A brand is simply a name or logo that influences buyers. In commodities such as steel stockholders, that name might just differentiate one business from another. In non-commodity businesses or consumer products, however, that name or logo should be a psychological symbolisation of how people think about that particular business or product. Building a brand helps customers shorten their decision-making process, by creating a perceived knowledge of what they are going to buy, before they buy it. Most people, for example don’t think long and hard before buying a Mars bar!
- Brands create confidence in a business, product or service by doing exactly what the customer already believes it will do. A can of Coke will refresh you and always taste great, year on year.
- Brands evoke an emotional feeling in the customer to purchasing a product or service. For example, Giorgio Armani makes his clients feel good about what they wear, feel good about buying clothes from his shops, and helps send out a positive fashion statement to the client’s peer group.
Brands must consistently reward the confidence and deliver the expected emotional response.
Some of the Main Considerations in Developing Brand Strategy
Firstly it is important to remember what the word strategy means or implies – it is simply defined in business terms as a means of getting from A to B – therefore you have to know what or where A and B are before devising any strategies.
Put another way, to know what A is like, you must question and understand:
- Where the company is currently, in relation to its sales and budget forecasts.
- What resources are available? – both financial and human.
- What makes your company and your services genuine and distinct?
- Who are your competitors?
- What is your reputation, if any?
- How does the marketplace work in general terms?
To understand where B is, the company must have a vision for the future:
- Where does it want it’s brand to be in two or three years?
- What is your reputation if any?
- Where should you be a thought leader?
And remember, even if you create the right strategy, it can easily be destroyed by not ensuring every impact on the brand has a positive outcome. The following diagram (derived from Carlson’s Moments of Truth) shows, in general, the numerous brand impacts within a typical law firm transaction. Each one, if not handled correctly, could cause a lost client, the loss of future referrals, and subsequent loss of profitability.
Purepages consultants, with extensive experience in brand strategy development over a wide variety of economic sectors, will work with you to answer these brand strategy questions not only for where you currently are, but where you want to be. We take a client and market centric approach to develop a strong, proactive, and competitive brand strategy for your firm and services.
