One of the most important aspects of any business, regardless of its size or nature, is an effective brand strategy. A company’s brand represents a promise to customers and tells them what they can expect from products and services and how the company is different from competitors.
Often, branding is derived from whom the company is, who they want to be, and how others perceive them. As it reflects the company, it is also based, to some extent, on what target customers want and need.
XXIIBrands, a branding agency in Fort Worth and Dallas, notes that branding and positioning are important for businesses to differentiate themselves from competition and achieve success.
A company has to ground their brand promise around reality and be able to consistently live up to it. Providing a consistent experience for customers builds trust and can serve as the foundation for customer loyalty. For instance, the language and tone used with the company’s social media voice should be similar to the product packaging language to avoid a disconnection.
The brand logo should be integrated into a company’s website and packaging and promotional materials. It should be included in the client-facing aspects of the business, like customer service and sales. However, a solid brand logo and website should not comprise a company’s entire branding strategy. Other departments in the company should also play a role in branding, as those from research development or finance.
This enables each team in a company keep brand values in mind and have a clear idea of what the company is about. In turn, having a consistent tone and language ensures that customers do not get confused with mixed signals.
Branding Strategy and Equity
Branding strategies do not work on a one-size fits all basis. While there are some commonalities between branding across various businesses, the strategies that are effective for some may not work for another. They will vary within and across every size of business, industry, and kind of goal.
The company’s distribution channels are part of their overall branding strategy. This refers to where a business intends to advertise to their target market. Similarly, everything that a company communicates both visually and verbally is part of this strategy.
Consistent and strategic branding will lead to strong brand equity. This refers to the added value to products and services. Companies are able to charge more than identical and unbranded products can. Essentially, customers pay more for products with a stronger brand equity.
With small businesses, it may take hitting rock bottom for the business to be reevaluated and to provide a new perspective on their branding strategy. These dramatic reevaluations can give the company direction and further differentiation from competitors.
Small businesses can also stop following branding models intended for larger businesses. They can take advantage of their small business to develop a more unique brand and selling point for themselves.
Companies with an effective brand strategy and that are able to deliver on their brand promise can encourage customer loyalty and find an edge in increasingly competitive markets.