Developing a stronger brand is a shared goal among entrepreneurs worldwide, as many business owners recognize its importance to company success. With about 5.9 million private sector businesses in the UK alone, your organization needs to differentiate itself from competitors through visibility and a solid reputation for success. So, if you want to learn more about implementing a successful brand development strategy, then consider the following points.
- Review your overall business strategy
It is common knowledge that firms that experience enviable growth establish a robust and well-differentiated brand that makes growth easier. Therefore, many expert strategists advise that you define your business strategy clearly to obtain a fair idea of what your brand development strategy will look like. What type of firm do you want? Are you aiming for internal or organic business growth? Answers to these questions will provide a clear context for your brand development strategy, so this is an essential starting point to begin from. As such, prioritize clarity and direction concerning where you want to take your firm, as this makes it simpler for your brand to help you get there.
- Consider your company’s logo, name, and tagline
Logos, names, and taglines are also central to your brand development strategy, so it is vital to put in effort into getting these right. Many existing firms may not require a name change, but you should consider it if your current name no longer suits your positioning. New firms and businesses undergoing mergers also need the perfect new name, logo, or tagline. Regardless of your firm’s status, consider changing one or all of these aspects of your brand identity if you deem it necessary. These elements communicate and symbolize your brand, so it is undoubtedly vital to find the right brand strategy agency to craft these elements to perfection, ensuring that they communicate effectively.
- Identify your target clients
Many entrepreneurs want their goods and services to appeal to everybody for optimum success. However, experts opine that identifying everybody as your target client is a huge mistake that can prove costly for your company. The last thing many businesses with high growth and increased profit do is appealing to everybody, focusing instead on clearly defined target clients. It would help to also clearly define your target clients to position your firm for success. Defining your target market helps you narrow your focus, leading to faster growth. On the other hand, appealing to a more diverse target audience weakens your marketing efforts, so prioritize picking the right target clients for the best results.
- Conduct market research
ESOMAR’s 2019 Global Market Research valued the market research sector at about $47 billion in 2018. This sector is increasingly valuable because more firms realize the importance of researching their target client groups before honing an effective brand development strategy. Research helps you understand your customers’ priorities and perspectives. This way, you can craft your message in a way that resonates with them. Research can also reveal how customers perceive your company’s strengths and current brand, lowering your brand development’s marketing risk significantly.
- Develop your brand positioning
Your brand positioning is simply the space your business occupies in customers’ minds, and how it differentiates itself from competitors. Therefore, it is crucial to determine your company’s brand position for a wide range of beneficial reasons. Brand positioning must address how different your firm is from competitors, and why potential customers within your target audience should pick you over alternatives. You can do this through a brand positioning statement, which must capture who and what your company stands for, and how different it is. Effective brand positioning boosts your business’ visibility and top-of-mind awareness in consumers’ minds, so prioritize this for optimum results.
- Craft your messaging strategy
The next vital step towards successful brand development is developing a messaging strategy to translate your brand position into messages that resonate with your target audiences. Your target audiences here include potential employees, clients, partners, etc. Experts suggest maintaining a high degree of uniformity across the messages you send to these specific audiences but also emphasizing particular points based on which audience you are engaging. For example, messages intended for potential partners should emphasize mutual benefits, while those for prospective employees must prioritize company values.
- Develop and implement your content marketing strategy
According to Statista data, a whopping 86% of marketers in the UK reported using content marketing as part of their overall marketing strategy! Content marketing is beneficial in modern times because it is more efficient than traditional marketing strategies. Rather than merely advertising to people and convincing them to patronize your business (visibility), content marketing uses helpful, educational content to attract and inform prospective clients (visibility and reputation). Therefore, develop and implement a great content marketing strategy to increase visibility and reputation, making your brand more relevant to target audiences.
- Have a website
A great business website is undoubtedly a must-have for the modern company, so it is vital to have a website. For many firms, a website can even be the most crucial brand development tool if utilized correctly. It is the go-to destination for your target audience, informing them about what you do, how you do it, and who your existing clients are. Your website also houses your content, which is the focus of any Search Engine Optimization (SEO) efforts aimed at putting you out there to be discovered by prospective clients, employees, referral sources, etc. A reported 75% of customers believe they can judge any business’ credibility through their website, so it would be best to put in maximum effort to create a great one.
- Track your progress
The final, and one of the most critical aspects of your brand development strategy, is measuring results to determine how well your company is faring. You can implement a great brand development strategy alright, but it is common for companies to get so distracted with client work that they relegate brand development to the background. As such, it is essential to track your strategy’s implementation and results to stay informed. For example, implementing a website is vital, but how is this website faring regarding web visitors and search traffic? By tracking progress, you quickly know which adjustments to make moving forward, so keep this in mind for the best results.