If you look at all the successful enterprises today, you will notice one thing- their business, brand, and marketing strategies intersect. All their strategies complement each other, and there is no confusion or lack of focus anywhere. This article explores the intersection of these three strategies and how organizations succeed because of this intersection.
Let’s first understand what business strategy means. Business strategy means how a company will achieve its business goals in a given period. It also takes into account the vision, mission and other objectives of the organization. Great businesses prioritize their various goals. They would first articulate their vision, followed by the mission. Once these two goals have been defined, companies would identify the following sub-goals:
- Market share
- Entry and Exit Barriers
- Government policy
- Environmental Risk Factors
- Public Policy
- Profit Goals
Please note the above goals are only suggestive. For example, Telstra has announced the following business objectives for 2022:
- Making customer interactions easy.
- Create more digital touchpoints.
- Simplify business processes.
It is no wonder than this Australian brand has made itself a global entity and is winning in all the spheres of its presence. Defining business strategy is no easy task. If you are stuck here, visit website. The next step in the business process is defining the brand strategy.
As business owners, you need to create and develop your brand. This brand breathes and lives your company’s vision. If your company stands for customer satisfaction, the brand will stand for this value. Creating a brand is a challenging task. It is not just about creating the right logo or brand colours. Business owners have to deep dive and find what makes their brand unique. There are other factors too they need to keep in mind like:
- Brand Identity
- Brand Health
- Brand tone
Coming to brand tone, you could also consider identifying who your target audiences are. A brand is not meant for consumption alone. It should also be aa great place to work at. For example, Mars Australia and Mecca brands (both employ more than 800 employees each), are also known as employee-friendly. These companies have done a lot of employer branding as well. So you see, creating a brand is about reaching out to consumers as well as other stakeholders.
As said earlier, creating a brand is no easy task. For example, the Australian government gave these instructions to its agencies while creating the national brand identity. Once you have created the brand architecture, the next step would be to create a marketing strategy. This means identifying marketing channels and building a marketing team. You would have to make a sales team as well. The marketing strategy would work within the brand guidelines. Marketing is a pull tactic; it attracts customers toward the brand.
For this reason, consider doing the following activities:
- Identify your target audience.
- What is your price point?
- What is your selling proposition?
- How does your brand stand out?
Once we have all the answers to these questions, we create a marketing message. As part of the marketing strategy, we also develop marketing channels like retailers, distributors, etc.
So how does this intersection of strategies take place? If you notice intersection happens this way:
- Your brand value reflects your business vision.
- You attract those customers who agree with your business and brand values.
- Your marketing partners are mostly those who are in sync with your marketing, brand and business strategies.
- Your marketing promotion strategy takes into account your business strategy; essentially, it is about profitability and market shares.
- Competitive strategy is connected to brand and business strategies.
This article was nothing but a mini comprehensive guide for you to understand that all your business, branding, and marketing strategies need to work in perfect harmony with each other for your brand to escalate further. Happy branding!