Unlocking the Power of Brand Strategy in a Competitive Market
By Kara Mitchell, Principal, Client Service
Consumer expectations, buying group complexities, and economic uncertainty are among the various ongoing pressures brands face when going to market. These pressures keep brands in a reactive state, responding to the ever-changing dynamics rather than proactively driving a market.
But it’s not enough to merely react. To get ahead and succeed in today’s market, companies need to put in the work to understand their point of difference.
Brand Strategy: Not Just a Buzzword
Brand strategy isn't just a term used by marketers to sound smart—it’s the key to attracting and retaining customers. And it’s more than a logo or a catchy slogan—it’s defining who you are. When companies overlook this crucial element, they can get stuck in a sea of mediocrity and a constant reactionary state.
Lacking a strong brand strategy can lead to a myriad of missed opportunities. And in today’s market, companies can’t afford missed chances.
Your Brand’s Strategic Value
It’s no longer enough to have a high-quality product or service. Buyers need some type of emotional connection that keeps them buying from you and not the competition.
And the foundation for customer loyalty starts with proper brand positioning, which is comprised of four elements:
- Audience Focus: Positioning is often an exclusive exercise, not inclusive. Because when brands try to be everything to everyone, they tend to stand for nothing. Having the discipline to define your audience, whether it's through demographics or shared values, can bring clarity to an array of business decisions. It can empower you to design systems and products around your audience's demands, eliminating the need to redefine or change direction whenever the market shifts.
- Category Frame of Reference: Companies need to understand which category they compete in, and buyers need to know how best to compare those companies. The categories could include tech, healthcare, asset management, etc., or it could mean defining a whole new space. Nevertheless, there needs to be a definition so they can quickly and easily state the category.
- Key Point of Difference: Identify the one thing you do differently than the competition, or if you're entering a new space, state why you're breaking through. Again, this is a disciplined exercise. It requires companies to define just one thing they do better than other companies and often requires an outside perspective from the audience, asking what that one thing means to them.
- Reasons to Believe that Point of Difference: It’s not enough to state why you're different. You have to back up your point of difference with proof to justify that differentiating quality.
Many companies believe brand positioning is solely designed to guide marketing, but it's more than that. It's an internal statement aligning teams across the company and guiding all external implementation. Whether it's how your sales teams structure their targeting, where a new product design comes from, or how your company presents in mergers and acquisitions deals, all business needs are driven by your positioning.
The four elements above can demonstrate your strategic value, building your brand’s intangible equity over time. If you have not yet done the work to outline your positioning clearly, now is the time to step back and define.
Human Capital is a Key to Success
Your internal team holds immense power over your external value. With a clear understanding of your brand positioning, you can create a cohesive narrative across your company that extends outwardly to your buyers.
And when those consistent experiences are delivered through a well-thought-out brand strategy, you create equity and lifetime value to nurture customer loyalty and advocacy. And ultimately, impact your top line.
During economic uncertainty, most companies instincts are to pull back. But it's the perfect time to lean in and better understand their audience. At Mintz + Hoke, we immerse ourselves in your customer's world to bring that outside perspective and clarity to the brand positioning process. We bring the customer into the room to build consensus among internal teams and to ensure the company is making the most impactful decisions.
Get in touch with us to see how our Immersively Different approach can be put to work for you.
