Comparing Business and Brand Strategy is pointless, considering that both types of strategy are essential for any business. A Business Strategy is a roadmap that allows you to achieve your business goals and contemplates a technical approach that includes vision, goals, SWOT analysis, goal definition, resource allocation, and process monitoring. On the other hand, the Brand Strategy is a way to connect with your users from an emotional and human approach, including visual elements that together form a good strategy. In this blog post, you'll understand how to create a strong Brand Strategy, its elements, methods, and the main difference between Business Strategy and Brand Strategy.
What is Business Strategy?
Business Strategy refers to the plan of action that an organization develops and implements to achieve its long-term goals and objectives. It involves answering how a company will compete in its industry and create value for its stakeholders. Business Strategy is crucial for a company's success, guiding many organizational decisions, such as hiring new employees and developing new products. A good Business Strategy provides guiding principles for the company and helps define the game plan (methods and tactics) needed to maintain competitiveness in the market.
What is Brand Strategy?
Before defining the key difference between business and Brand Strategy, it’s necessary to know what brand strategy is. A Brand Strategy is a holistic approach that integrates tone of voice, narration, brand identity, values, and overall brand vibe. It takes part in Business Planning, describing how the company will generate a good relationship with its users. A Brand Strategy aims to become memorable!
The 7 Key Elements of a Successful Brand Strategy
A well-defined and solid Brand Strategy affects many business elements and is directly connected with user needs, emotions, and the competitive environment. Your brand doesn’t solely encompass a product, logotype, website, or name; it's more than that, it englobes your business vision.
It's important to know the purpose of your Brand Strategy and how to make it better than the competition. According to Business Strategy Insider, the purpose can be divided into two forms, functional and intentional. The functional approach evaluates success for commercial and immediate reasons, and the intentional approach is a concept centered on success related to earning money and doing good. Making money is important, but building a brand that emphasizes your desire to achieve more than profitability is essential.
The idea is to separate some unimportant things from the Brand Strategy. Coherence is the main element that any branding strategy should have. For example, it's rare to post an image about dogs when your business is focused on selling cold coffee; it's so weird and illogical. So, consider questions such as What does posting on social media mean for your brand? Is the message aligned with your branding strategy? Does the message makes any practical sense?
In a few words, consistency contributes to brand recognition and improvement in customer loyalty. We take as an example the consistency and coherence of Coca-Cola, considering that marketing elements work harmoniously. For example, Coca-Cola maintains a great presence on its social media like Instagram and Facebook. It's necessary to take time to plan, so you can avoid inconsistent content, and bet on a style guide that contemplates many things, such as voice tone, color scheme, and the positioning of products and services.
Building user relationships with a dynamic emotional approach is essential because people need to build relationships with all. A perfect Brand Strategy must explain why its product or service is necessary to users. The main idea is focused on the perfect way to connect with your users and work on it through a deep emotional approach using emotional questions.
Flexibility allows you to make adjustments that generate interest and differentiate your approach from the competition. The secret to finding flexibility is to dare to change.
Achieving a consistent brand sense and a cohesive digital experience through a style guide is important in the Brand Strategy. Likewise, getting employees to engage with customers is also essential. The goal is to align customer service with good interactive, efficient, and friendly service.
The idea is for your customer service staff to offer good user engagement and create a good and trustworthy environment. It's important to focus on the offered values and achieve a solid service reputation with a helpful and human approach.
If you already have clients who love you, your brand, and your company, don't stay without doing anything, reward that trust! Cultivating loyalty allows you to retain more users which equals to making more profits. Loyalty is vital to any Brand Strategy and supports your sales organization. Developing a positive relationship with your customers establishes a tone about what customers can expect if they do business with you.
Consider competence a challenge to improve your strategy and create more value for your brand. You're in the same business chasing the customers, right? Are you being successful? Adapt your brand positioning accordingly to your experience, and don't let the competition decide your success; use the competition as a reference to improve your business.
What is a Brand Methodology?
A proper brand methodology is needed to achieve a good Brand Strategy, including the certain elements like Attitude Branding which refers to attitudes and feelings that relate to your brand. On the other hand, Individual Branding refers to the brand's specific identity, it must be appealing and to attract new users. Product Branding, maybe the most notorious one, is the one that relates your logotype, name, design, and color with your product to create a unique identity for the product. It's considered one of the best branding methods because it brings life and increases the uniqueness of products. Minimalist Branding supports colors, design, and any visual element.
How to Make a Good Brand Strategy?
Creating a good Brand Strategy is easy if you follow the next steps. First, it's necessary to define internal brand identity, including its purpose, vision, value proposal, mission, goals, and strategy. Due to this, you must identify your target audience or buyer persona and establish a purpose to meet their needs. Another step is to create your market position through questions like; What makes you different from your competitors? Or how can you solve their problems and make your target audience's life easier or better? In the same sequence, knowing your target audience is useless if you don't create your brand's personality.
Finally, it's necessary to understand your brand's positioning through keywords defining its core. Also, to complement it, it's necessary to design creative messages, including products, visual identity design, communications, customer service, etc.
Defining the brand's name and slogan is also necessary, considering that not all brands have slogans, but a slogan brings more identity to the brand. Now, it's time to create your brand identity using a logo, brand colors, typography, and style of images and graphics. After the visual design, it's necessary to develop your brand collateral, including a website, business cards, social media pages, brochures, etc.
Business Strategy vs. Brand Strategy
So, what is the main difference between business and Brand Strategy? The main difference is their approach.
First, the Brand Strategy focuses on creating a strong and memorable brand identity that shines in front of your target audience to make you achieve your goals. And then, there's Business Strategy; its approach is to achieve specific revenue and resource-related goals. In simple words Brand Strategy focuses on building a brand identity,, the other way around, Business Strategy focuses on how to make money. The Brand Strategy allows you to create a strong emotional connection with your target audience, while the Business Strategy executes specific tactics to achieve their goals.
After all, this rivalry makes sense (but just a little) considering that both strategies are necessary for any business. The Brand Strategy is more related to the visual elements and how their union can create a solid identity with which users can interact. In addition, this strategy focuses on the emotional part that can develop between a brand and its users. The same occurs with Business Strategy which has a more technical approach to how a company can generate more revenue and improve business performance. It's necessary to develop a mind awareness that holds together the strengths and functional points of both strategies, but there's a critical fact here, you can't make a Brand Strategy without having a successful Business Strategy, and vice-versa.