Why do you need a strategy for your brand? A brand strategy is a long-term plan for your product, service, or company that will help reinforce your positioning in the market.
Brand strategies are essential to help build awareness, generate consideration, and ultimately create loyalty. If you are a brand that wants to leave a lasting impact, you should ensure a brand strategy includes the following:
1) Knowing your Audience: most brands have a specific target audience who they are pursuing. It is essential to know who your ideal prospect is vs. who your current customer is. As a result, it is vital to understand demographics, attitudes, beliefs, and media habits about this audience. Market research can assist brands in helping to understand which potential customer would be the most profitable. Also, research will allow help you better understand your target (what it is like to walk in their shoes).
2) Uniqueness: brand identity is critical in establishing a successful brand. Brands must have a unique selling point which differs them from the competition. Consumers have a large pool to choose from; therefore, products need to stand out and uniquely appeal to consumers. This unique selling point can be a functional or emotional difference. Often is the market is extremely saturated; it is essential to create a brand that emotionally connects to prospects and your customers.
3) Brand loyalty: consumers tend to become loyal to brands which ensure a consistent market. Whether it is product quality or service, brands must establish a relationship with their consumer to promote revisits/repurchases. Brands must provide position association to keep consumers coming back for more. Plus, it is seven times more cost effective to retain a customer than find new ones.
4) Stay ahead of the competition: being innovative is the key to success. It is a must to think outside the box and be different if brands want to stay relevant in the ever-changing market. To stay ahead of the game, it is pertinent for a brand to analyze changes in the market and come up with new differentiating ideas which will stimulate sales. Research can help you find new trends in the market and determine the white space in the market.
5) Consistency: An important trait of a successful brand. Regularity generates brand recognition. When a brand has consistent marketing, it will eliminate any confusion for consumers, the brand’s message will be conveyed very clearly.
Whether understanding your audience, establishing brand uniqueness, building loyalty, staying ahead of the competition or remaining consistent, market research will provide you with in-depth insights into all of these five brand qualities.
Consumers will decide if the brand survives. Therefore, brands must invest in what their consumers want. The most successful brands today, such as Apple, JetBlue, and Starbucks give consumers what they want and have a clear focus on executing seamless marketing strategies.
Want to Learn More About Market Research? Here are some blog posts to check out!
- Four Ways to Better understand Your Consumer
- Five Tips for Getting Your Brand’s Social Media Right
- Understand What Your Consumer Really Wants
Sign up for our newsletters here!