Brand Strategy Consulting Services In The Modern Digital World
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- October 14, 2021
In the modern marketing world, branding is often underestimated. Basically, companies pay more attention to advertising, believing that this is enough to attract customers. According to eMarketer research, in 2015, US companies invested no more than 40% of their budget in branding, which shows that entrepreneurs today underestimate classic brand marketing and prefer to invest budgets in grocery and trade advertising campaigns. Branding opens up many opportunities in today’s digital world. In particular, when it comes to determining the target audience and targeting parameters. Retargeting is another important tool for designing effective ad campaigns. Thanks to such effective tools, the percentage of investments in digital marketing in the Czech Republic almost doubled in 2015: 15 billion kroons were invested in online advertising – we are talking about more than six billion ad impressions and more than three billion brand strategy consulting services searches.
The Internet Advertising Bureau predicts that by 2020 investment in online advertising worldwide will significantly exceed TV advertising budgets. Already in 2017, the Internet occupied a third of the global market, and digital promotion continues to gain popularity. For effective development in the market, companies need to approach marketing in an integrated manner. In addition to investing in online advertising, it is also important not to forget about the traditional components of a successful brand: name, logo, visual component, customer service level, classic TV and radio advertising, as well as brand printing and public relations.
This approach to doing business will allow companies not only to win customers from the Internet but also to remain relevant for offline consumers, to be able to convert them into their customers. The introduction of Internet marketing in combination with traditional marketing tools provides tremendous opportunities since it allows you to cover absolutely all channels of informing potential customers. In addition, internet marketing can be used to advertise regular offline stores. For example, using online advertising to stir up the interest of potential customers in products by attracting them to a classic boutique (a method known as the ROPO effect). This system can work the other way around: first, the customer gets to know the product in the store, and then looks for a more profitable or convenient way to buy on the Internet.
How to build a strong brand?
1. Create an avatar for your client.
You must clearly understand who your customers are, what they live for, what they want, what they are interested in. Here is a list of basic questions to create a customer avatar:
- place of residence;
- marital status, number of children;
- sphere of employment;
- what is the monthly income?
- position, related problems;
- what desires, what dreams?
- what are the fears?
- in which social networks he sits and on which sites
Ultimately it should be something like this: Anna. 32 years. Lives in Moscow. Married with two children. Founder of the school of choreography. Average monthly income – $ 5000, etc …
2. What are your brand values?
It is important to define values both in personal life and for your company. This is the foundation on which everything rests. Values will guide your culture, strategy and positioning.
For many, this is a growth task, but it is important.
+ if you broadcast your values and they resonate with your customers’ values, it will strengthen emotional connection and trust.
3. Analysis of the company’s competitors
In order to stand out, you need to know among whom. A well-crafted competitor analysis will help you make a competent USP, highlight a unique advantage and, as a result, entice customers. Here is a list of criteria by which you should analyze your competitors:
- direct or indirect
- website (convenience, design, conveying meanings, strengths)
- mission (is there, if so, how competently they broadcast)
- social networks/blog, do they post content
- how they are promoting, what channels are using
- what are their strengths/weaknesses
It is enough to analyze 3-4 main competitors.
4. What is your main advantage?
There will always be companies bigger than yours on the market, selling more, doing more, and with bigger marketing budgets. But you must determine why your customer (from point 1) should buy from you. What do you offer that others don’t?
For example, it can be:
- faster delivery
- better design
- the convenience of use
- a new approach that other companies have not thought of
- a creative approach that no one else will repeat
6. Create a logo and slogan
When creating a brand, the visual part is the first thing that comes to mind. Imagine an apple, what is this brand? Imagine a red bottle, what is this brand? Can you mix up the Starbucks logo? Or Instagram?
Or what do you associate with the phrase “Just do it”?
You should also develop a corporate identity, which includes:
- the logo
- color palette
All this will help to competently broadcast your brand across all platforms and media. Seeing somewhere your logo or color scheme, your company and what you give will immediately appear in a person’s head. This is the association, this is the brand.
Brand building can be the main thing you can do for your new or existing business. A strong brand allows you to go from a small player to a serious competitor. You will find that customers will have more trust in you, buy more, and tell others about you.
Let’s go through the steps you need to take in the first place in order to build a brand again:
- Create a customer avatar.
- Define your brand’s mission statement.
- What are your brand values?
- Analysis of the company’s competitors
- What is your main advantage?
- Create a logo and slogan
- Design a 30 second presentation of your company
- Personalize your brand
- Be the main distributor of your brand
I wish you success in your business.