A brand is a promise you make to the world
The above definition coined by a famous marketing guru sums up years of study and research on the importance of creating brand and crafting a strategy. It symbolizes that the brand you create is synonymous with your product or services. Consequently, it also sets an entire range of expectations and experience that the customer associates with it. Brand strategy is much more than the sum total of product, price, place and promotion. In other words, it is the connect that you are able to achieve with your audience. It also includes the value proposition that they associate with your products or services. The top branding agencies in Mumbai are those that will help you formulate a comprehensive brand strategy.
Defining the process of creating a brand strategy
The process of creating a brand strategy starts from its very inception. When the very idea of creating a new business germinates, it is imperative to have its clear and well defined objective and mission.
The first and foremost step is to achieve clarity on the purpose of your business. It can either be customer centric or owner centric. Branding agencies in Mumbai can help you do that,
Customer centric is when you focus on what value the customer would be deriving. Owner centric is when you focus on what you are setting out to achieve as a business owner. This exercise will make it easy to decide what products or services you would be offering and determining your target audience.
The top branding agencies in Mumbai will help you in undertaking market research or studies to understand further demographic data like a tentative age group, gender, location, marital and financial status of your target audience. The branding agencies in Mumbai will further help you channelize your marketing efforts strategically for maximum impact.
Steps to help you create your distinct position in the market
Once you have succeeded in understanding the profile of your customers, you can work on creating a brand name and brand identity which would appeal to this market segment. All the components of your brand identity including the brand name, logo- the visual identifier of your brand. Your tag line all should be formulated in a manner that would best appeal to your customer profile and demographic.
Understanding your position in the market
The fourth important step of this process to create a niche for yourself. The branding agencies in Mumbai will help you do that. Take a detailed study of all the operating competitors and their modus operandi. A SWOT analysis vis –a- vis your chief competitors will help you position your brand in the existing market. It depends on the strengths and weaknesses of your product and price. It also helps to understand the resources required to promote among the desired audiences is the objective of this step.
The practical implementation of the branding strategy comes with the promotion part. You have to craft a suitable communication strategy using both traditional and digital advertising and promotional media to create maximum brand awareness. Digital marketing is a cost-effective way to achieve this. You can use low-cost modules like Facebook Ads, Google Ads, and ads on various social media platforms.
A strong social media strategy is a must in today’s digital world
A social media calendar needs to be created as Digital Advertising works best when there is a pattern or a pre determined frequency of appearance of Ads. Also you can use the digital media to create awareness by creating blogs or posting videos or testimonials of existing customers. The more you increase your digital footprint the greater your chance of achieving top of the mind recall among your potential customer base. However you must remember that it has to be supplemented with on ground accessibility and creation of distributor network or retail /online stores.
The moment of truth for your brand strategy, however comes at your point of purchase and it continues forthwith. The quality of user experience determines whether your brand will succeed in the market or not. You need to ensure product quality, price parity and easy access for all your efforts to pay off. What the strategist needs to remember that not only customer acquisition but retention is the mantra for growth.
Happy & satisfied customers are the best brand ambassadors
A satisfied customer provides you with the best promotion ever -word of mouth advertising and is instrumental in growing your sales. Also important is that a dissatisfied customer drives away more potential customers than that a satisfied customer brings in so the ratio of satisfied customers has to be relatively high. This is an important aspect of brand strategy that is often overlooked by businesses with an undue focus on marketing and promotion and less on product.
When you succeed in driving into the minds of the customers that the product or service that you are offering, it creates a sound value proposition. Making it easily accessible at competitive pricing can you safely affirm that your brand strategy is working. The results of a sound brand strategy are visible in terms of higher visibility and awareness, greater market penetration, higher sales, revenues and resultant profitability.
Essentially brand strategy involves use of multipronged marketing approaches. Market research and feedback mechanisms to ensure monitoring and appropriate measurement matrices are also essential so that necessary course correction can be effected well in time.
When you have a top branding agency like Greysell by your side, developing and executing an ideal brand strategy becomes a cakewalk. Do contact us with your query and we can take it further.