Let’s start by talking about why brand strategy is so important.
Why is brand strategy so important?
Developing a brand strategy creates a long-term plan so that you can successfully grow your business. It becomes the blueprint for reaching specific business goals.
Without a solid brand strategy, it’s impossible to know what story you want to tell. It’s also impossible for your customers to know what values your business has and what it represents.
A well-thought-out branding strategy should impact every part of your business. This is because it directly relates to the needs and emotions of your customers, and competitors.
In fact, research has proven this time and time again.
What happens when you don’t have a brand strategy?
Namely, you’ll encounter unnecessary challenges and setbacks.
Without a brand strategy, you’re saying you don’t understand your purpose, vision, mission, or values. Or, even worse, you don’t know how to communicate that to your customers.
But marketing can turn things around, right?
A marketing plan without a brand strategy will most likely be disjointed and all over the place. Picture a marketing plan with multiple objectives all working against each other. No matter how efficient it looks, it will most likely lack structure and cohesiveness.
This then flows over into your content. Although you may use beautiful graphics and written words, at best, it will confuse your audience. This is because having no clear strategy makes consistency hard to maintain. Creating an exciting and authentic multi-channel experience becomes near impossible.
Don’t forget about the impact on your team. If there are no resources that explain what your content and messaging should look like, how will your team know what to create? If your team doesn’t know how your brand should look and feel, how will your customers know what they can expect from your business?
Without a brand strategy, there is nothing to make your brand memorable. In fact, most businesses (especially new ones) will experience low retention rates, referrals, and customer loyalty.
What does having a brand strategy do for your business?
It adds authenticity
Being authentic means staying true to who you are, what you value and stand for and this is beneficial for your brand. We live in a world where it’s important for businesses to have human elements if they want to be relatable to their customer.
In fact, for 86% of consumers, authenticity is a key factor when deciding what brands they like and want to support.
It helps customers to trust your brand
With 81% of consumers saying that they need to trust a brand to buy from them, building a. brand strategy should be a no-brainer.
Brand strategy paves the way for you to build credibility and upkeep brand consistency. This grows and manifests into trust from your customers.
It increases revenue
This is possibly the biggest reason why brand strategy is so important. Consistency is essential for the success of your business. When customers know what to expect, it builds their trust, which increases customer retention and sales. Research shows that the consistent presentation of a brand increases revenue by 33%.
If that doesn’t motivate you, what will?
Time and time again research has shown that customers reward brands for being authentic and transparent. And this trend shows no sign of slowing down.
But, sometimes, companies can get their brand strategy completely wrong, so that’s why you should involve a brand strategist. They have the experience and expertise necessary to develop a fail-proof plan that’s perfect for your business.
To talk to a brand strategist that will take the time to understand your business and goals, get in touch.