Your brand is more than your logo, name or slogan — it’s the entire experience your prospects and customers have with your company, product or service.
Your brand strategy defines what you stand for, a promise you make, and the personality you convey. And while it includes your logo, color palette and slogan, those are only creative elements that convey your brand. Instead, your brand lives in every day-to-day interaction you have with your market:
• The images you convey
• The messages you deliver on your website, proposals and campaigns
• The way your employees interact with customers
• A customer’s opinion of you versus your competition
The Value of Creating a Defined Brand Strategy
Branding is crucial for products and services sold in huge consumer markets. It’s also important in B2B because it helps you stand out from your competition. Your brand strategy brings your competitive positioning to life, and works to position you as a certain “something” in the mind of your prospects and customers.
Successful branding also creates “brand equity” – the amount of money that customers are willing to pay just because it’s your brand. In addition to generating revenue, brand equity makes your company itself more valuable over the long term.
Effective marketing is often what separates rapidly growing companies from slow-growing or stalled companies that started at the same time, serve the same market and offer similar merchandise. Some companies have succeeded in highly competitive mass markets for consumer goods because, while they certainly produce competitive products, they out-market their rivals. If you expect your business to grow to any size, you’ll have to become an effective marketer, advertiser and promoter of your business. In fact, you’re likely to grow to the extent that you master marketing, and no more.