What is the importance of a brand strategy?

A brand strategy communicates the value of any brand. It is the promise, story and narrative that stakeholders (consumers, investors, partners, etc.) associate themselves with. For a brand to grow in value, it needs to have a purposeful and intentional approach that stands out, nurtures it and accords it the required positioning in a competitive marketplace. This demands a strategic investment into the operation, stakeholder relationship, communication structure and reputation management of the brand. In our previous article, we clearly defined the term “brand strategy”. You can catch up here.

“When I use the term, “BRAND” I am not referring to colors or a symbol, but the essence, the DNA of a business or institution. The way the brand works in real-life.” ~Sola Abulu.

“A brand is a collection of intangible assets of a company, product, or service. It defines the emotional relationship that exists between consumers and the business.”

Following Galatick’s definition above, a brand can be described as an asset. This means that the concept of having a brand strategy is a structured approach to maintaining this asset. According to Kigen, increased business value, generating new customers and an improved recognition are some of the importance of business branding in Kenya.

The recent saga of investigations on the amount spent in procuring designer bags and how much the top brands sell them to consumers shows why a brand strategy is needful. Seeing that this viral news was earlier reported in 2017, further explains that many businesses thrive on an effective brand strategy to attract their preferred target audience and achieve their financial bottom line.

This paper provides insights into the importance of branding for South African SMEs. The African fashion industry, for example, is a good case study of why a brand strategy is important. Many designers have tapped into the elitist market and some equally good ones play on a lower scale because of their poor brand strategy. Understanding the elements of a brand strategy and learning about the difference between rebranding and brand refresh is crucial.

Some importance of a brand strategy

• It ensures that communication flows through the brand in a structured and outcome-driven manner.
• It attracts high investment decisions from stakeholders
• It enables a rich brand portfolio and top-of-the-mind presence in the market.
• It complements the brand reputation in a crisis
• A good brand strategy attracts the right talents
• It ensures you deliver on your reason for being.
• It helps you create and push your desired narrative that is in sync with the brand attribute. So, people see what you want them to see.
• Your evergreen message goes ahead of you. An evergreen message is a consistent message that explains who you are, your mission and your vision statement. Watch this video on the 7 elements of a brand strategy.

We have announced enrolment for the next cohort of our Brand Strategy and Marketing Communications course. This course will help African brands to grow as an asset that enables them to achieve their full potential.

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Sola Abulu & Associates is a strategy and communications consulting and training firm committed to enabling businesses, brands and organizations to achieve their objectives through strategic communications, organizational effectiveness and reputation risk management

Chat with us for more information on our courses.