Many executives believe that business strategy implies strategic decisions that are aid business objectives. They also believe that a brand strategy is just a marketing tool that can be leveraged in times of need, and not exactly a strategic asset. Hence, such business executives strive to implement their far-reaching goals, without a brand strategy in place. Branding ultimately becomes a reactive ploy to curb declining sales for them that does not work at all!
A coherent brand strategy needs synchronization of ideas and internal alignment on the core business strategy first – with the product division, engineering, sales, marketing, and human resource department representatives, and the CEO – aligned with the direction of the business.
Is your Brand Strategy Isolated?
An ideal brand strategy agency relies on business strategy inclusive of its objectives, pitches, revenue reports, and its backup plan. Brand strategies transform businesses consistently, and drive revenue, and empower future success. In order to make a business successful, business and brand strategy need to be on the same page. Mapping both strategies helps in the formation of a robust brand image that has a definite direction, objective, and is worthy of investment from third-party sources.
In order to get both strategies aligned, intensive interviews of representatives along with core domain workshops can help. Once representatives are on board, the new brand strategy will be tightly aligned with organizational goals and objectives. Hire Brandmatter brand strategists, who understand the value of intersection of strategies and can help companies reap success consistently.
Strategy Mapping – Ensuring business success in a specific direction
Brand strategies need to consider all business goals in perspective of the business plan. Consider the following scenarios where strategy mapping of both the business and brand can help:
The Need of Top Talent to Sell Products in a Newbie Firm
Most newbie firms hire aggressively in order to boost their bottom-line. They start hiring data scientists, sales professionals, engineers, without a strong plan of implementation. Every firm needs to have a strong brand strategy in place to articulate their need while ensuring that these employees are ideal for their branding strategy and business aspirations. Only then new recruits remain dedicated and loyal to the company’s success especially when they are aligned with the brand image of the company.
The Need to Stand out from the Crowded Market
Your brand strategy helps in connecting your offerings to the intended market perfectly and also gives your in-house sales and marketing teams to blend business offerings and brand strategy in complete harmony. The brand then acquires importance and gives the company the required edge to differentiate from competitors
The Need to Connect Stakeholders Internally and Externally
Business strategies have to evolve in accordance with the volatile market in some places, in order to sustain growth, ensure a sizeable market share, and thwart competition. The shifts in business strategy need to be conveyed to all stakeholders internally and externally and everyone should be on the same page. A brand strategy refresh can help in conveying the same. The corporate narrative is aided by a cohesive brand image in place that communicates company identity, intention, and future path, with key stakeholders.
Redefining Business Strategy – The Top Questions to be Asked
When getting company decision-makers on the same page in terms of brand strategy and business strategy, one needs to answer the following questions. The answers will help you spell the next steps in more ways than one.
- What are the defined business goals for now and the future?
- What are the expectations in terms of revenue, expansion, target market, and investments?
- What is the business strategy for growth and the pricing model?
- What’s the plan for recruitment and hiring of desired professionals for meeting the business strategy? Do we need to opt for a conservative strategy for hiring?
- Is the business focusing on entering into new domains and markets? What are the benefits of the new approach that enhances the existing offerings?
- What do you need from the branding exercise for the business? Do we need to evoke any specific emotional response?
Companies that value in sharing business strategy across the board to its department heads and decision-makers mostly get their long-term vision right, deriving consistent value and strong ROI from a brand strategy.