Every small business and startup must develop a solid brand strategy. It includes a number of essential components that help build a successful brand. These seven essential components are:

1.PURPOSE
Your brand purpose exceeds the significance of a name and logo. It is the driving force that motivates you and your employees each day and sets you apart from competitors.
There are two types of brand purpose: Functional, which focuses on financial success and value to stakeholders, and Intentional, which relates to the larger role and ambitions of your brand.
When defining your brand’s purpose, ensure it goes beyond mere financial gains and captures what differentiates you. Keeping your purpose at the forefront informs every aspect of your business and guides decision making.

2.TARGET AUDIENCE
In a brand strategy’s placement section, defining the target audience is vital. Start by creating a profile of your typical customers, considering demographics, challenges, emotions, and behaviours. It’s crucial to uncover their aspirations, goals and desires to position your product or service as something they truly require. It allows you to identify their triggers and beliefs, which are crucial for crafting a relevant brand strategy. By aligning your strategy with their specific challenges and desires, you can effectively connect with and engage your target audience.

3.BRAND VALUE
Defining core values is crucial in shaping your brand’s perception in the marketplace. It provides a framework for consistent communication and decision making.
Apple is a prime example of effectively aligning brand values with marketing strategy, fostering strong customer belief in the brand. Brand values showcase what the business stands for to customers, suppliers, and the public.

4. BRAND PLACEMENT
Placement is a critical step in a brand strategy that brings together all the prior elements. It involves leveraging marketing and client experience to establish, maintain, or enhance the brand’s position in the marketplace and in the minds of customers. By aligning the business identity, communication, and understanding of competitors with client perceptions, placement ensures the brand remains strong and relevant in the market.

5.BRAND PERSONALITY
Brand personality is crucial for effective brand strategy. It sets you apart from competitors and aids in effective customer communication. By aligning your brand with a distinct personality, you can target specific audiences and create targeted marketing messages. Understanding your target audience, value proposition, and differentiation strategy allows you to develop a unique brand personality.

6. BRAND VOICE
Once you define your brand’s personality, the next step is to align it with an appropriate tone of voice. Your target audience plays a crucial role in determining the tone. For instance, an established company with an older client base will likely adopt a serious and reassuring tone, while a brand catering to millennials can be more friendly and humorous.
Consistency is key, as your brand voice should resonate across all communication channels. It goes beyond words and encompasses elements such as logos, typography, and colour palettes. By maintaining a consistent voice, your brand’s promise and values are effectively communicated to your audience.

7. MARKET ANALYSIS
With new brands emerging daily and industries becoming crowded, understanding the marketplace and evaluating competitor strengths and weaknesses is essential. Identifying unique differentiators helps your brand stand out and be memorable to your audience. Researching the competitive landscape is vital in developing an effective brand strategy.

Incorporating these key elements into their brand strategy enables businesses to establish a powerful and consistent brand presence that deeply connects with their intended audience.