According to a Neilsen survey, 59% of consumers prefer to buy new products from brands familiar to them.
As a small business, you may be competing against big brands with devoted customers and unlimited marketing budgets. That’s why you have to find ways to differentiate–with a solid brand building process of your own.
Your brand is your reputation!
Now, brand building being simple? The truth is: branding doesn’t happen overnight…or even in a few months.
Building a brand is definitely a process. However, the ongoing effort will result in establishing long-term relationships with your customers.
This can lead to a steady increase in sales, more projects, word-of-mouth referrals, and advocacy for your products or services.
How do I develop a brand strategy? Now, we don’t get asked this all that often, however, without a brand strategy in place, you’re setting your brand up to fail.
First of all:
What is a brand strategy?
Put simply, a brand strategy is a document that encompasses exactly what your brand is about.
A well defined and developed brand strategy will touch on all aspects of your business in great detail. Your brand strategy should outline beliefs, visions, goals, and plans, that can all be achieved as your brand grows and develops.
Your brand is not;
Your logo, brand name, website, or your product. That forms part of your brand identity, which should reflect your brand strategy.
My favourite definition of branding comes from Amazon Founder and CEO, Jeff Bezos:
Your brand is what other people say about you when you’re not in the room.
And to control and guide that, you need to develop a brand development strategy that keeps your business and brand running in the right direction. Like anything else in life, you can get answers and start developing your brand strategy by asking the right questions.
First things first though, make sure you’ve read The Ultimate Small Business Branding Guide, as that acts as a bit of a primer for this post.
So, what are the 5 main questions should you be asking when developing your brand strategy?
1. What is Your Brand Mission, Brand Vision, and Brand Story?
2. Who Are Your Brand’s Target Customers?
3. What Problem Does Your Brand Solve?
4. Who Are Your Brand’s Competitors?
5. How Does Your Brand Acquire It’s Customers?
Conclusion: How Do I Develop a Brand Positioning Strategy?
Start off by answer the questions above. If you’ve never dug into developing a brand strategy before, then this should give you more than enough to be thinking about.