According to Jeff Bezos– The founder of Amazon said, “The Brand is what people’s first thought unbiasedly when they are asked about that brand”. If it is positive then congratulations your brand strategy worked great, but if they didn’t get excited after listening to your brand name or looking at your logo then you need to work on brand strategy as well as the product.
What is Brand Strategy?
To explain the concept of brand strategy we want you to compare expensive and cheap restaurants. When you go to a cheap restaurant for lunch, you will never find something special in the presentation of food or something eye-catching or interesting. They will just serve you the food in a dish. And you also don’t care if they are doing something special or not because you already knew it and you went there on purpose. And you also don’t express this to someone that you went to that restaurant to have lunch because there is nothing spectacular about it.
Now, whenever you go to an expensive restaurant, there will be no difference in the taste or quality of food but the way they present you with the food, that is where you cash in your money. Because such restaurants are more of an experience than just having a meal. Just like the Salt Bae Nusret. He was an ordinary butcher and used to cook steaks too. But then he strategizes his brand through internet marketing with his elegantly cutting and cooking meat and presenting that food to the customers with love. Now, he had a chain of restaurants in the biggest cities of the World.
While pitching your brand to a customer, don’t make him reply “That’s crazy bro, but who the jerk asked?”. Instead, present your brand in such a way and make them say “Noooo way, are you serious? Take my money immediately”.
Before jumping straight to the dos and don’ts of brand strategizing something needs to be cleared and should be separated from the main elements and factors. The thing you need to focus on first before making the strategy is the research and don’t rush into it. Don’t try to conclude quickly. Take your time. Understand your market and genre. Understand the target audience. Research the market and your competitors from all over the World.
Here, we want to quote this mentality that never considers your brand a local brand or it is just for the local community or specific people. That is the worst mentality of brand owners they don’t think big. If Nike, Adidas, Ferrari, Coca Cola had the same thoughts, do you think they would be the same as they are now? We don’t think so. Think bigger and while doing competitors’ research, don’t do it locally just because you think your brand is local. Take your time and research the whole World to generate the best and unique strategy. Now, we can talk about the tips and tricks you can utilize to strategize your brand.
Develop Core of the Brand
The core of your brand is everything and this core needs to be developed before launching your brand. This is the time when you are thinking of doing some business. And, business does not work by lame vision or goals. You need to be very specific about your mission. You must know:
- Why are you doing this business?
- Why do you exist?
- What is your end goal?
- What needs you are going to fulfill?
By the time you are not clear with the answers to these questions, you don’t need to think of any strategy any further.
Give Image and Voice to your brand
Once you are done with the core development, then comes the nomenclature and this is the major part of the brand strategy because this will give your brand identity and visual output. It involves certain parameters like the logo, taglines, your message, advertisement campaign, etc.
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You already have a brand in the market and by using this brand’s analysis you can target the market with greater impact. What you need to do is to introduce a new article in the market with improved quality but the product must be the same and a new variant of the old one.
Target the same audience but with a new product. This strategy works great because always want something new even though there is nothing new in that thing but still people get excited about the updated thing.
The biggest example of this strategy is the iPhone. Apple launches a new variant every year and the new iPhone is nothing new in that but still, people rush to buy the new one just because they want to keep themselves updated with the World.
Brand extension is a great way to increase your business and allows you to build a chain of your business in different categories. The biggest example of brand extension is Elon Musk. Elon musk initially started Space X which was intended to do space-related projects only. But, Elon Musk didn’t stop there and introduced new brands such as Tesla, Star link, Neuralink, OpenAI, Zip2, etc.
When you have established a name in the market and have developed trust in the audience, you must not stop at one business instead you should try a new business and if your new brand is fulfilling the audience’s needs then it will also flourish just like your previous brand. And it doesn’t matter if your business is local or multi-national; we narrated the story of Elon musk just to fascinate you and ourselves too. These were some key points to create the brand strategy but there is a lot more to go, which we will be sharing in the future.