Guide to understanding brand strategies in marketing

by Ayesha Siddiqa on 05/10/2017
Good marketing starts with a good brand strategy. A brand strategy is a long-term business plan for building your brand to meet specific milestones. It helps in knowing your market position, understanding customer expectations and evaluating competition. A well-planned strategy should include core strengths, development areas and future growth prospects. Listed below are some of the key elements for creating a good brand strategy.

Identify your audience:
Knowing your target audience is the most important aspect of creating a business strategy. Only by knowing your customers well will you be able to cater to their needs. By providing the customers what they are looking for, you improve the chances of your business’s success. This also ties in to providing a great customer experience, which is always a plus-point while running a business.

Define your goals:
Before creating a brand strategy, you need to assess why you are creating a brand in the first place. This could be to reach out to a larger audience, creating a new product for a niche customer base, meeting specific sales targets and/or for business expansion. Whatever your reason is, build your plan keeping that in mind. This will give you a clear picture of the main objective of your business.

Develop a brand name/logo:
It is very important to have a brand name and logo that the customers can easily identify with. This is also a vital aspect of creating a brand strategy, because once the brand identity is finalised, you can stitch your business plan around it. Here are a few tips on how to create a brand name.

Position a strength:
There is fierce competition in the market for any business, online or offline. This is why it is important to make your business stand out from the rest. Identify a key strength of your business – this could be anything from low price, excellent customer service to quicker deliveries. Position this as your brand’s Unique Selling Proposition (USP) and use it in your marketing campaigns to establish your brand identity.

Think long-term:
Sometimes you may have to sacrifice short-term gains for long-term profits. While it is important to have short-term goals for your sales figures and business growth, when running a business, always think about long-term rewards. A good brand strategy covers immediate goals on a quarterly basis, and also long-term objectives for about 3-5 years.

Use social media to your advantage:
In an era of digitisation, it would be a waste of resource if you do not make use of social media to market your brand and products. Promote your brand through various media handles, create paid and non-paid campaigns to gain more customers. An important aspect of this is to invest in content marketing strategies like SEO optimsation. This helps a great deal in providing your products more online visibility.

Assess competition:
When all is said and done, a major deterrent to your products making the kind of sales that you expect it to make is a better competitor. If a customer finds a better product, price or service from a different seller, they will buy from them. So, assess your competition on a regular basis to be one step ahead of them. Always remember, happy customers could be potential loyal customers.

Brand strategy is not a one-time effort. It needs to be built upon regularly to keep up with the ever-changing market demands. If you are new to creating a business strategy, bear in mind that an overall aim for your business, comprising of the above mentioned points should be sufficient to get you started. Once you have created an online business plan, you can become a seller at Amazon, and start your online selling business.

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