Brand strategy is the process of defining and communicating the unique value proposition, personality, and identity of a business. It is essential for creating a lasting impression on the target audience and differentiating the business from its competitors. However, brand strategy is not a one-time activity that can be done once and forgotten. As a business grows and evolves, so should its brand strategy.
In this article, we will explore how to adapt and update your brand strategy for different stages of business growth, based on the insights from Jessica Scanlon, CEO and founder of Hot Dog Marketing.
New Businesses: Aspirational Branding
New businesses are like babies – they have some hopes and dreams, but there is no way to know what they are good at and where their future will take them. For new businesses and startups, branding is typically aspirational and based on the vision and mission of the founder. The primary brand strategy components to focus on with a new business are:
- Mission: What are you trying to do?
- Vision: Where are you trying to go?
- Brand purpose: Why do you exist in the first place?
- Logo: How do you visually represent your brand?
The answer to these questions should not be “money” or “profit”, but rather big ideas and audacious goals that inspire and motivate your team and your customers.
Established Businesses: Growth Branding
Established businesses have proven their product-market fit and have a loyal customer base. They are ready to scale up their operations and reach new markets. However, they also face new challenges, such as increased competition, changing customer expectations, and market saturation. To overcome these challenges, established businesses need to focus on growth branding, which involves:
- Revisiting mission, vision, and brand purpose: Do they still resonate with your current and potential customers?
- Core values: What are the principles that guide your business decisions and actions?
- Brand positioning: How do you stand out from your competitors and create a unique niche in the market?
- Brand voice: How do you communicate your brand personality and tone across different channels and platforms?
These components help you align your brand strategy with your business goals and create a consistent and memorable brand experience for your customers.
Scaling Businesses: Focused Branding
Scaling businesses have achieved significant growth and success in their industry. They have a large and diverse customer base, a strong reputation, and a high market share. However, they also face new risks, such as losing focus, becoming complacent, or diluting their brand identity. To avoid these pitfalls, scaling businesses need to focus on focused branding, which involves:
- Reevaluating mission, vision, and brand purpose: Do they still reflect your core competencies and competitive advantages?
- Brand architecture: How do you structure and organize your sub-brands, products, or services under your umbrella brand?
- Brand guidelines: How do you ensure that your brand identity is applied consistently and coherently across all touchpoints?
- Brand management: How do you monitor and measure the performance and perception of your brand in the market?
These components help you maintain clarity, coherence, and control over your brand strategy as you expand your business scope and scale.
Exiting Businesses: Maximized Branding
Exiting businesses are ready to sell their business or merge with another entity. They have achieved their desired outcomes and want to capitalize on their achievements. However, they also need to ensure that they get the best value for their brand equity and assets. To do so, exiting businesses need to focus on maximized branding, which involves:
- Reaffirming mission, vision, and brand purpose: Do they still showcase your unique value proposition and differentiation?
- Brand valuation: How do you estimate the financial worth of your brand based on its tangible and intangible assets?
- Brand due diligence: How do you assess the risks and opportunities of merging or selling your brand to another entity?
- Brand transition: How do you ensure a smooth transfer of your brand identity, assets, and relationships to the new owner or partner?
These components help you optimize your brand value and leverage your brand equity as you exit the market.
Brand strategy is not static but dynamic. It needs to evolve with the changing needs and goals of the business. By following these tips, you can create a strong brand strategy that supports your business growth at every stage.
