Business strategy & branding strategy: How they intersect & how to keep them apart
Aug 11, 2018 — Branding
Running a business and taking it to great heights involves sweat, blood, and tears of founders, executives, and employees. Relentlessness, perseverance, and enthusiasm blended with well-developed business strategies help in taking the great strides in the marketplace. However, achieving the great heights does not only involve great business strategy. Branding strategies are equally important. Branding strategy helps in creating a perception of the brand in customers’ minds. There are different roles each strategy plays in taking the business to great heights. Let us explore the relationship between two strategies:
Let’s start with the business strategy?
Business strategy involves mission, vision, and long-term goals of the organization. The goals of an organization are at the center of the strategy. Business strategies are devised based on how those goals can be met along with achieving the good position in the marketplace and gaining optimum profitability. The strategy also involves infrastructure and human resource planning. Factors considered while devising a business strategy are market conditions, competitive intensity, market segmentation, organizational scale, organizational culture, product/service portfolio, entry & exit barriers, distribution channels, supply and demand, and others.
What is the branding strategy?
The branding strategy breathes life into the business strategy. Branding is about expressing the values, characteristics, and attributes of an organization to connect with an audience. Branding strategy conveys what the organization stands for, what is the philosophy of its business, how the business differentiates from other businesses in the market, and why customers should be associated with it. The uniqueness of the brand is conveyed through branding. Creating a specific brand position in the market is an essential aspect of branding. Branding strategies build credibility, which is significant in building a sustainable business.
There are some common aspects in the business strategy and the branding strategy. The vision, mission, and values are closely associated with brand positioning. The competitive intensity, market segments, and market structure play a crucial part in both. Market trends need to be considered for devising both strategies. Branding strategies support the brand positioning. The long-term goals should be considered. These factors are points of intersection and need to be handled carefully while strategizing.
How to keep them apart?
To keep these strategies apart, there should be the sequencing of these strategies. A business strategy needs to be devised first, and then the branding strategy should be followed. Business strategies are devised based on the long-term objectives and gaining a certain position in the market. Branding strategy can help in achieving the certain brand position. As business objectives, business model, market structure, and competitive status are clear, it can be conveyed to the branding team to devise a strategy in a way to gain fruitful output. Business strategists need to ensure the brand management team has creativity, strategic thinking ability, and strong execution program to achieve desired brand positioning.
Determining how to keep both strategies apart and creating a sustainable brand are essential factors for a business to reach great heights. Hiring a branding company would help in keeping those apart and achieving the success. Being one of the leading branding agencies in Pune, Kaizen Design Studio help businesses in devising a branding strategy, conveying the message of brands, reach a wide audience, and create brand identity.