How do I appeal to the right audience?
How can I become an authority in my industry?
Isn’t brand strategy just for the big guys?
These are some of the questions we often hear when kicking off a brand strategy session. Many times, hefty investment is placed on a scaleup’s product or service, with the company’s brand left by the wayside.
But why does it matter? A strong brand is integral to driving sales, building loyalty and creating value. In the article ahead, we’ll take a look at three common misconceptions of defining your brand, and how you can overcome them.
- Your Brand Should Appeal to Everyone
Have you heard marketers say that their target is “everyone”? We certainly have. In reality, brands that try and target everyone often fall short and spread themselves too thin. A strong brand strategy lies in being able to clearly define your audience, and how to best target them.
Rather than trying to appeal to the masses, ask yourself, “What problem am I solving, and who am I solving it for?” Then, narrow down your ideal customer, and refine your brand to appeal to them.
For companies that have gained initial traction, review where the majority of your sales are coming from, and use that to help better define your audience. For new companies, think about the initial problem you set out to solve with your business and the initial audience you had in mind when you first started out.
In the words of Theodore Levitt, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”
- You are the ultimate brand authority
Seth Godin defined brand as, “The set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.”
Essentially, a strong product or service isn’t the sole driving factor in business success. Consumers are free to explore and experiment with different brands, eventually building an emotional connection and becoming loyal fans. In fact, 56% of consumers stay loyal to brands that “get them.”
Your scaleup can set initial positioning and guidelines, but you can’t fully control how customers view your brand. Your customers play a major role in shaping how your company comes to life.
Focus on building an emotional connection with your ideal clients rather than aiming for their bank accounts. Create the relationships that make consumers feel understood, and you’ll succeed in having loyal clients.
- Brand is only for big companies
Does brand really matter if you own a small business? The answer is a resounding YES. We understand that the logical priority may be making as many sales as possible, but sales and branding go hand-in-hand.
Here’s why: Brand makes selling easier by simplifying choice. It increases profitability because it allows you to charge more, and your cost of acquisition lowers by creating loyal fans who sell for you. Furthermore, brand principles help guide and unify your team.
This helps drive further profitability.
In the end, brand strategy doesn’t have to be daunting. The benefits are that it drives future growth, creates internal alignment, builds a loyal base of customers, and increases sales. Additionally, brand strategy lays the foundation for informing your future marketing and communications efforts – as long as the right guidelines are laid out.
This article is written by Luca Tofan, Account Manager at Long Story Short