‘Livework’ stands by a theory that is, “a brand can not be established without the skill of it’s activities.” When a company turns into a successful one, there must be a story behind that success and the success comes from the skillful works. So, only skilled activities can make the strategy and strategy makes a brand. A brand is defined by it’s strategic magic.
Brand Strategy defines what you stand for, a promise you make, and the personality you convey. And while it includes your logo, color palette and slogan, those are only creative elements that convey your brand. Instead, your brand lives in every day-to-day interaction you have with your market:
* The images you convey.
* The messages you deliver on your website, proposals and campaigns.
* The way your employees interact with customers.
* A customer’s opinion of you versus your competition.
Successful branding also creates “brand equity” – the amount of money that customers are willing to pay just because it’s your brand. In addition to generating revenue, brand equity makes your company itself more valuable over the long term.
"Brand Strategy" is not just a professional face of marketing, it’s also defined by DAN WIEDEN –
“People do not buy goods and services. They buy relations, stories, and magic.”
We think that there have 4 brand strategy decisions to build strong brand and these 4 decisions have the impact on our company. Each and every decisions have the connection with our strategy-
1. Brand positioning
2. Brand name selection
3. Brand sponsorship
4. Brand development
Our strongest brand go beyond product attributes and benefits. We are positioned on belief and values. We think, successful brands engage customers on a deep, emotional level. Examples include brands such as Mini and Aston Martin. These brands rely less on products’ tangible attributes, but more on creating passion, surprise and excitement surrounding the brand. They have become “cool” brands. So we think that brand positions stand for-
1. On product attributes
2. On benefits
3. On belief and values
Brand name selection-
When talking about branding decisions, the brand name decision may be the most obvious one. The name of the brand is maybe what you think of first when imagining a brand – it is the base of the brand. Therefore, the brand name selection belongs to the most important branding decisions. However, it is also quite a difficult task.
We have to start with a careful review of the product and its benefits, the target market and proposed marketing strategies. Having that in mind, we have to find a brand name matching these things. Naming a brand is part science, part art, and certainly a measure of instinct.
A product may be launched as a manufacturer’s brand. This is also called national brand. The manufacturer could also sell to resellers who give the product a private brand. This is also called a store brand, a distributor brand or an own-label. Recent tougher economic times have created a real store-brand boom. As consumers become more price-conscious, they also become less brand-conscious, and are willing to choose private brands instead of established and often more expensive manufacturer’s brands.
Also, manufacturers can choose licensed brands. Instead of spending millions to create own brand names, some companies license names or symbols previously created by other manufacturers. This can also involve names of well-known celebrities or characters from popular movies and books. For a fee, they can provide an instant and proven brand name. For example, sellers of children’s products often attach character names to clothing, toys and so on. These licensed character names include Disney, Star Wars, Hello Kitty and many more.
Finally, two companies can join forces and co-brand a product. Co-branding is the practice of using the established brand names of two different companies on the same product. This can offer many advantages, such as the fact that the combined brands create broader consumer appeal and larger brand equity.
Branding decisions finally include brand development. For developing brands, a company has four choices: line extensions, brand extensions, multiband or new brands.