Brand Strategy

Brand Strategy- long-term marketing support for a brand, based on the definition of the characteristics of the target consumers. It includes understanding of their preferences, and expectations from the brand.

7 Components for a Comprehensive Brand Strategy:

Having a clear and concise brand strategy leads to stronger overall brand equity- how people feel about or perceive your product, and how much they are willing to pay for it.

Don’t claim to solve generic problems; your customers have specific problems. Play the word game. Volvo = safe; Coke = refreshing; Disney = magic; 

• be consistent ( clear communication of brand elements within and outside of the company; e.g. Starbucks, Google, Momondo...)
• connect emotionally (rational thinking vs emotional thinking; 'family' sense)
• reward and cultivate (involve our customers). E.g. Porsche: 1 million fans on Facebook= 1 million names

• measure (marketing analytics for branded and organic search)
• be flexible
• watch out for competitors but not too much (Do some of their tactics succeed? Do some fail?)

Boston Consulting Group( for analysing product portfolio)

Internal communications: http://thefinancialbrand.com/17984/building-internal-culture-for-banks-and-credit-unions/

Successful brand portfolio strategy: https://www.prophet.com/theinspiratory/2012/09/12/10-steps-to-a-successful-brand-portfolio-strategy

http://www.themanagementor.com/kuniverse/kmailers_universe/mktg_kmailers/BPS1804_1.htm

Sources:

http://blog.hubspot.com/blog/tabid/6307/bid/31739/7-Components-That-Comprise-a-Comprehensive-Brand-Strategy.aspx

http://www.businessdictionary.com/definition/brand-strategy.html#ixzz3U0niYQV1