Starting a business is far from easy. Everything from funding to developing a robust business plan to finding a unique business proposition is an uphill battle. But don't let the hustle and bustle of launching your start-up distract you from one of the most critical aspects of a successful business: building a solid brand strategy.
A brand strategy is how you want your target audience and, by extension, the general public to perceive your business. It sets you apart from competitors and outlines your company's identity, culture, and values. You have one chance and a couple of seconds to make a lasting first impression on your target audience. So, if you're building a brand strategy, you better do it correctly.
Today's post is a comprehensive guide to building a concrete brand strategy to start your new business on the right foot.
A brand strategy is your company’s blueprint for establishing a solid market presence. If you get it right, your brand strategy will:
Without a proper brand strategy, your business may struggle to find its footing in today's competitive market. It may also fail to reach its intended audience and get drowned out by louder competitors.
Creating a brand strategy is a systematic process involving several steps. Here's the best way to build a winning brand strategy:
Defining your brand identity is the first step when developing a brand strategy. Your brand identity is the collection of unique features, elements, and notions that form your brand image, culture, and persona. It's a culmination of tangible and intangible elements that collectively represent your brand.
To define your brand, you'll need to answer the following questions:
These questions will guide you in moulding a clear and cohesive brand identity.
Identifying and understanding your target audience lays the groundwork for developing a compelling brand. Think about the first person that comes to mind when you envision the perfect customer and try to fit them into a demographic. Your target audience may be retirees, Gen Zers, or stay-at-home moms; the list is endless.
After identifying your target audience, research their needs, preferences, and behaviours extensively. Find out how your brand can help them improve their lives and solve their day-to-day issues. Next, curate your messaging to meet the audience's expectations.
Today's business landscape is cut-throat, and fitting in with the crowd will get you nowhere. To succeed, you must create a unique value proposition that lets you stand out. This is easier said than done, but you can brainstorm ideas with your team or even borrow a leaf from your competitors for inspiration.
Refine these ideas until you find a unique edge to distinguish your brand. Some great ways to come up with a value proposition include:
A mission statement is a clear and concise message that outlines your brand’s purpose, objectives, and bottom line. A vision statement, on the other hand, is a collection of ideas that represents your brand's long-term aspirations. Your vision statement is created by summarising all these ideas into a concise statement.
A proper vision and mission statement:-
Here are some excellent examples of mission statements:
Ensure your vision and mission statement are snappy and creative, but don't go overboard if you target a professional audience. Instead, keep it formal and get straight to the point.
With your vision and mission statement in place, the next step is to create an engaging brand image (Different from brand identity). Brand identity is what your brand stands for and how it represents itself to the world, while the brand image is the public's perception of your brand. Simply put, identity is what your brand truly is, and image is how the public views your brand.
Creating your brand image primarily involves crafting a compelling visual aesthetic. Your brand's logo, theme, colour palettes, and typography should reflect your culture and positioning. Maintain consistency across the board and create a style guide that outlines each visual element and is a reference for all marketing materials and other touchpoints like your website, social media handles, and packaging.
Take advantage of online tools like Canva and Looka to create different visual elements for your brand. You can also hire a professional graphic designer to capture your brand's essence and translate it into visual components that resonate with your target audience. All in all, ensure consistency to enhance brand recognition and loyalty.
According to Fortune, the average person spends approximately 400 minutes (more than 7 hours) online. Building a strong online presence allows you to connect with a broader audience and increases brand visibility. It's also a great way to communicate directly with your customers to understand how best to satisfy their needs.
A strong online presence starts with a well-designed website that not only looks good but also has a seamless user interface. It should be easily navigable and contain content that adds value to your target audience. Use effective SEO strategies to rank higher in search engine results.
Next, create social media profiles on most, if not all, popular platforms like Facebook, Instagram, Twitter, and TikTok. Like your website, your social media content should echo your brand’s value and identity. Consider hiring a social media manager to actively interact with your customers and update content across all platforms.
Proper communication with customers is crucial to the success of any new business. To communicate effectively, you first have to identify the right communication channels. That way, your message can reach the right people in time.
Your choice of communication channels should be based on your target audience's preferences. For instance, if your customer base is young, you should use social media and the internet to communicate. If you're targeting an older demographic, then print media and even radio will get you better engagement.
Marketing is one of the trickiest aspects of building a brand strategy, requiring an intricate understanding of customer and market dynamics. A marketing and communication strategy helps your brand expand its reach and drive conversions. An effective marketing and communication strategy involves the following core elements:
Assigning roles and responsibilities for different marketing segments is also a good idea. For instance, you should have a marketing role that encompasses social media, public relations, and advertising, working with specialist external partners to ensure each is covered successfully.
Finally, you need to implement your brand strategy in real life and see how it works. Getting it right the first time is hard, but don't beat yourself up too much. The most important thing is to monitor how everything unfolds closely. Take note of the key performance indicators, metrics, and areas that need improvement.
Constantly refine your strategy to address emerging issues and to keep up with the latest trends. Customer feedback and conduct regular audits to ensure you're on the right track.
Creating a brand strategy for your new business doesn't have to be complicated or expensive. With the above information, you can develop a simple brand strategy that meets your customers' expectations and achieves your bottom line. Just don't rush the process, and seek expert help when necessary.
Remember, you can always go back to the drawing board if things don't pan out how you envisioned. The trick is to remain fluid and adaptable to changing circumstances and market dynamics.
Don't forget to check out our other blog posts for more useful articles.
