Brand Strategy is a long-term business plan developed for companies in order to convey their identity and values to (potential) consumers, positively influencing their perception and relationship with the brand. This strategy is an asset for companies, as it allows for a correlation between Brand Identity and brand equity based on their target audiences. In addition, it allows companies to differentiate themselves from their competitors, adding greater value to the brand (Chandler & Owen 2002).
Elements of Brand Strategy
To ensure the construction of a unique and effective Brand Strategy, companies should invest in planning strategies that use elements such as
- brand purpose;
- brand vision;
- brand values;
- brand voice;
- brand positioning.
At an early stage, companies need to identify existing problems in the markets, in order to develop innovative products that meet the needs of consumers. Thus, the Brand Purpose is characterized by the reason for its creation and the contribution it will make to the progress of society.
It should be noted that it is crucial for companies to clearly define the objectives and goals they want to achieve for the purpose of guide their strategies. Furthermore, with a properly structured Brand Vision, the parties involved will walk in the same direction, contributing to the company's success.
Brand values are the beliefs and standards upheld by the company, which contribute to the development of a solid organizational culture. In this way, these motivations guide the behaviour and decision-making of companies, allowing them to differentiate themselves from their competition, while creating a close relationship with consumers who are governed by the same values. In addition, it is essential that companies establish values that mirror their actions, to convey a legitimate image to their stakeholders.
After all the aforementioned elements are well defined, the company must find strategies to communicate them, in order to attract more consumers. In this way, Brand Voice reflects the character of the brand and the way it expresses itself in the market, being directly related to its identity. It is important to emphasize that the messages must be clear and consistent, in all communication channels used, with a focus on be perceptible to the target audience(s) to be reached.
Consequently, companies will achieve a well-connected position in the minds of their consumers, as well as in the market in which they operate. According to Philip Kotler (2015), Brand Positioning is characterized as “the act of designing a company’s offering and image to occupy a distinctive place in the mind of the target market”. In this way, consumers develop an irreplaceable image of the company, praising its differentiating advantages to those around them.
Importance of Brand Strategy
As a result, companies acquire skills capable of defining a coherent Brand Strategy in the long term, promoting a set of important benefits for them. As mentioned before, consumers usually create greater connections with companies that defend the same values and, therefore, it is possible to develop an emotional connection, based on loyalty and trust, with them. In this way, companies will find it easier to develop and market new products, since these consumers will prioritize them, leading to an increase in the company's revenues and market share (Francesca et al 2016). Finally, with a well-designed Brand Strategy, companies, from day one and in accordance with their identity, focus only on what is essential for the development of the business, allowing them to save time and money in the long term. In other words, they are governed by the motto “Invest now, to save in the future”.
In conclusion, Brand Strategy is an organizational tool that enables the construction of a differentiating position in the market, allowing the company to play a notable role in society, contributing to the creation of value and its constant growth.
- Chandler, J.M., & Owen, M. (2002). Developing Brands with Qualitative Market Research. SAGE Publications Ltd.
- Francesca, B.A., Primiana, I., Effendi, N., & Herwany, A. (2016). Impact of coffee product labeling and packaging on purchase behavior with mediating of brand image and brand trust. Academy of Strategic Management Journal, 15(3).
- Keller, K., & Kotler, P. (2012). Marketing Management. Pearson Education.
- Lindgreen, A., Vallaster, C. (2011). Corporate brand strategy formation: Brand actors and the situational context for a business-to-business brand. Elsevier.
Author: Ana Inês Jorge Gonçalves, Inês Espregueira Guerra Teixeira de Morais, Marta Gomes Ribeiro