MPWRSource is a proud member of the Chesterfield Chamber of Commerce. I was happy to share some expert advice on brand strategy, which they shared on social media and through an email campaign. Read below to find out why I believe brand strategy is the foundation of any organization.
As a business owner or leader, do you ever ask the following:
- Why are we not meeting our goals and objectives?
- Why are our leads not reflecting our target market?
- Why does our team seem so confused?
- Why are our conversion rates so low?
- Why is our client churn rate so high?
- Why is our employee retention rate so low?
If you are asking yourself one or many of these questions, the problem most likely lies in a non-effective or non-existent brand strategy.
A brand is not just a name, logo, organization, product, or service. A brand is a way a product, service, organization, or individual is perceived by those who experience it. Tony Robbins, Oprah, and Lizzo are brands. However, unless your business is you, then your brand is the image that customers and potential customers have of your business, which is developed from reviews, social media, your website, existing customers, dissatisfied customers, competitors, etc.
A brand strategy refers to a long-term plan that focuses on the long-term success of the brand. Without a brand strategy, the organization continually reacts and every “in the moment” reaction creates a disjointed brand. A well-researched and honest brand strategy can help you:
- Attract your ideal customers. (According to Ipsos Global Trends 2021 report, U.S. consumers’ preference for brands with an aligned purpose went up from 50% in 2013 to 66% in 2021.)
- Increase marketing effectiveness.
- Increase revenue.
- Command higher prices.
- Build your organization’s equity.
- Establish a strong internal organizational culture.
Brand strategy is different from marketing, in that brand strategy unifies the vision and messaging among all areas of an organization, whereas marketing strategizes on how to spread those messages to their target markets. Once the brand strategy has been established and well-articulated, the following three areas must be in alignment to transform the strategy into reality.
People – Every person within an organization must be unified around a goal or vision, which takes consistent messaging, training, and discussion. Brand equity is built internally before it can be achieved externally.
Processes – The processes of an organization start with how the organization deals with its clients. Therefore, all processes, not just marketing and sales processes, must reflect the brand’s purpose back to the clients because a brand’s purpose is a promise to everyone, internally and externally, who encounters the brand.
Data – Some say cash is king, but data is now king, queen, and the entire royal court. Key Performance Indicators (KPIs) driven by data are the ways to measure the effectiveness of carrying out your brand strategy.
MPWRSource is a brand strategy consulting firm that empowers small to mid-sized businesses and non-profits for optimum growth and purpose. We believe that empowering small to mid-sized businesses and non-profits to grow and flourish betters the communities and people they serve. For a free business review, please click here.