What is Brand Strategy?
Moreover, brands have symbolic expenditure in which help them in communicating with the targeted customers and building rapport as well as relationships with customer segments from age, status, gender and interests. Brands can even communicate to different cultures, values as families, traditions, authenticity and traditions.
There are many products in the market especially with Globalization; the markets have been opened beyond borders. However, what’s strange is that products are mute and brands are the ones that give meaning to the products. Brands would guide the customers and influence their perception. Customers may be using brands to have sense of belongingness to certain groups in the society. Products would be sending signals that only branding can help in building their identity.
Brand strategy definition
Brand strategy is important as for example in the hotel industry; brand flag would be a necessary element that is an essential in the marketing strategy. Brand strategy is a key point in the setting of a well recognized objective as according to Federico Belloni who has described branding as being “a strategy of defining, building and managing the brands’ portfolio”. Brand strategy would be helping the company to achieve its goals and it would be defining as well as supporting their core competencies and thus, it would be providing the expected experience that the customers are expecting from a certain product or a brand. Brand strategy is also explained as it is the how, the where, the when and to whom that you or the company would be planning to communicate to the market and delivering a message. It is what you communicate verbally and visually to the market through your brand.
Brand Portfolio definition
Brand portfolio is defined as the total collection of trademarks that companies would apply them to their services and products. Furthermore, these trademarks would be making every product belong to the business portfolio of the company. It would be registered as a trademark representing that specific company and showing its valuable asset.
Elements of brand strategy
Brand strategy is having different elements as there are mainly three elements that are important in the brand strategy that they have a great impact on the future business as well as on the profits.
Targeting of an Effective Brand Strategy
The first element of brand strategy is targeting. In order to set a successful brand strategy, you have to be able to divide the market into segments and then, choose your targeted segments. Target customers are the group of people whom have needs for the product. You should ask yourself the following questions: “What are the important factors for the company’s brands”, “ How can the company get more customers?”, and “ How can the company reach out for these customers and get more business from them?”. In the targeting process, it is the analysis of the types of customers who would be value the product and who would be leading the company to have more profits from it.
The second essential element is values. In order for the targeted customer to purchase the product, the brands have to be offering values that the customers perceive. The perceived values of the brand would be a main element in influencing the purchasing decision. Brands have to be offering a unique vale, a relevant one and thus, it would be able to influence the minds of the customers. Always establish a link between the brand and the values in order to create a positive customer experience. Brand values have to be distinguished and differentiated from the competition. Values can be as special function, a cause or a price or quality or after sale service or many values that can link to positive brand perceived value.
Brand Marketing Proposition
The third element in the scheme is proposition. It means what is the kind of communication tools that you or the company chooses to express by your brand. Brands can be offered on a domestic level of international market and thus, there are many stakeholders in the market along with many brands. Proposition is the offering of more than the physical or the advertising and it is the intangible communication that the brand offers to the customers as availability, customer service, pricing and proposition shows expression of values that the brand offers to the customers. Proposals of the brand might change over time; however, the values have to stay the same.
You can use your logo, advertising campaign, website, facebook page, Instagram page and all the channels that you expose your brand on to the marker to deliver your values to your targeted segment and show your proposals over time. Check Tasmimak to help you in the designing of your templates.