Nourish your brand strategy to flourish

One of my former mentors one day said: "think about your business first and then delve into your brand strategy." These simple words change my perspective profoundly.

Jumping to conclusions

Indeed, too often marketers jump to conclusions swiftly even before deep diving into market trends and customer insights, the reason being that some marketers don't like to spend much time into data crunching, market research or industry analyses, which I must admit, can be somewhat daunting especially during pandemic-induced periods whereby economic indicators are very volatile and unpredictable. So, to avoid this hassle, we better jump directly into the brand strategy which need to be presented to Management shortly, right? Well, big mistake! It is better not to spend a cent on brand or marketing campaigns than going the wrong way, thus, disturbing the brand positioning and jeopardising brand value.

Why waste time on data crunching?

I used to spend so much time doing data crunching and twisting the market-brand positioning matrix in every possible direction until the right brand strategy is reached from market share, brand image and profitability perspectives. This activity, painful as it is, is so vital that many leading global companies hire data scientists in their strategy teams or even outsource this activity to specialised data science experts who leverage advanced technologies such as AI and machine learning to develop predictive models (making sense of data to forecast customer behaviour) which can help in crafting the right brand strategy in the face of fickle mega-trends and intense competitive rivalry which put the brand's bottom line under enormous pressure. This is what marketers call 'analytics' and this is even more salient as digital marketing continue to grow in importance and usage.

The forgotten formula for success: 'STP'

Nourishing your brand strategy with strategic market analyses is a must to safeguard the interests of the brand and to ascertain that the brand stays relevant to its target audience (s) in the long run. The brand strategy should encompass what I call "STP" or Segmentation, Targeting and Positioning. My advice is not to jump into rebranding or marketing campaigns devoid of substance. Be clear in what you want to achieve.

AIDA

Segment your market scientifically to identify attractive customer segments for your brand, then decide which target market(s) you want to serve and finally, differentiate your brand essence crystal clearly in the minds of your target audience (positioning). Don't forget the famous AIDA principle when you position your brand through marcom campaigns, that is, create Awareness (e.g. through digital advertising), elicit Interest in your brand, grow Desire for the brand and finally, prompt your target market to take Action through a well thought out call-to-action (CTA), i.e. explain simply how to purchase online and/or offline (yes, close the deal).

Question from a Director

Once a Director asked me, "what is the objective of your marketing campaign; what is the Return on Marketing Investment (ROMI) of this campaign?" I replied honestly by saying "this campaign has nothing linked to revenue for the time being because it is a pure branding campaign with the aim to grow brand awareness (will you buy a brand you don't know?), but six months down the line, you'll start to see positive results on brand preference, customer acquisition rate, market share and therefore, revenue." Even though the campaign budget was high, this Director agreed with my answer. So, be clear and honest in your brand intentions.

My advice

My last advice would be to give much attention to strategic thinking to grasp market, channel and customer dynamics or run the risk of doing the wrong things well !

No matter how long it takes to grasp market trends and customer segments, it is worth the effort. This activity is the backbone of your brand strategy, and action should always follow strategy, not the contrary. The more you understand your customer needs or pain points, the more your value proposition or product will meet or exceed your customers' expectations.

By focusing on the right brand position in the market, you will create the right journey for your brand to flourish even among thorns...