July 19, 2024
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5 min read
Most small business and non-profit leaders wear multiple hats simultaneously - you are marketers, bookkeepers and customer service representatives. Heck, you might even be running a one-man show! So we get it: time is money… but so is trust.
You might be thinking, “Huh? Trust?” What does trust have to do with anything? Trust is money. How your customer base perceives your brand directly affects your profit margins and your brand legacy. Your good standing and reputation in the marketplace affect not only your wallet but also your brand currency.
What do we mean by that? Let’s ask ourselves: How much trust does your audience have in you to deliver your promises? Can your brand survive slow periods? Will people continue supporting you over time?
The way to build your brand’s currency of trust is through brand strategy.
Without a strategy, you (and your business) may as well be treading water aimlessly. When marketing materials and messaging don’t fit your brand, customers lose faith that you can deliver your promises. Your brand appears shallow. Temporary, even.
This blog will answer the following questions:
Let’s get into it.
First things first, let’s define brand strategy. Brand strategy is your company’s long-term game plan to guide, develop and communicate the brand. It’s not a one-time action, but an ongoing process that allows customers to know:
Think of your brand strategy as the underlying framework that guides your decisions, from external communications to customers to internal decisions within your organization.
We discuss brand positioning and its importance in our blog “Brand Positioning: Your Tips For Building Brand Legacy.” Want to differentiate yourself from your competitors successfully? Give it a read to learn more here.
Need to create a strong brand strategy? Spark & Pony is here to help. Get in touch here.
Steve Jobs believed that a company’s brand works like a bank account… and we agree.
“...When the company does good things, such as launch a hit product or a great campaign, it makes deposits in the brand bank. When a company experiences setbacks, like an embarrassing mouse or an overpriced computer, it’s making a withdrawal. When there’s a healthy balance in the brand bank, customers are more willing to ride out the tough times. With a low balance, they might be tempted to cut and run….”
Excerpt from “Insanely Simple: The Obsession that Drives Apple’s Success” - Ken Segall
Your brand is a bank, credibility with your customers is your currency, and trust in the brand is the compounded interest gained along the way.
As business owners, you already know that customer retention is essential to your success. Converting a new customer can cost up to five times more than retaining a current one.
So, how can you build credibility with your target audience? A good brand strategy.
A well-executed brand strategy creates positive and consistent experiences for your customers and makes deposits in your account. So, what is included in a strong brand strategy?
A poorly executed brand strategy creates negative and inconsistent experiences with your customers and makes withdrawals from your account. Just what is included in a weak brand strategy?
If you need an example of an inconsistent brand experience, Colgate launched a frozen dinner product line in 1982. That’s right, the toothpaste company. This unexpected product was outside their scope and didn’t align with their business values or expertise, leaving customers skeptical and confused.
Let’s explore Cocokind, a brand with a well-executed strategy and positive brand currency. Labeled online as a conscious skincare brand, what sets it apart?
Priscilla Tsai, founder of Cocokind, started the brand to change the status quo of the beauty industry. Their brand messaging echoes values of sustainability and self-positivity, like “Enter our World of Skin - You’re Enough Here” and “Conscious Skincare. Plant-powered, sustainable, affordable, and cruelty-free.”
How do they ‘deposit’ into their brand?
These values and initiatives are part of their identity and strategy, guiding all aspects of the business. This includes when Cocokind decided against expanding into China in 2017 due to its animal testing laws, choosing their brand values over potential profits. Or again, when they started the “#BoldEnough” pledge on social media to avoid face-altering filters as part of their self-esteem campaign. It had nothing to do with product sales but was a natural extension of the company’s values.
These are the signs of GREAT brand strategy and execution! Their customers trust the brand and stick to their products because they know Cocokind stands by its promises.
Read: A Roadmap To Creating An Inclusive Brand
On the other hand, let’s discuss a brand that has faced flack from the public. Dollskill, co-founded by former DJ Shoddy Lynn, is an online clothing brand for the rebellious spirit and festival goer. Dollskill was named “Fastest Growing Retailer” in 2014 by Inc. magazine. Their tagline, “For the Misfits & Miss Legits” and all their messaging, visual design and imagery are directed toward rebellious, alternative fashion lovers.
This is where we run into their brand ‘withdrawals’:
Because the brand targets rebellious youth, a socially conscious demographic, many of these actions came across as hypocritical. Dollskill has received cries for boycotting across social media, leaving customers angry and looking for alternatives. So much so, there are multiple YouTube videos about the brand controversy like this.
In terms of brand strategy, Dollskill has work to do.
Read: The Importance of Brand Authenticity
A ship can’t arrive at port without a compass. The same can be said for a marketing team trying to create an effective strategy without a plan.
With public credibility as your currency and customer trust as compounding interest, brand strategy is the ultimate investment you could make for your business.
Now, let’s dig into how to create your best brand strategy.
A quick refresher of what’s included:
This is the first and most important step in your strategy process. How can you sell your company’s product to customers when you don’t know your product inside and out? How do you know who you’re selling it to? Or even who you’re competing against?
To fully develop your brand, follow the Three Cs of Marketing: Consumer, Competitors, and Company.
Consumer - your target audience, including demographics like age, gender identity, income, politics, or lifestyle
Competitors - other businesses who solve similar problems and provide products like yours, and their strengths and weaknesses
Company - your brand’s identity, values, strengths and weaknesses, and products or services
The Three C’s of Marketing are key to your brand positioning. Understanding your company’s position in the market and customer’s hearts and minds is essential to your overall branding success.
Want to learn more about brand positioning? Read: Brand Positioning: Your Tips For Building Brand Legacy
Now that you’ve identified your ideal consumers, your marketplace competitors and WHO your brand is… it’s time to spotlight how your brand betters the world.
In the words of Bigweld, “See a need, fill a need.”
Problem - Begin by identifying a problem your audience has and that your product/service solves. The more specific, the better!
E.g. Many young people today struggle to focus on tasks due to digital overwhelm. With the prevalence of distractions and doomscrolling, it can be hard to put the phone away.
Conflict - Every story has conflict, like in a novel. Highlight the urgency of solving this problem and the consequences of not solving it.
E.g. Doomscrolling has negative mental health effects, like anxiety, sadness, anger, brain fog, and more. A lack of focus can lead to decreased productivity affecting your career and personal goals. Digital well-being is crucial in today’s digital world!
Solution - Your product/service is the hero of the tale! Show your audience how your brand makes a difference in their lives.
E.g. Meet Opal! The #1 Screen Time App that can block out notifications and apps to keep you focused. Monitor your screen time and make the most of every day.
Repeat after us: Problem. Conflict. Solution.
You’re now in an excellent position to focus on your brand identity, including brand tone, messaging, and visual design (such as your logo and brand colours).
While you may have a brilliant product/service that solves your audiences’ concerns… terrible branding will kill your success. We can’t imagine Coca-Cola or McDonald’s would be as successful today if they didn’t have memorable logos, colour schemes, and taglines.
Read: Why Design and Visual Branding Matter
Your brand is a bank, and by having a strong framework that guides your actions, you’re investing in your ‘brand currency’ and future success.
If you’re ready to invest in your business, you’re in the right place! We’re branding experts - with expertise in graphic design, copywriting, and web design - and are here to make you look and sound good online. View our portfolio here, or contact us for a Brand Discovery Session.
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