digital Marketing has changed the way of doing marketing Socially Economically.
Why to Identify Trends?
So, Identification of the trend is very important to plan a Brand Strategy. One has to be very critical with this very first step of creating a Strategy.
Identification of trends is also essential to plan not only to move in the right direction but not to plan against the Trend otherwise it will not be going to help the Brand grow as per its category.
Identify the Product Category Structure and Dynamics
Product category structure and Dynamics can be defined as factors that can stimulate the market forces. Factors such as
a. Value Size
b. Market Share
c. Growth of Category
d. Target Segments
e. Competitors
f. Distribution channels
g. Pricing
h. Promotional Activities
I. Media Investment
After evaluating such factors one can drill down and can reach a detailed report of the Product category. It helps in position the Brand and promotes them effectively through appropriate channels.
Identification of organizational Goals
Every organization has a VISION or MISSION. Identifying and defining the Organisational goal is one of the primary steps to build a Brand Strategy as the Brand is directly connected to the organization. Goals can differ for different Brands of a single organization.
It is said that the strategy should meet the organization at the endpoint. Organizational goals provide direction and work as a reference point.
Organizational goals can categorize as
1. Process
2. Performance
3. Outcome.
Planning
After the identifications of all the Dynamics here comes the planning part.
Brand Strategy or Plan includes an investment of not only money but many other factors,
Such as Manpower, Time, etc,
The Strategy is directed through the goal you have and the dynamics will stimulate the market forces.
The strategy differs with different goals for a different product.
It is up to you what outcome you want at the endpoint; do you want people to get Aware of your product, you want conversions, you want to go with the image of Socially responsible
Execution
At this stage, we have to execute the Plan regarding Advertising, Trade Strategy, Digital Strategy. When you execute the Plan, you bring the Brand to life.
This can be done through many mediums or all mediums such as Visually, Verbally, or Experimentally. Execution means enabling the Brand and spread awareness about it through a go-to-market strategy. Execution also held the monitoring, evaluation, and measurement of the Plan
P & L Key Metrics
After the Execution, it is important to evaluate how the strategy worked. This can easily be learned through the P & L and key Metrics.
The Profit and Loss metric Presents the business’s income, cost of sales, and total expenses. This key accounting metric can help business owners, bookkeepers, and accountants easily calculate the business’s net profit or loss.
After going through the complete article we get a vision of the question. How To Create Brand Strategy? If yes! do reply and share your Ideas and opinions.
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