In the simplest term, branding strategy is a collaborative effort taken by a team to understand what is the goal of their brand and how to reach that goal. The path which is followed by a team to reach the goal is branding, and the planning stage of this process is called branding strategy.
A branding strategy is a particular long-term plan that is followed through according to the evolution of your brand.
“The essence of strategy is choosing what not to do.”Michael E. Porter
Branding strategy might seem to be brand-centric and only for the growth of your brand. Nonetheless, a well-structured brand strategy is focused on your customers, providing value to them, making their buying decisions seem seamless, and providing an effortless customer experience to them.
Key Elements of Branding Strategy
A branding strategy does not limit to what you do, it is as much about what you don’t do. As per Richard Rumelt, a good branding strategy includes a diagnosis that defines the challenge, a guiding policy for dealing with the challenge, and a set of actions to accomplish the policy.
However, besides the above-mentioned 3 pillars of branding strategy, there are a number of elements one should consider while forming a branding strategy.
Purpose of Your Brand
Your customers and stakeholders want to know why they shall align with your brand. To do so, it is important for you to know why you are in business, and what is the purpose of your brand. Also, it should be reflected in every aspect. For perspective, a logo of a clothing brand, through the tone of voice, shall represent the types of clothing it provides and convey the purpose of the brand.
Mission and Vision
In order to ensure that your brand is moving forward in the right direction, you should have a clear vision in front of not only you but your entire team as well. Along with it, another core element to keep your growth on track is your brand’s mission statement.
Your target demographic is the base on which you position your brand. Thus, every step you take towards branding strategy should be aligned with providing value to your customers.
Along with your customers, your employees are an integral part of your branding strategy. Zappos is one of the established companies to prove the same with their branding strategy activities carried out via social media.
Competition and Market
Your branding strategy should be formed in a way that improves your branding and positions your company to stand out amongst your competitors. This can be achieved through comprehensive market analysis.
Additionally, you can take the extra mile to increase the effectiveness of your branding strategy by creating a style guide that aligns your design and tone of voice altogether.