So, you’ve come to understand the power of branding and what it can do for making your company identifiable, and to build greater customer loyalty, and to set you apart from your competition. You’ve also come to understand that strategic brand management is a powerful way to make the customer experience more defined, and to better relate to your target demographic.
But, exactly what can you do to achieve success in strategic brand management? It sounds like a bit of an obtuse topic, and it sounds very complicated, right? Well, some might present it in a way that could seem a bit overly complex, but that’s not the norm with this unlike with some other things out there.
Below, I will talk about a few key things to consider with this, and why they matter. This is something to pay close attention to, because as much expense and energy as you have to put into branding, you want to get the absolute most out of it you possibly can, right?
Well, then here we go.
#1 – Set Yourself Apart
Know your competition, their brand image and their corporate culture like you know the back of your hand first and foremost. I hate to reference soft drink companies, but they are the epitome of the branding battle, namely Coke and Pepsi, right? They’re synonymous with each other in the context of names you think of in the industry. Their brands have a color and text theme that your mind can summon in a flash, and their advertising and attitude are very distinct, and not the same as one another.
They understand each other, and work to be a pleasant antithesis of one another. They do it well, and they put a lot of effort into this. And look at what it gets them!
So, hold to what sets you apart and what, to your demographics, makes you better than they are.
#2 – Know Your Demographic
Well, along with standing out in from the competition, you also want your image, your attitude and your personality to be relatable to your demographic. Know them well. Understand how they live, how they work, what other interests they often have, and everything else you can think of.
The better you know your demographic, the better your brand speaks to them, and the more like a friend you are to them, than a business they conduct commerce with.
Again, Coke and Pepsi know how to do this, and the game companies of the fierce 90s gaming industry certainly knew what they were doing with this. Follow their example. But not too closely, of course.
#3 – Smart Pricing and Accommodation
You’ve set yourself apart from competition, and you’ve built an identity and “texture” that really speaks and relates to your customers. Great. Now, understand their views of value and finances, and price your product or service accordingly.
Offer incentives and benefits that are actually motivating and valuable to them, and also are “so you”, in how they are presented and advertised.
This is all there really is to strategic brand management, but it is just a nutshell. You need to look closely and research much further on how to handle these three points carefully, and those are a whole other story.