In order to understand brand strategy , one should first understand the concept of brand.
Branding is a marketing strategy of naming , symbolising , designing or combining these for the identification of a product or service and differentiating from other products or services.
Coming ro brand strategy now , a brand strategy is a formal plan used by a business to create a particular image of itself in the minds of current and potential customers. When a company has created and executed a successful brand strategy, people know without being told who the company is and what they do.
- Brand strategy helps build a strong brand name.
- Brand Strategy is needed for a clear understanding of market competition , market position and customer expectations.
- Brand strategy helps in determining the performance of a business.
- Brand strategy provides differentiation to the product or service of a business with those of others.
- Branding Strategy helps in providing a better growth and expansion to the company.
- Branding Strategy helps in gaining trust of customers.
- Brand strategy helps in expanding the customer base as a brand which is trusted by customers are often recommended to others , increasing the customer base.
- Brand strategy helps in increasing the monetary value of business
- Brand strategy helps in communicating the core values of business to its customers.
- Brand strategy helps in building a loyal customer base.
In Conclusion, brand strategy is one of the most effective marketing strategy . It not only helps with better brand recognition but also helps build a loyal customer base. Moreover , it also helps in taking important decisions pertaining to a business and its market position.