The concept of a brand is intangible, which makes it both challenging to measure and quantify. When distilled to its essence, your brand is what people think of and feel when they talk about your business—not your product, your logo, your website, or your name. Instead, it’s the unforgettable (or forgettable) impression you leave on people.
When successful, your brand can have a huge impact on your company’s performance. A recent analysis by the Marketing Accountability Standards Board (MASB) found that brand value alone contributes to an average of 19.5% of enterprise value, and higher than 50% for some categories.
A successful brand, no matter the industry, depends on a solid brand strategy, which covers everything from your company’s vision to its identity, audience, positioning, and messaging.
A brand strategy is your guiding blueprint to how you communicate and develop your brand in alignment with your business goals.
From customer engagement to employee retention, your brand strategy can either enhance or hurt multiple levels of your organization’s success:
- According to research done by LinkedIn, a strong employer brand can reduce an organization’s turnover by 28%.
- A study connected behavior to lifetime spend levels and found that customers with an emotional connection to brands have 306% higher lifetime value. Lifetime value represents the average revenue generated by the ongoing relationship between customer and brand
With such a high value tied to a successful brand, how can you develop a strong brand strategy? While a brand strategy may look very different depending on your company’s vision and goals, our experience has shown us that there are three main constants.