PBL 5 / How to create a brand strategy?

This time I we were supposed to do research on brand strategy and the process behind it. I searched for information on the key factors of creating a successful brand strategy.
Keywords: branding process, branding strategy, brand portfolio.

What is a brand strategy?

Combining the sources I used for my research I would define brand strategy as a long-term plan to develop a successful brand. The goal behind this brand is to achieve the objectives set for the business in general. (Flynn 2015.)

What should be considered when creating an efficient brand strategy?

Creating a strategy, so called plan for your brand, ensures that the brand is consistently considered between different department and channels inside your organization. In addition it also ensures that the various messages send to the public are also consistent. (Flynn 2015.) The strategy behind the brand provides guidelines to your organization concerning the execution of the brand. I combined my sources into the figure below showing the process of building a brand strategy.

Combining sources: MarketPoint LLC 2012; Wolterworld 2012.

1.    INTERNAL ANALYSIS – defining the business objectives

In the beginning of the brand strategy process you need to have a clear view of your business plan. The objectives and missions that you have set for this organization as well as the existent values and beliefs. Identify what are the goals hope to achieve? The brand is supposed to be a tool to help you reach these goals. Therefore you need to link your brand to the business plan. In the internal analysis you need to understand the internal perspective. How to do research internally? Good ways are for example the SWOT Analysis, 1-on-1 Interviews, employee surveys and staff meetings.
(MarketPoint LLC 2012; Wolterworld 2012.)

2.   EXTERNAL ANALYSES – look at the market and customers

In contrary to the internal analysis the external analysis focuses on the facts outside your organization, the market and customer research. This helps you to get a clear image of how your brand is seen. You need to do research on the market, competitors, audience to fully understand the expectations the public might have as well as to narrow down the niche where you might have the competitive advantage.
(MarketPoint LLC 2012; Wolterworld 2012.)

After this important research you should have a clear image of both your organization and the audience. This creates the base for your brand strategy. Then you can start to continue on building the guidelines to your brand. These guidelines make sure that the brand is consistent both inside and outside the organization.
(MarketPoint LLC 2012; Wolterworld 2012.)

3.   BRAND PLATFORM – framework for the brand strategy

Brand platform provides the strategic framework for the brand based on the needs and values of the target audience. This platform helps you to develop the brand creatively and execute it. The platform consists of for example the following:

-       creating a brand name, promise and a tag line

-       defining opportunities for brand growth

-       specifying brand attributes & messages

-       clarifying visual execution (visual identity, style guide)

( MarketPoint LLC 2012; Wolterworld 2012.)

4.   BRAND ROADMAP –execution plan

The roadmap consists of the guidelines on how to finally execute the brand. Where to position the brand and how to communicate it? Who to work with and how? How to maintain the standard that you have set for the brand. ( MarketPoint LLC 2012; Wolterworld 2012.)

Why is it important that the brand is internally understood?

Firstly it needs to be stated that creating a brand strategy affects all aspects of the organization. To fully work towards the same goal in cooperation with different department and via different channels people need to have a common understanding of the fact and visions. If not, the lack of knowledge, inappropriate channels or wrong tools being used can lead to brand confusion inside the organization as well as among the customers. (Flynn 2015, Wedell 2011.)

How to make everyone in the company to deliver the brand? According to Wedell these are the keys to integrate the brand internally: 

• engaging the employees (everyone in the organization) 
• clarity and consistency 
• listening to the people   
•  realistic messaging (keeping & fulfilling the promise given)
  (Wedell 2011.)

What is a brand portfolio? –“family of brands”

The definition of the brand portfolio is according to the Business Dictionary the following:

“The total collection of trademarks that a company applies to its products or services.”

(WebFinance, Inc. 2015). Meaning the whole family of brands that function under or together with another brand or an organization. Take for example the well-known Hilton Worldwide. Everybody knows that they are high-class hotel providers, but they work together with a huge variety of resort and luxury brands to improve the experience they are able to provide to their customers.  

(Hilton Worldwide 2014.) A good example of a brand portfolio here in Finland is in my opinion the Fiskars brand. Fiskars is well-known for its orange scissors and Iittala class ware but it has many other key international brands, leading regional brands as well as local and tactical brands combined in their portfolio. (Fiskars 2013.)

Source: Fiskars 2013, url: http://www.fiskarsgroup.com/about-us/our-brands/brand-portfolio.

References:

 

Fiskars 2013. Brand portfolio. URL: http://www.fiskarsgroup.com/about-us/our-brands/brand-portfolio. Accessed: 7.3.2015.

Hilton Worldwide 2014. Portfolio. URL: http://www.hiltonworldwide.com/portfolio/. Accessed: 7.3.2015.

WebFinance, Inc. 2015. Business Dictionary. Definition of brand portfolio. URL:  http://www.businessdictionary.com/definition/brand-portfolio.html#ixzz3ThWkP0yz. Accessed: 7.3.2015.

Gavin Wedell/ Youtube 2011. What is "BRAND STRATEGY"? URL: https://www.youtube.com/watch?v=H-RaxV2as8s. Accessed 4.3.2015.

MarketPoint LLC./ Youtube 2012. Branding Process Overview - MarketPoint LLC. URL: https://www.youtube.com/watch?v=7bFpYcKMaV4. Accessed: 4.3.2015.

Wolterworld/ Youtube 2012. How to Develop a Brand Strategy - Marketing 101. URL: https://www.youtube.com/watch?v=68f30asRN-I. Accessed: 4.3.2015.

Wayne Flynn/ Youtube 2015. The 5 Step Brand Strategy Process Explained. URL: https://www.youtube.com/watch?v=6uod871IzUU. Accessed: 4.3.2015.