Building a Brand Strategy: Essentials for Long-Term Success.
Explains the need for more a detailed branding strategy.
How to Develop Your Brand Strategy.
Identifies three core components to use as a blueprint for marketing tactics.
Company
This is what the brand is currently.
Assess what the brand is currently, in your own words and ideas. What do you think this brand is? Is it the name brand, leader of the pack? Or is it seen as the generic no-named brand that no one wants unless it’s their only choice? Thoroughly discuss this.
Identify weaknesses of the company/brand as it exists today.
Weaknesses are what the business does not do well. The business has direct control over its weaknesses. For example, if the product tastes bad or has bad customer service, these are weaknesses. Identify three weaknesses and explain why you consider them weaknesses.
What does the company/brand do well and not so well at this very moment?
Think about the business, right now. What is the biggest thing they have going for them? Explain why this is a big deal. Now, think about what they currently do not have going for them, what is the biggest red mark against them right now? Why?
This is what the company/brand needs to become.
Where does the brand need to go? What should be their next step and why? Provide rationale for both.
How can the company/brand improve its weaknesses?
What can the business do in order to improve those weaknesses? For example, Domino’s Pizza received complaints from customers saying their pizza tasted like cardboard. Sales were declining. It was obvious their ingredients and recipes were a weakness so they completely revamped their pizza dough, sauce, seasonings, toppings, etc. Now they’re a leader in the food delivery business. They examined their weaknesses, made significant changes, and turned their weakness into a strength.
What are the weaknesses in your selected business? What improvements would you recommend?
How can the company/brand maintain or grow its strengths?
What does the selected business need to do in order to grow and keep their strengths? Domino’s Pizza did not stop with just their revamped pizza recipe. Once their pizza taste became a strength, they increased their product offerings to include pastas, wings, and sandwiches. Then they dropped “Pizza” from their name in order to showcase their new menu options. To stay on top, they’ve become a social media leader and created a popular pizza ordering app—the Pizza Tracker. You can order a pizza by texting emojis! Domino’s continues to innovate and improve on their strengths.
For your selected business, look at the strengths you identified previously and discuss what the business can do in to grow and improve those strengths.