Marketing strategy, branding strategy and business strategy must contribute to the overall growth of your business. Each is an aspect that requires adequate input to realize maximum returns. Sometimes branding and marketing have been used interchangeably where one is deemed more crucial than the other. However, they have distinct definitions, and although they should be treated differently, they can be used to complement one another.
Business strategy is also crucial in the contribution of the growth of your business; all three aspects should work hand in hand to grow the business and achieve your set goals. Let us look at how they work together to enhance this needed growth.
Business strategy and its alignment to marketing and branding strategies
Before you align branding and marketing strategies, you must develop a business strategy that complements them. It involves aligning all crucial executives around the direction taken by the business. This enhances the right brand strategy that helps in achieving the common goals of growing the business. Running workshops and facilitating intensive interviews for the executive helps bring clarity to the brand strategy, which is in line with the business goals. Your business strategy should have long-term goals for the business, revenue and growth expectations, the growth strategy, human capital plan to achieve the desired business goals, product roadmap and so on.
The strategies you come up with must show the strengths and weaknesses of your business, opportunities available, threats, competitors, and the market.
Establishing your brand, gaining and retaining audiences
Branding transcends company logo or colors to reach the message. In other words, branding is how you establish that message. Branding is crucial in the maintenance of audiences who are willing to talk about the benefits and integrity of your brand. Branding ought to be strategic and an evolving foundation on which all other marketing campaigns are pegged. As such, your brand strategy and marketing strategy should go hand in hand and should help you remain focused on reaching your intended audience on an emotional level through your message.
Marketing strategies that describe avenues, channels and techniques to communicate the brand message
Investment research is what starts marketing as the business seeks to know who their target audience is. Once this is ascertained, the need follows suit and a marketing strategy must be put in place to establish a long-term relationship with the customers and to figure out how their needs can be met. With marketing strategies, you need to have a long-term outlook on your business.
Marketing strategy relies on the existing brand and should create actionable tasks that help in achieving the end goal. It is through marketing that buyers looking for specific products are brought on board. However, the branding strategy is what keeps them coming back.
The connection of these strategies matters a lot because they have an immense influence on the growth of your business.
Laying the brand foundation
Once you have finished the discovery process of establishing your brand, come up with values and its proposition. Know your WHY and discover your audiences. The brand is the compass of your organization, and all the strategies must continue to evolve as you experience growth.
Implementing the marketing strategy
With branding already in place, the marketing strategy must help to communicate the message of your brand. You have to find out where your audience frequents, their online searches through buzzwords. Your marketing strategy should provide answers to the questions of the audience
Analysis and revision
Branding and marketing strategies ought to evolve constantly. It is crucial to evaluate your brand as it provides a crucial guide in developing your marketing efforts, which in return helps in growing your brand.
All these aspects relate through:
- Branding – mission, vision, values, organizational structure point to branding strategies
- Branding, marketing and business strategies must influence the pricing strategy
- The three strategies must consider trends within the market that are viable
- Branding strategies come before marketing strategies, and it helps in creating a customer base that is likely to buy a product or service to support marketing
The effectiveness of these strategies relies on the commitment of the team to achieve all these goals. The combination must make your brand successful. With a clear business strategy, you will have a blueprint of how to achieve long and short-term goals.