With all the recent talk about a brand strategy being crucial to the success of every brand, there have been questions. A big one is, “How is this going to increase my sales?”
This is a valid—and very important—question. And today, I’m answering it by directly correlating the components of a brand strategy to the building of revenue.
There’s a lot to cover, so let’s get started.
Increase Sales with a Brand Strategy
A brand strategy is essentially a plan for creating a brand and then working to make it more credible, visible and profitable. Without this strategy, your brand will lack direction, vision, focus…and sales will become stagnant, or worse.
Consider how the components of a brand strategy work to increase sales:
- Defining your WHY: It seems counterintuitive, but the best brand strategies make money because they define a purpose beyond making money. When you dig deep to determine why you’re doing what you’re doing (and after that whom you’re doing it for, what you plan on accomplishing, where you plan on arriving, and how you plan on doing it), you will feel more purposeful and driven. When people start a business with the sole intention of making money, they tend to run out of motivation. However, when you have the inspiration of a greater purpose going for you, you feel compelled to push forward (i.e. to make more money so that you can continue to do what inspires you). This principle also applies to team members who believe in the why…and eventually to loyal clients and brand champions, too.
- Filling the Gap: A brand strategy defines how your product or service is different from the competitions’, how it does things differently than the competition and how it fills a need that has been overlooked by the competition. These are the things that will grasp the attention of your ideal clients—and will keep them interested and spending money with your brand.
- Consistency: Consistency is uber-important to consumers. They want to know what to expect from any given brand, and need every communication (verbal and otherwise) to line up in a way that reinforces what they believe about that brand. A strong brand strategy makes this level of consistency more possible. It will ensure that visuals, written content, team members’ language, video and more all align to push one main theme forward to the public. When potential clients take note of this consistency, they will feel compelled to trust your brand—which is the first step toward brand loyalty (i.e. repeat purchases, referrals and recommendations).
- Flexibility: Flexibility is not the opposite of consistency. Instead, it is built into every comprehensive brand strategy as a safeguard against the type of rigidity that could cause a brand to be left behind by market shifts. Consistency has to do with continuity of message. Flexibility has to do with malleability in the way that message (or product) is delivered. Without a plan for flexibility in a brand strategy, a brand will struggle to keep up, and fall to the temptation of chasing trends. Revenue will suffer.
- Emotional Connection: Did you know that most purchases are not based on logic? Or price? Instead, they are based on the emotional connection that the consumer feels with the brand. Take Jeep for instance. The Wrangler is not the most practical vehicle. It’s not the most reliable vehicle. Nor is it the most comfortable vehicle. What it does offer is a feeling of fun and freedom that its target audience craves. The brand has managed—through a targeted brand strategy—to stir up an emotional connection so strong that the rest of the stuff doesn’t seem to matter. And Jeep has profited from this emotional connection.
- Brand Loyalty: Every business owner loves repeat business, and knows that maintaining existing clients is much more cost-effective than attaining new ones. An effective brand strategy lays out a plan for the acquisition of clients who hold great loyalty potential, as well as a plan for keeping them on-board. Add to this the propensity of loyal clients to speak well (and often) about the brands they love, and you’ve got a word-of-mouth advertising dream.
- Team Connection: Every goal is more easily achieved when the entire team believes in one common objective. A brand strategy that involves all team members in a collective goal encourages everyone to work harder to achieve it. And when everyone is working to accomplish the same thing, constructive competition and a desire to win cause everyone to strive for more sales, bigger sales and more long-term customer relationships.
That’s just the beginning of how a brand strategy can help to increase your brand’s sales and revenue. We know that this is central to most business owners’ concerns—not just because they want to maintain and grow their businesses, but because they want to earn enough to pay their employees well, to expand into the niches where they can affect the most change, and to live the lives they’ve been dreaming of.
Maybe in the next year you’d like to purchase a new sports car, or a vacation home, or maybe you’d like to be able to afford to spend more time with family. No matter your reasons, increased revenue is within your reach. You can learn more about how to create or improve your brand strategy, for more sales, by participating in our B.R.A.N.D. Building Bootcamp—a full-day, fully immersive branding experience that delivers the wisdom you’ll need to do just that. Enrol today, before your spot is filled.