There’s a common perception that business strategy is a corporate strategic function, and brand strategy is solely a marketing-led function. But brand strategy is a corporate-level asset. In order for a company to consistently create customer value across their entire experience and for a company to recognize its full market value, both business strategy and brand strategy need to be aligned. And there are many points of intersection between them.
This is because…
- the essence of business strategy is knowing where and how you will win
- developing brand strategy covers much of the same ground
- both are about targeting a customer, resolving problems, defending market position
- brand strategy is therefore just a translating of business strategy
HOW TO ALIGN BRAND AND BUSINESS STRATEGY
In order to realize your full business potential…
- recognize that brand planning is not an offshoot of the marketing function, but rather an extension of business strategy – representing a corporate-wide vision that drives business performance, company culture, customer experience, brand perceptions and relationships
- as a first step to alignment, begin by mapping the basic building blocks of your business model – specifically the revenue generating components (i.e. value proposition, customer segments, revenue sources, distribution channels, pricing strategy, customer relationships)
- brand planning should then dovetail with each of the business model components above; translating each one into a purposeful and differentiated promise as the face of your business
- ultimately, a strong brand creates a strong business. A brand strategy which is part of your overall business strategy (both in the short-term and long-term), is a strategy for growth and success.
- at the end of the day, everyone important to your brand’s success needs to be on board – from the CEO to the most junior people across the organization – believing in the same vision, the same purpose and the same promises
Regardless of what stage a business is in, aligning the brand strategy to your business goals makes your business more impactful by allowing you to more meaningfully connect to audiences. Good brand strategy is just good business!