As your business evolves through different stages of growth, your brand strategy should adapt and evolve as well. Here’s how you can use brand strategy at each stage of business growth:
1. Startup Phase: During the startup phase, your brand strategy is about establishing your identity and gaining a foothold in the market.
2. Growth Phase: In the growth phase, your brand strategy should focus on scaling your presence and building brand recognition.
3. Scaleup Phase: During the scaleup phase, your brand strategy should adapt to accommodate increased scale and a broader market presence. Focus on building brand advocates and maintaining relevancy.
4. Exiting Phase: In this phase you’ll be looking to gain a maximum return on a business sale.
Use your brand strategy to focus on customer loyalty and brand reputation.
There is no one-size-fits-all approach when it comes to brand strategy. It’s tailored to your business’s unique characteristics, industry, and growth trajectory.
However, below we outline some key considerations for each growth phase.
Define Your Brand Strategy: Clearly define your brand’s values, mission, vision, and unique selling proposition (USP). This lays the foundation for your brand’s identity and messaging. These initially might be in the mind of the founder(s) but will attract customers and staff who are likeminded.
Target Audience: Identify your target audience and understand their needs, preferences, and pain points. Tailor your brand messaging to resonate with them.
Brand Name and Visuals: Choose a memorable and relevant brand name and develop your logo, colours, typography, and other visual elements that reflect your brand’s personality.
Consistent Messaging: Ensure your brand messaging is consistent across all touchpoints, from your website to social media.
Expand Brand Reach: As you enter new markets or demographics, adjust your brand messaging and positioning to resonate with these audiences while maintaining your core identity.
Consistency: Maintain consistent brand management across all channels. This consistency builds trust and makes your brand recognisable.
Build Relationships: Engage with your audience through content marketing, social media, and other forms of communication. Cultivate a sense of community and loyalty.
Re-evaluate Your Positioning: As you gain more insights into the market, re-evaluate your brand’s positioning and consider if any adjustments are needed to maintain relevance.
Brand Refresh: Periodically assess your brand’s visual identity and messaging to ensure they remain current and appealing to your target audience.
Customer Experience: Prioritise exceptional customer experiences to retain loyal customers and encourage positive word-of-mouth.
Localised Adaptation: If entering international markets, consider localised branding to account for cultural nuances and preferences.
Scalable Systems: Ensure your brand strategy is supported by scalable systems that can handle increased demand and maintain a consistent customer experience.
Brand Partnerships: Explore partnerships that align with your brand values and can help you reach a larger audience.
Re-evaluate and Realign: Assess your brand’s relevance in the current market. Consider repositioning or revitalising your brand to recapture audience interest.
Brand Research: Establish and measure your brand’s reputation within the market.
Competitive advantage: A strong brand strategy can set your business apart from competitors, providing a unique value proposition and build a loyal customer base.
Customer confidence: Maintain customer satisfaction and use your brand strategy to aid a smooth transition to the new owner.
Whatever stage your business is at we recommend regularly reviewing and adjusting your brand strategy every 5 years to ensure it remains aligned with your goals and target audience expectations.
Working with a branding agency can offer a new perspective and unbiased advice for developing your brand strategy.
Get in touch with us today if you’re keen to take your business and brand strategy to the next level.
Call Andrew Myles on 01483 331 250 or email firstname.lastname@example.org.