How to Develop an Effective Brand Strategy for Your Small Business in 8 Steps

“A brand for a company is like a reputation for a person. You earn a reputation by trying to do hard things well.” - Jeff Bezos. 

Now, let me add my own.

Is your Owambe complete without the signature party jollof rice? The answer is no. In the same way that jollof rice is an important part of a party, brand strategy is an important part of every business, especially small businesses.

Your brand is what makes your business stand out, especially in today's highly competitive marketplace. How you place your brand in the eyes of your customers, is one of the best things you can do for your business.

What is the definition of a brand?

A brand is a unique and recognizable identity that sets a product, service, company, or individual apart from others. It includes the overall perception people have and is shaped by visuals, messaging, values, and experiences. It's not just a logo or slogan but the emotions and beliefs associated with it. A strong brand delivers a distinct and memorable experience that connects with its audience.

An example is the brand Coca-Cola. Coca-Cola's brand identity is synonymous with happiness, refreshment, and optimism. It is built upon the core values of joy, inclusivity, and authenticity. The marketing campaigns consistently convey a message of positivity, friendship, and sharing, further enhancing their brand identity. Overall, Coca-Cola strives to create a sense of happiness and positive connections with its consumers, making it one of the world's most recognizable and beloved brands.

The Importance of a Brand Strategy

Source: Turbologo

A brand strategy is a long-term plan that outlines how a company or business aims to build, position, and differentiate its brand in the market. It guides all brand-related activities, including marketing campaigns, products, packaging, and customer interactions.

Is a brand strategy important for even small businesses?

The answer is yes, and here's why.

1. It helps establish a strong brand identity, enabling your business to stand out and connect with its target audience.

2. A well-defined brand strategy enhances brand loyalty and customer trust, leading to increased customer retention and advocacy.

3. It differentiates your business from competitors, highlighting its unique value proposition and generating a competitive advantage.

4. Brand strategy guides marketing efforts and resource allocation, maximizing the return on investment (ROI) from branding initiatives.

5. It acts as a roadmap for internal alignment, ensuring that all employees understand and consistently deliver the brand promise.

Brand strategy differs for businesses, and most brands have different peculiarities which they use to represent their visions, mission, and objectives.

With a good strategy, your brand will be able to communicate its identity, and customers will have help understanding how the business can solve their problems. A comprehensive branding strategy is used to build and manage a brand’s various elements and activities to create a strong, consistent, and memorable brand identity.

For small businesses, it is essential to establish a strong brand presence to compete effectively in the market. Consistency and authenticity are key when implementing a brand strategy for small businesses.

Related: 7 Proven Online Sales Tactics to Increase Your Revenue!

8 Key Components for Developing a Brand Strategy

Here are 8 key components to consider when developing a comprehensive branding strategy for your small business:

1. Define your brand identity:

The first thing to start with is establishing your brand’s purpose, vision, mission, and unique selling proposition. A great example of a brand that has nailed this is the popular makeup brand, Fenty Beauty, and their brand identity and purpose are simple; that women everywhere will be included.

Developing a brand persona showcases what your brand represents and builds a recognizable path for your brand.  Understand your target audience, their needs, and preferences. This will help guide you in developing a unique brand identity that will turn customers' heads.

2. Get visual with your brand:

Establish a consistent visual identity by selecting appropriate design elements that align with your brand’s personality, and create a brand style guide to organize your brand details and keep the brand’s direction.

Working with branding agencies also makes it easier to create a unique visual identity for your business.

3. Brand Messaging:

How you communicate your value proposition and personality is key to how you want your audience to remember your brand. Remember to have a strong voice across all platforms. 

4. Establish your brand positioning:

Determine where your brand stands in the market and how it should be perceived by customers. Identify your unique position and create a positioning statement that highlights your brand’s value and differentiation. 

5. Build an Online Presence:

Establish a strong online presence. You can leverage digital channels to engage your audience and build brand awareness with a well-designed website, Search engine optimization (SEO) strategies, social media platforms, and online advertisement. Leveraging online platforms for your business can be a bit tricky, to ensure a job well done, you can also look into creative agencies like Toast to ensure you get the best out of every online platform.

Related: 5 Unexpected (But True!) Ways Owning a Website Helps Your Business!

6. Marketing:

Build a comprehensive marketing communication plan that integrates various systems such as Advertising, Public relations, and social media, amongst others. Ensure your message is consistent and follows brand guidelines and identity.

Related: 10 Simple Hacks for Marketing Your Business in 2023

7. Implement, track, and adjust:

It is important to put all these into a working process to understand how effective they are for your brand.  Track what works for your brand, assess the performance of every process, and make the necessary adjustments to whatever does not work right for the brand. Create a S.M.A.R.T. goal to find the strengths and weaknesses of the strategies implemented.

8. Set up a Team:

Having the right team gives room for productivity and creativity that helps in the execution of the business goals. Every member of the team must learn to be agile, work with the strategies and understand the purpose of the business and come up with creative ways to achieve them.

Conclusion

It is important to understand your small business realities and how you can improve them. Plan, project, and execute your strategy accordingly to avoid having problems in the future.

When working with a branding agency to execute your business's unique brand strategy, be sure to ask these questions to help you pick the perfect agency.

For the best results, find what works for your business, and focus on how to improve them.

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