Many major brands\u2019 stated values are under 200 words. The important thing in presenting your values is that they are authentic, that your brand adheres to them, and that they are communicated.<\/em><\/p>\n\n\n\nAnalysing Brand Strength and Weaknesses<\/p>\n\n\n\n
The best approach for analysing a brand\u2019s strengths and weaknesses is a system known as SWOT (strengths, weaknesses, opportunities, threats). This analysis is a combination of internal (strengths & weaknesses) and external (opportunities & threats) factors and will lead to a strategic framework that can be used for planning a brand strategy.<\/p>\n\n\n\n
Strengths are anything that the business does well or puts it ahead of competitors. Some examples of strengths are strong organisational structure, competitive pricing, financial backing, or a recognisable brand. The specific strengths of a brand are generally unique to that brand; even when there is a close competitor, there will be differences in the strengths of both brands.<\/p>\n\n\n\n
Once strengths have been thoroughly identified the strategic imperative is to understand how to maintain, grow and capitalise on them.<\/p>\n\n\n\n
Weaknesses are anything that the business doesn\u2019t do quite as well or puts it at risk. Some examples of weaknesses are poor communication, high cost to price ratio, not standing out in the market, or external partners such as the supply chain or distribution network.<\/p>\n\n\n\n
Identifying weaknesses gives brands the starting point for strengthening their business by addressing each weakness. Some weaknesses will be easier and quicker to address than others, so it\u2019s advisable that the weaknesses are also assessed on that basis. Business will generally target the low hanging fruit and fix the smaller weaknesses while investing in fixing larger weaknesses over a longer period.<\/p>\n\n\n\n
Opportunities are generally (though not exclusively) external factors that can give brands a competitive edge. Some examples of opportunities are a niche market, a competitor with a weak brand, a change in the economy or market conditions.<\/p>\n\n\n\n
Identified opportunities are weighted using the brand\u2019s strengths and weaknesses to balance the true scale of opportunity before being made part of the brand strategy.<\/p>\n\n\n\n
Threats are anything that could cause harm to the brand and are generally external factors. For example, rising material costs can force product pricing to increase, a competitor may be investing heavily in marketing and growing their market share, or labour shortages may be holding back expansion.<\/p>\n\n\n\n
Much like opportunities, threats are weighted against the strengths and weaknesses of a brand.<\/p>\n\n\n\n
A SWOT analysis is a linked document \u2013 strengths balance weaknesses while informing opportunities and threats, while weaknesses balance strengths and inform opportunities and threats. When used in a brand strategy, a SWOT analysis provides a balanced view of a brand\u2019s standing.<\/em><\/p>\n\n\n\nIdentifying & Understanding Target Customers<\/p>\n\n\n\n
Crafting a brand strategy is not just an introspective exercise \u2013 it\u2019s important to identify and understand who you want to appeal to so that you can shape a strategy that will resonate with your eventual customers.<\/p>\n\n\n\n
Brands will usually have an idea of who their target customers are. If you aren\u2019t sure, look at what similar brands are doing and who are buying their products or services.<\/p>\n\n\n\n
After defining a target market, brands can assess their customers\u2019 needs. This can be done through market research in the form of surveys and focus groups. Market research can help brands identify opportunities and threats in the marketplace. Surveys and focus groups can provide insights into how customers perceive the brand, which can help with your positioning.<\/p>\n\n\n\n
It\u2019s important to understand the differences between target customers: depending on your target customer this can be generational, economic, or social. Your brand may appeal to a wide range of customers, in which case understanding how different messages will resonate with different subsections of people is a valuable tool to help you craft compelling campaigns.<\/p>\n\n\n\n
Many brands choose to work with external agencies on this element of brand strategy. <\/p>\n\n\n\n
Developing a Brand Strategy<\/p>\n\n\n\n
Having looked at the above key areas you will have a solid foundation to build future campaigns on. A brand strategy is a living, breathing document though. It is expected that the brand strategy will grow and evolve alongside the brand.<\/p>\n\n\n\n
Brand strategies aren\u2019t secrets \u2013 your employees and customers should know about them, although customers are unlikely to recognise what a brand strategy is, they\u2019ll understand the emotional connection they feel with brands and have an awareness of the brand values.<\/em><\/p>\n\n\n\nAs brands grow there are likely to be more brand strategies developed. Many brands will have a strategy per product or service, underpinned by and linked to a core brand strategy. Brands will often work with external agencies to develop brand strategies as the brand evolves, whichever approach you take, the above guide should serve as your starting point. <\/p>\n\n\n\n
Let me know if you have any questions or want to chat through an idea \u2013 richard@weareharrison.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"What exactly is Brand Strategy and how do I create one? The biggest challenge for any new brand is creating their first brand strategy. It can be a daunting task, especially if you haven\u2019t crafted a brand strategy before. At Harrison we believe that your brand strategy forms a fundamental foundation that ensures that your […]<\/p>\n","protected":false},"author":19,"featured_media":14561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[90],"tags":[],"acf":[],"yoast_head":"\n
What exactly is Brand Strategy and how do I create one? - Harrison<\/title>\n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n