Is Your Brand Strategy Stagnant?
A brand strategy can be a powerful tool for your company's long-term success, but it only works if the right steps are taken to create and implement it. If you have a vague or undefined brand position, then it will be extremely difficult to gauge success. On the other hand, if you have an intended brand position defined but are lacking a roadmap to obtain and hold that position in an ever changing market, this blog is for you. We’ll discuss how to make sure your brand strategy has what it takes to last in today's competitive landscape.
Brand strategy is the sum of all decisions made about a brand's direction, from product or service development to marketing campaigns. It can be a powerful guide for a company if they make smart choices and take action on them.
Just as an athlete needs training before competing in their sport, your brand will need some preparation work done before it enters the marketplace too.
The first step towards successful brand positioning involves assessing what you have now in terms of branding – this includes looking at what you stand for today and how that meshes with where your customers are coming from. In order to solidify the future of your current brand, it's important to find out why people already identify with you, while also taking steps to determine which changes may strengthen their experience and lead them to rave about you.
Step two is to establish a plan that will set your brand up for lasting success. Creating a vision and mission statement can be helpful here, as they form the backbone of your approach to business. These statements should be down-to-earth and serve as guidelines for what you're trying to accomplish with your company's existence, so it makes sense to take time crafting them before moving forward. Then you'll want to put together some brand goals – both short term and long – which should tie back into those original statements and focus on establishing stronger roots in whatever makes your company different or unique. Remember to make this an actionable document, so don’t just set goals without initiatives and tasks. Depending on the size of your organization, we recommend delegating individuals or small action teams to break out tasks and drive initiatives. Having goals clearly defined will help everyone stay on track throughout the brand positioning process.
Setting realistic expectations for yourself (and others) about where you stand now and where you aim to go is an important part of being successful too - whether we're talking about running a business or managing a brand.
There are plenty of reasons why a company may need to reposition its strategy to stay relevant. Brands should stay flexible on how they position themselves as the market shifts around them but should also take caution as to not ruin brand equity or confuse loyal customers. Some companies will find that their customer’s needs change and staying flexible in those regards is essential. A stagnant brand isn't going to keep up.
An appropriate brand strategy can help you reach your goals by engaging the flywheel of business. Does your brand strategy have what it takes? One way you can find out is by working through our free brand positioning check up to see how you score. You can also navigate to our brand strategy service page, scroll to the bottom, and book a free session to speak with a brand strategist. We'll work together to steer the way people experience your organization moving forward!
Interested in learning how much it costs to go through the rebranding process? Check out our blog on that specific topic and contact us for a free estimate.