Behind every great brand there’s a strategy. Without it, even the most outstanding product risks being just a name and a logo.
Say you’re a bourbon brand. If you put your bourbon in a blind taste test against three of your leading competitors, would the average bourbon drinker be able to differentiate you from the others? In many cases, yes. But the reality is, there are some consumers who wouldn’t be able to identify your pour from the others. Now put each glass in front of its bottle, with its beautiful logo and distinctive branding. What happens? Fans of Jim Beam, Four Roses, Wild Turkey, Bulleit, or whatever brand is in the competition will assert that their favorite brand was superior in every way. Why do they feel that way? In large part because these brands have a solid brand strategy.
And today’s competitive landscape makes having a brand strategy more important than ever. Whether you’re a new brand about to launch or an iconic brand wanting to maintain or revitalize, developing a winning brand strategy is so important. It all starts by answering three key questions:
- What is the consumer opportunity?
- How do we satisfy consumer wants and needs with tactics that will deliver profitability?
- Is it possible to operationalize the strategy and tactics?
Once you have the answers to these three questions, you can build a plan based around your understanding of your consumer’s needs as they exist today and as you project them to be in the future. Developing your brand strategy involves three steps:
- Target: Who is the consumer that you want to reach and how do you reach them with innovative programs, partnerships, sponsorships and events. Millennials are a core target for brands today and into the future.
- Measure: Is the messaging resonating with your customers and translating into ongoing business? Are you reaching them in the way they want to be reached—through mobile and digital?
- Validate: Are you continually monitoring results and adjusting your approach as needed? Is your approach multi-dimensional? Today, it’s about the interaction not the transaction…people will purchase where they want and when they want. Make sure your brand is accessible to them.
As you know, your brand strategy must evolve and adapt along with the market. And it involves all aspects of the marketing and sales cycle. That’s why at Vrooman Brands, we’re so committed to our 360 Marketing Solutions Platform. It starts with the consumer, but must involve the distributor, supplier and retail channels. 360 Marketing ensures that every player in the food chain is successful.
This process helps you maximize your top line while optimizing earnings.