Do you need a Brand Strategy?
Brand Strategy
Ahhh, brand strategy - how many times throughout our marketing careers do we hear "We must have a brand strategy for this product/company".
But, what do they mean?
Who knows - every time, I hear this and then ask the person what they mean, I get many different answers.
- Our company must have a strong brand because we need consumer recognition.
- Our product needs a strong brand so that we can unseat the competition.
- Our company must have a strong brand so that investors will know our company.
- Our product needs strong brand recognition so that we can compete, or will drive consumers to buy our product, etc.
And so on.
Most people don't understand what and WHY they need a brand. Many companies succeed and are profitable with little or no brand strategy (or budget to make the brand).
Coke has made a science out of building/making their brand recognized the world over.
Apple is doing the same (but, they have also changed their brand through the years - remember the Apple with rainbow colors?) - but, they are still recognized.
How can one company, who changes its brand image mid-life, maintain its brand recognition, where the other keeps its image on every surface throughout the year (as well as traditional advertising).
But, you can read books on both companies and their marketing/brand strategies.
Companies that you never even heard of make billions of dollars a year without any brand strategy.
The bigger question is, and one that I always ask after someone says "We must have a brand strategy for the product/company" is:
"What do you hope to accomplish? What is your goal?" Is it in answer of one of the questions asked above? Or is it something else?
And usually it is something else - usually it is "I want the consumers that need are products/services to buy OUR products/services".
So, does this require branding - a strong brand recognized the world over?
No, it does not - it instead requires a marketing strategy - on how to target the market that needs the product/service - not one that requires a brand.
I think you get the idea - before spending millions of dollars on a brand, think it out - work with ALL the various divisions that have the product, sell the product, or make the product, and find out what their customers want (and what they think).
A LOT OF THE TIME all that is needed is a well-thought out marketing strategy and not a branding strategy.