What Are The Key Ingredients To Strategic Brand Development?

Brand strategy is on the most neglected areas of marketing despite the fact that it is evidently one of the most important

. The main problem is that many organisations struggle to put together a definition of strategic branding. The most important point to note is the fact that all strategies require a clear objective. Simply restating a goal is not strategy, execution is not strategy and tactics are not strategy. A brand cannot be effective if no strategy is present and the core function of brand management is to put brand strategy into practice.

A brands lifespan and effectiveness needs to be structured less on pricing and more on differentiation. In marketplaces filled with all sorts of messages, and where a certain level of quality of product or service is expected by buyers, brand owners simply have to find different ways of developing loyalty.

Targeting

In an effort to decide how best to target potential customers for your brand, you must answer questions, along the lines of:

Which buyers are the most important to the market?

Which are the most essential to my brand?

How am I going to get more customers or do more business with every one of them?

The present preoccupation is analysing which customers will provide the best value and provide the most profits to the company. Some of these might not exactly be the biggest number of the brands customers in actual fact it hardly ever is. For most brands, there is some deviation away from the 80/20 strategy, where the majority of faithful customers provide the most value to the company.

Improvements in technology are making it simpler to gather, store as well as make use of more effective data on who your customers are, how much and how often they buy from you, what else they buy etc. The most important strategic decision to try to make here is whether or not you are focusing on the most precious customers to maintain their loyalty or targeting customers to make them more brand loyal, or endeavouring to

acquire new customers?

Almost all of those targeting objectives are necessary to developing a highly effective brand; however the focus may differ depending on the lifecycle of the brand. A new brand has to establish itself in the market as a result of this customer loyalty will increase and the brand may want to reward its most precious customers. Recruiting new customer on the other hand is an on-going process and one which will ensure the brands long term survival.

Values

Consumers spend money on brands because their values match the brands values. To continue to keep brands fresh, relevant and in the back of consumers minds , it is crucial to be able to build strong links between core brand values and impressive customer experiences which are brought to life in ground breaking products which make the best use of technological innovations.

Core brand values are precisely what differentiate you from the competition that can be displayed in a handful of words, although the words have to be significant with regards to the context of the brand. Good customer experiences are the fulfilment of the brand assurances. To maximise the impression that you make on customers, it is essential to investigate the full richness of the context by which the product or service is being used, concentrating specifically on the benefits which customers experience.

Proposition

A proposition is precisely what you decide to convey with regards to your brand to the marketplace and the key stakeholders in your brand. This interaction requires more than just the actual product or advertising. Every one of the intangible conversations of the brand, its customer support, its availability, its pricing policy, have an impact with regards to how the whole brand proposition is interpreted by the customers.

by: Brendan Wilde

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