The world of marketing is a weird place. When you think of it, the word “strategy” might seem like the least important word in the entire category. But as we age, strategy starts to come into its own. It’s not something that we think about when we’re planning our marketing strategies—and even though most of us understand how strategies work, it can be challenging to know where to start. We’ve all heard or read advice on how to run a brand strategy and develop an effective brand strategy, but what’s the best way to go about it? Here's an answer from one of the most successful brands in history: Coca-Cola. Earning your trust is no easy feat. Even though everyone knows that trust is essential for a brand strategy to work, few brands have ever achieved this level of trust with so many different parties in so many different industries. In this article, we take you through the five pillars of a good brand strategy: 1) Creating Loyalty Points for Customers and Employees; 2) Understanding Your Needs and What Customers Want From Your Brand; 3) Exploring Other Brands’ Strategy; and 4) Discovering Your Own Strategy.
- Brand strategy is the practice of developing a brand strategy that encompasses the entire branding journey from concept to market.
- It’s the process by which a company develops a plan for how to represent its brand, know it by name, and make it available for purchase.
- The art of branding a brand is the backbone of any successful business.
- It’s the first step toward enriching your brand and inspiring loyalty and sales.
- As the owner of one of the most successful brands in history, it’s no surprise that Coca-Cola was one of the first to develop a brand strategy.
- Their brand strategy grew out of their core values of fun, integrity, and service.
- In the early 1900s, when Coca-Cola was just starting out, they created a brand identity that reflected their consumer attitudes.
- They called the new logo “Coke” in honor of their favorite beverages and in homage to the “old, reliable, and trusted” brand name “Coca-Cola.”
- Coke’s brand identity evolved through years of innovation and growth as the company learned how to represent its character best.
- By the end of the 20th century, the brand was characterized by a Retro, Art Deco, and Modern-day flavor profile.
Why Does brands Need a Brand Strategy?
- Besides being one of the most successful brands in history, Coca-Cola has also been a major influence on the thinking and practice of branding in the 21st century.
- Why, then, is it such a neglected sector of marketing? One reason must be that branding is simply a new and emerging field of marketing.
- Brands have been successful in the marketplace for decades, but it was only in the past decade that a brand strategy was developed and put into action.
- Fortunately, this has all changed. In the next couple of years, we’re witnessing an upswing in the popularity of brand equity, or the idea that one brand represents all of the brands that make up a company.
- In other words, the future for brand strategy is bright.
What Types of Brand Strategy Can You Develop?
- There are many types of brand strategy development you can choose from.
- The best approach is to explore potential ideas and see what resonates with your company.
- Having established your core values and the values of your customers, you can then explore the ways those apply to your brand.
- For example, if your customers want to be treated as important or importance-based entities, you can tailor your brand strategy to reflect that.
- You might develop a brand that stands for something like “People are important, and brands are the vehicle that help them be true to their values.”
- If your customers want to be treated as an important and significant entity, you can experiment with different branding techniques to express that.
Exploring Other Brands’ Strategy
- If you’re looking for inspiration, there are a number of other brands in the contemporary marketing market who have a stronger brand strategy than you do.
- Here are a few that stand out: Covid – The pop-up bakery has one of the most impactful brand strategies in the industry.
- Established in 1931, Covid employs only 100 people, but their brand strategy is considered one of the most creative in the industry.
- Cooper’s – The American made soft drink brand has a strong brand strategy that relies on creativity and exploit of sampling. Eaton’s – The American made fabric softener company has a strong brand strategy that emphasizes repetitive but vital activities.
Discovering Your Own Strategy
After you select a few brands, you’d like to work with and explore their strategies, it’s time to put the pieces together and develop your own brand strategy. This may sound like a daunting task, but it’s not quite that big of a project. In fact, it could be easier than you think. After all, your brand strategy is just the beginning. The rest of the strategy is just the necessary steps to take to maximize your brand’s impact and earn trust. Brand strategy is a process, not an destination. It’s not an easy task, but it’s doable. From there, it’s just a matter of iterating the plan until you’ve achieved your branding goals.
This Article was written by
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