Brand Strategy is a term that confuses people, and it’s easy see why. So, what is a Brand Strategy, actually?
Believe it or not, but most successful brands don’t happen by accident. They are the result of clever strategy and a bit of creativity. The easiest way to think about a Brand Strategy is your plan on how to compete in a specific market.
An effective Brand Strategy captures hearts, minds and wallets. Therefore, it should be comprehensive enough to provide a blueprint for every decision your brand makes.
At the foundation of Brand Strategy is your company purpose, vision and values – elements that connect people to a larger tribe. Then there is the messaging, tone of voice, logo, and design – things that communicate a clear proposition and market position. Then there is the customer experience – all of the day to day interactions that can elevate the way people think of your brand.
A Brand Strategy is the plan that combines these elements into something that can be brought to life.
The Pepsi Challenge
Remember the Pepsi Challenge from the 1980s? In blind taste tests across America, it was proven that Pepsi tasted better than Coca-Cola. Pepsi thought they had won. They even ran a major campaign about it. But sales didn’t spike, and despite Coke getting nervous enough to play around with their formula, their market share didn’t drop.
Why?
Because a brand is more than the sum of its parts. Coke is more than the taste. It is a trusted brand with American values and a feelgood positioning. The way Coke looks, talks, and how it portrays itself in advertising is all part of a clever, cohesive and consistent strategy to create loyal consumers.
Successful strategies create brand equity, which translates to customer loyalty. That’s why Coke’s followers didn’t care if Pepsi tasted better, they were loyal to their brand no matter what.
“People don’t buy brands, they join brands.”
“People don’t buy brands, they join brands.”
When you don’t know who you are, why you exist, what you believe in, or what you’re trying to achieve, your business suffers.
Like any competitive arena – whether in business, sports or even on the battlefield – the one with the greatest strategy usually wins. A well thought out Brand Strategy understands the competition and how to come out on top.
