Why brand strategy plays a critical role in product success?
Brand, brand strategy and words like these are often thrown around in marketing. People often use these words without understanding them completely. The brand is something that is in people’s minds. If you don’t define the “brand” of your own company or product, people will define it for you.
Your brand won’t be clear and visible to people unless you communicate it to them effectively. This stands true for any individual product or the whole company. So how do you convey your “brand” effectively to people?
With a proper brand strategy.
Brand strategy is a plan of action that you follow or employ in order to improve awareness, and define your product in the market as you want it to be defined. The brand strategy you employ is directly related to the product’s success.
How? Let’s understand the correlation between good brand strategy and product success.
It helps you in communicating your essential principles and brand values
People purchase “why you do” what you do, not what you do. If you want to acquire loyal customers, you must first determine what your brand represents and how to communicate that to people.
For example, WOW’s facewash is being sold in paper tubes instead of traditional plastic tubes. Now, the product is more than just a facewash. They are communicating that if you buy their product, it will help the environment. That’s their brand strategy. Everyone wants to be eco-friendly and the positioning of the product this way leads to sales and eventual product success.
Branding boosts company and product value
Brands are extremely important company assets because they are potent drivers of trust, repeat purchases, and widespread recognition.
Consider the well-known Oreo cookie. On the surface, Kraft Foods (the parent firm) appears to be just another cookie manufacturer. However, the value of its unique product brands, which are recognised and trusted by millions of people, significantly raises the company’s overall worth.
Furthermore, brands frequently cross across into important businesses. Simply introducing a well-known brand to a similar product, such as “Oreo ice cream” can enhance its value significantly.
Build trust in your product and stand apart from the competition
You must have heard of the phrase “people don’t buy products, people buy experiences”. Well, it is right. There are a lot of product options in the market within the same category.
In such a scenario, it becomes important to stand apart and build trust with your product. This is achieved with an appropriate brand strategy. Understand the core requirement of the consumers and what is that people want from such a product.
Take Apple for example. They release a new generation of iPhones every year and people still flock to their products. Why does this happen? They communicate their features not just as a feature but as an important addition to your life or something that you, as a consumer, would want from a smartphone. Take Emergency SOS and Crash Alert feature as an example from iPhone 14.
If you have a new product, it is really important to establish trust for people to buy. You can build trust by understanding consumers’ pain points and solving them through your product. The way you bring out and the story you tell involving the problem builds a connection and trust in your consumers.
Conclusion
The landscape of business is dynamic. There are always new ways of doing things. Don’t be afraid to experiment and show the personal side of your brand or product. People do not want to see a nameless corporate. They want a brand that they can relate to and understand and this is only achieved with a targeted, appropriate brand strategy.