Why marketers should inveset in brand strategy
A strong brand is invaluable for any company in the modern business landscape. As key decision makers, both Chief Marketing Officers and CEOs should make brand strategy a high priority through financial investment and staff commitment. Why? Because branding has a tangible impact on nearly all aspects of performance – but what is brand strategy?
Let’s start with customers—the lifeblood for organizations. People are drawn towards brands they recognize and connect with emotionally. Amassing a base of loyal customers starts with branding that taps into consumer psychology with clarity on target audiences. Leaders who dedicate resources here will reap rewards via heightened emotional bonds, price premiums from brand devotees, and expanded reach into new demographics.
Speaking of reach, intentional brand building increases sales velocity and profits. Think of prominent brands in your space. What emotions do they evoke or values do they convey? The goal is to make branding elicit a strong response. When this happens, growth often follows at attractive margins. Treating branding solely as a marketing expense rather than an avenue for profit severely limits thinking. The mantle of category leader is often tied to best leveraging brand strategy.
Financials aside, branding also intertwines with company culture and human capital strategy. Talent—especially Millennials and Gen Z—seek employment with organizations aligned to their beliefs. A compelling and authentic employer brand earns attention from applicant pools and shapes internal morale. Employees are your de facto ambassadors, so foster belief in the brand through messaging and experiences. Don’t waste the opportunity to boost applicant quality and retain employees longer by leaving culture and branding disjointed.
During adversity, established branding provides necessary support too. Companies with strong brand recognition can weather storms in the form of economic downturns, controversies and crises better. Equity in the brand insulates from damage while strategic response and messaging facilitate recovery. Think crisis communications tied to protecting brands. When leaders invest to build brand value, they safeguard the business for the long-term.
In closing, branding remains central to setting companies apart from competitors in meaningful ways that appeal to customers and talent. While essential functions like operations, finance and sales focus on critical aspects of day-to-day business, company directors offer unique value by taking a top-down approach focused on brand positioning and promise. Make this a habit, or risk playing catch up down the line. Forward-looking CEOs and CMOs who wish drive growth never take branding for granted or deprioritize investing in a good brand strategy consultancy. Is yours holding your business back right now?
