Juggling brand strategy and business priorities
A company’s brand shapes its image, setting it apart from incumbents and building loyalty. However decisions to invest in brand strategy might not always be straightforward. Picture these two situations.
In scenario one, everyone in your organisation is all hands on deck developing the latest product. In scenario two, your sales are down and market conditions are slow.
Faced by either of these two circumstances, where would brand strategy be on your priority list?
When resources are tight or deadlines are looming, brand often gets seen as a ‘nice to have’ rather than a powerful commercial lever. But what if it was the key to the short- and long-term success of your organisation?
Why is a strong brand identity important?
I reached out to brand expert and coach Melissa Martin, to get her views on what makes a well-crafted brand identity and when best to invest in one.
“Great design and storytelling connects people on a deeper level. When done well, brand and creative strategy transforms how a business operates and how customers engage with it,” shares Melissa.
“Your brand should express the set of values that people come to know you for. In personal branding it’s the relationship you build between you as the leader in your category and your clients.”
Embedding brand consistency for short-term gains
Now imagine you’re working on your new products, but your brand marketing is all over the place. Your website says one thing, your packaging says another and the last published social media post is months old.
Inconsistency dilutes impact, confuses prospects and makes your brand less memorable.
Martin places emphasis on why branding should be present and consistent:
“A consistent brand reinforces purpose and aligns operational activity with the company vision and mission.
“It also helps establish authority, trust and credibility with customers.
“Familiarity builds a relationship between brand and audience, which also makes selling more effective because people know and trust the brand. “
She also shares suggestions to keep in mind:
“Brand investment should be informed by what needs improving. My recommendation is to always look for ways to enhance client engagement at the awareness and conversion stages of the funnel.
“Perhaps your funnel experience isn’t entirely seamless and your messaging could be clearer. Do your visuals still represent where you’re going and the value you provide?”
Use brand identity to signal value
Brand perception consists of customer emotions, beliefs and their overall impression of your business.
Can you think of a commercial that makes you laugh or tear up? That’s the reaction that connects you instantly to that brand, often leaving you with a lasting impression.
“Your brand gives you the opportunity to communicate your value and makes you relatable and recognisable. A well-known brand does a lot of heavy lifting when conveying the purpose it fulfils and generating demand,” says Martin.
“It indicates positioning and calls out to the right target audience.”
Capture awareness with brand strategy to create demand
By building a brand strategy, you set the stage for long-term sustainable growth.
When the covid pandemic brought the global travel industry to a halt, UK travel company TUI surveyed customers to understand their hesitations around travel and learned that customers wanted to make plans, but were afraid of losing money due to travel disruptions.
To address this TUI introduced flexible cancellations and insurance cover to give customers peace of mind.
It also rebranded with a new purpose: to create moments that make life richer. While the world was stuck reminiscing and competitors were selling plain promises of ‘memories,’ TUI tapped into customers’ desire to plan for something less mundane.
This story is a reminder that brand building efforts should remain steady, whether the market is fast or slow, or your product team is buried, working on the next release. Melissa Martin says:
“Quiet periods are an opportunity to address gaps between brand promise and service delivery. It’s also important to continue to be visible. A brand refresh may be what’s needed to align the business and re-engage your audience. So when conditions bounce back and people are ready to buy, your brand will be first on their radar.”
Building brand equity is a long-term game
Don’t underestimate the power of brand equity. If you build a brand that customers trust and love, they’ll think of your product when considering a purchase.
They might also be willing to pay a premium. Starbucks gets away with charging extra for a cup of fairly terrible coffee because they’re Starbucks.
“Branding contributes to long term business success by resonating with customers and turning them into loyal brand advocates.
“The value of a solid brand compounds so the more trusted and credible it becomes the stronger its position, and the bigger its differentiation becomes over time,” concludes Martin.
