Importance of Brand Strategy
A brand strategy ensures that the values of an organization, product or services are indirectly communicated to the market. It is aimed at the creation of loyal, long term and repeat customer base for a product or a service. A brand value can be represented by a sign, a name, an individual, design or symbol, or a combination of all these elements can identify brand value for a customer.
When a company launches a product in the market, it needs to establish the product in the hearts and minds of customers or prospects. The product must tell the client what its value proposition is. How and why a client should trust the product? It is the totality of what kind of experience and perception you print on the customer’s mind decides the brand value of your product.
For e.g. If a famous actor, recommends a paint or a car or a mobile phone, the customer immediately associates a value of reliability & trust to the product. They know that a big actor would not associate themselves with faulty brands. The big actor does not directly say he is reliable and hence we must trust the product. The message is subtle. That is the value of branding. It propagates the message indirectly about the values of the product without telling the customer to buy it.
The strong brand strategy helps as follows:
- It justifies the premium price of the product over the competition
- The brand loyalist creates a ripple effect by bringing in new customers
- It slows the success prospect of new entrants in the market
- It creates a trust footprint empowering the organization to grow in the new territories.
An organization must have a branding strategy to get help with continued sales over an extended period of time.