Brand Strategy - Definition & Meaning
What is Brand Strategy?
By definition, brand strategy is a long-term plan for the successful development of a brand in order to achieve certain organisational goals. A well-defined and comprehensive brand strategy is aware of both consumer needs, competitive environment and macroeconomic realities within the space that is operates. More often than not, a successful brand strategy will enable the brand not just endure during the bust phases of the economy but also create a high awareness and loyalty among its customers
A brand strategy always begins by developing business goals, for example, what exactly does the brand hope to achieve in the long term? Is the brand trying to reach a new audience? Obviously, your brand strategy for reaching a new audience or creating a new product category will be very different from a strategy where you are trying to capture lost market share. These questions must be answered satisfactorily before the strategy for the brand is developed
Another pitfall to avoid is over emphasis on the short term profits or gains. The desire for continuous growth and better sales performance might lead to most pushing their product rather than focusing upon creating a name for the brand, which will enable it to sustain over the long run.
Of course, the brand strategy should allow for flexibility to accommodate the entry of new competitors, customers and market. However, a successful brand strategy will always include consumer insights, the positioning of the brand, and leverage upon the core strengths of the brand
Hence, this concludes the definition of Brand Strategy along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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