{"id":1404,"date":"2020-03-12T15:31:42","date_gmt":"2020-03-12T19:31:42","guid":{"rendered":"https:\/\/referralrock.com\/hub\/?page_id=1404"},"modified":"2025-04-16T14:13:01","modified_gmt":"2025-04-16T18:13:01","slug":"brand-strategy","status":"publish","type":"post","link":"https:\/\/referralrock.com\/blog\/brand-strategy\/","title":{"rendered":"What Is a Brand Strategy? Why Does Your Company Need One?"},"content":{"rendered":"

Companies with excellent brand strategies<\/a> know how to plan for the future. In this post, you\u2019ll learn about brand strategies and why it\u2019s so important for your business to have one. You’ll also see actual examples of how some of the biggest names create and implement their brand strategies.<\/p>\n

What is a brand strategy?<\/h2>\n

In the world of business, it\u2019s difficult to succeed without having a strategy for your company<\/a>. This is why many companies develop brand strategies. So, what is a brand strategy? It\u2019s a way for a company to use its available resources to develop short and long-term business goals. If you do it right, a brand strategy can have major benefits for your company.<\/p>\n

Author and motivational speaker Simon Sinek has a great quote (pictured below) that highlights the importance of having a brand strategy.<\/p>\n

\"the-golden-circle\"<\/p>\n

Source<\/a><\/p>\n

Why your brand needs a strategy<\/h2>\n

After learning what a brand strategy is, it\u2019s understandable to wonder why having a brand strategy is so beneficial. A brand strategy can affect everything from the types of customers your business attracts<\/a> to the employees you hire. Here are three major reasons why your business needs a brand strategy.<\/p>\n

Creates a deeper connection with your customers<\/h3>\n

It\u2019s rare for a business to not have to deal with the threat of competition. Considering that, it\u2019s helpful to do everything possible to give your company a competitive advantage. Fortunately, you can do this with a brand strategy.<\/p>\n

Having a brand strategy helps your company stand out from its competitors. By creating a brand strategy, you have a way to connect with your company\u2019s target audience. This strategy can inform the public about what your company stands for and its story, creating personal connections with your customers<\/a>. Cone\u2019s 2017 Corporate Social Responsibility Study found that 87% of consumers<\/a> will purchase products from companies they share values with.<\/p>\n

Also, having a brand strategy is extremely beneficial for companies wanting to increase revenues. With a brand strategy, it\u2019s much easier to create a consistent experience and avoid going off-brand. You might even create brand loyalists.\u00a0<\/a><\/p>\n

Extremely helpful for creating a company culture<\/h3>\n

While thinking about the future of your business, it\u2019s sometimes easy to forget about the importance of company culture. Not having a culture can have negative effects on your business. One recent study found that 35% of job seekers<\/a> would pass on the perfect job if the company\u2019s culture wasn\u2019t a good fit.<\/p>\n

By having a brand strategy, it\u2019s easier to create clear objectives for your employees. This helps to ensure that each employee has clear expectations and a well-defined role. By doing this, you can avoid the costly effects of employee turnover. It\u2019s important to note the turnover costs vary because most companies have various roles for their employees. To determine how much employee turnover is costing your company, The Huffington Post has a handy equation.<\/p>\n

\"cost<\/p>\n

Source<\/a><\/p>\n

When a brand has both a strategy and culture, it helps give purpose to each of its employees. These companies tend to have both short and long-term goals with clear explanations of how to reach them. By ensuring each employee has a purpose, it typically makes them happy to be at work. CultureIQ noted that companies with strong cultures reported 20% higher employee satisfaction<\/a>.<\/p>\n

Is a great way to expand your business<\/h3>\n

Almost every business has the same goal in mind, which is to watch their respective companies grow. If you\u2019re in the same boat, it\u2019s wise to think about having a brand strategy. A brand strategy allows your company to carefully plan out and execute its next moves.<\/p>\n

When you\u2019re making calculated decisions based on research, releasing new products and services becomes much easier than normal. Creating a brand strategy that focuses on consistent growth can have a positive impact on your company\u2019s profits. Research shows that companies using a consistent brand presentation in their brand strategies can see revenues increase by up to 23%<\/a>.<\/p>\n

How to develop a strategy for your brand<\/h2>\n

Now that you understand the benefits of having a brand strategy, you probably want to begin creating one for your business. While this might seem like a daunting task, it becomes much easier after you follow a few steps. Here are five actionable steps to take to begin developing a brand strategy.<\/a><\/p>\n

1. Ask yourself questions to gain a deeper understanding<\/h3>\n

Throughout life, it\u2019s difficult to get far without asking questions. If you\u2019re trying to determine a brand strategy, you\u2019re going to need to ask lots of questions about your company. You might it find it beneficial to begin this process by asking yourself these questions about your brand:<\/p>\n