First, let us say that your brand is more than your logo, name or slogan — it’s the entire experience your prospects and customers have with your company, product or service.
Your brand strategy defines what you stand for, a promise you make, and the personality you convey. And while it includes your logo, color palette and slogan, those are only creative elements that convey your brand. Instead, your brand lives in every day-to-day interaction you have with your market:
The images you convey
The messages you deliver on your website, proposals and campaigns
The way your employees interact with customers
A customer’s opinion of you versus your competition
So What's The Value of Creating a Defined Brand Strategy?
Branding is crucial for products and services sold in huge consumer markets. It’s also important in B2B because it helps you stand out from your competition. Your brand strategy brings your competitive positioning to life, and works to position you as a certain “something” in the mind of your prospects and customers.
Think about successful consumer brands like Disney, Tiffany or Starbucks. You probably know what each brand represents. Now imagine that you’re competing against one of these companies. If you want to capture significant market share, start with a strong brand strategy or you may not get far.
In your industry, there may or may not be a strong B2B brand. But when you put two companies up against each other, the one that represents something valuable will have an easier time reaching, engaging, closing and retaining customers. Successful branding also creates “brand equity” – the amount of money that customers are willing to pay just because it’s your brand. In addition to generating revenue, brand equity makes your company itself more valuable over the long term.
Does your company follow a defined brand strategy? Which case would you fall under?
1. Best Case Scenario: Prospects and customers know exactly what you deliver. It’s easy to begin dialogue with new prospects because they quickly understand what you stand for.You acquire customers quickly because your prospects’ experience with you supports everything you say.You can charge a premium because your market knows why you’re better and is willing to pay for it.
2. Neutral Case Scenario: The market may not have a consistent view or impression of your product and company, but in general you think it’s positive.You haven’t thought a lot about branding because it doesn’t necessarily seem relevant, but you admit that you can do a better job of communicating consistently with the market.You’re not helping yourself but you’re not hurting yourself either.
3. Worst Case Scenario: You don’t have a brand strategy and it shows. It’s more difficult to communicate with prospects and convince them to buy.They don’t have an impression of your product/service or why it’s better.What you do, what you say and how you say it may contradict each other and confuse your prospects.Competitors typically have an easier time acquiring customers.
We'd love to know!