The role of your brand
“If this business were to be split up, I would be glad to take the brands, trademarks and goodwill and you could have all the bricks and mortar – and I would fare better than you.” (John Stuart, former Quaker Oats chairman)
We may be bias but we agree with John Stuart, your brand is your business’ biggest asset.
It’s how most of our conversations about brand seem to start, and while more and more businesses are up to speed on this view, many are still unaware of the strategic role that brand plays. It’s not just the cherry on top of the cake, it’s every ingredient that goes into it, the bakers that make it, and the box it’s delivered in.
Brand is about communicating who you are, what you do, how you do it, why you do it, and who you do it for.
So how do you start to understand your brand’s role?
Start with your business strategy.
Whether you’re a challenger disrupting the market or a leader defending market share, your brand is the best tool for the job. It can justify a higher price point, grab attention, establish trust, or communicate a specific quality. If you don’t align your business and brand strategies however, your brand can become a barrier that actively works against you achieving your goals.
Know your customer journey.
Your customer journey maps out the interactions between your customers and brand from the prospect phase right through to loyalty. It might be aspiration, reassurance, value etc; when you explore what is being felt, said and done at every touch point you’ll get a picture of the role that your brand needs to play in your customer experience.
Compare your competitors
Take a look at your competitors in terms of their look, personality, and tone of voice to build a snapshot of their brands and your industry. Try and identify common themes and start to group your competitors based on these. For example if you’re in the tech industry, you may have some competitors which focus on value, others on simplification, and some that are extremely technical. A competitor analysis will identify a position in the market place for your brand to occupy that will help you stand out.
By doing these three things you’ll have the blueprint of what your brand needs to be doing for your business. If you need help with the above or with forming your brand strategy then get in touch.