Branding Strategy – whoa! Is that another term to confuse business owners? Isn’t it just a fancy version of sales and marketing? Do I need one more team to formulate and act on this thing called branding strategy? How is it going to benefit me in my business? Is it even important?
Well, new business owners do ask a lot of questions and we are here to answer. In this article, I am going to talk of branding strategy – what is it, why is it required, how can you get it running in minimum cost and with least amount of effort.
What is Branding Strategy?
Branding Strategy is basically how you would sell your brand/product. It starts with determining your target customer and focusing your entire marketing and sales effort on that particular customer so that you build an emotional bond with your customer. This article briefly describes how McDonald’s does that with kids. The strategic branding of the brand helps it to build an emotional bond with kids who remain their loyal customers for years. This is what you do through branding. Leave an indelible mark on a person and make him your customer for years. Of course, it is a long term effort.
Why is such a strategy required for your business?
Why is it required? You would have never asked a question like why marketing is required. Right? Why? Because marketing is necessary to let the people know of your brand/product and do sales. The thing which many people ignore is branding is much more important than marketing. Marketing gives you one time customers but branding helps you build a long term customer base. Why is it that whenever we feel like eating a good burger, we think of going to McDonald’s? Branding.
How to work on the Branding Strategy with a tight budget?
Businesses, especially start-ups, find it difficult to have a different budget for branding. But let me tell you the secret trick – you can actually do branding while utilizing your marketing budget. They both are different concepts but that doesn’t mean you can’t achieve two objectives with one shot. Think about it logically. Instead of reaching out to hundreds of people, if you reach out to 5 specific people who would find value in your product, won’t that be better? It has higher chances of success and sales. So, look for ways through which you can kill two birds with the same arrow.
Minimizing efforts? Well, if you ask your marketing team to work while following your branding strategy, you would actually get the work done with less effort. If each of your marketing pitch is inline with the strategy you have formulated for branding, you won’t really need to work for branding.
Did you notice what I tried to do in this article? I actually told you that you can work on your branding strategy without actually working on it. What do you think of it? How much effort are you making on branding? Is it in line with your marketing strategy? Are you working on getting long term customers rather than one timer?