A brand strategy and business strategy are similar concepts. To understand each one, it’s good to think about them separately.
A business without a plan is like a fine patisserie with zero recipe or technique—great in principle, yet left by chance to succeed.
As for a brand without a strategy? It is like a story without a plot. Or without characters. It is simply not worth reading.
A brand strategy focuses on how to clearly communicate and articulate your brand in order to connect with customers and grow a business.
In creating a meaningful brand strategy, you distil what you want consumers to think about your company. Importantly, it’s about how you can create a memorable experience in their minds.
This will help you smoothly and directly speak to the needs of your potential customers, and be more likely to encourage them to invest their money in your products or service, ultimately scaling your business.
A brand strategy is often overlooked, especially for starts-ups. Without connection or an existing reputation—no matter how good your offering is—people overlook businesses and simply fail to remember their names. Strategic positioning is vital in today’s saturated markets.
Have a brand strategy?
That’s terrific. However, as your business evolves, so must your brand strategy. It should be revisited with each new opportunity —or dare we say, threats—which may arise for your business.
Aspects of your brand strategy will likely overlap into your business plan. However, it’s best to keep your brand strategy as a separate document that you, your staff, and your contractors can refer to when making decisions on content creation, positioning, messaging and design.
A business strategy on the other hand is focused on how the business will actually make money.
That’s all the financial plans (loans, investments, expenses, income predictions) a marketing plan, how many people will be on a team and the overall operations of a company. It will usually take the form of a ‘business plan’. These can be very broad and long, and they often include a lot of detail about the business.
Most business plans start with a mission and vision. The mission describes what the business does now to achieve its overarching purpose, and the vision outlines where the business should be in the future—this is where a brand strategy and business strategy can start to overlap.
You will now see how the two strategies are closely interconnected. They’re each other’s fish and chips.
Your business strategy informs your brand strategy, and vice versa.
And to take it one step further, your brand identity should be aligned with your brand strategy and business goals. Your business tactics—the actions, the muscle behind your work—should support and reinforce your brand identity.
These two strategies are the spine of your marketing strategy. The marketing strategy feeds off these, focusing on how and where you will promote the products or services to help drive sales.
"In a nutshell, a business strategy focuses on the overall direction of the company (it is rationale) and brand strategy is on building a distinct brand identity(it is emotional). Then, added on top, is the marketing strategy, which speaks to how and where to promote products or services to consumers (it is tactics)".
As you can see, a solid strategy is essential for any business looking to achieve long-term success. Understanding the differences between business, brand, and marketing strategies, is your ticket to developing a strategic approach that fits your company’s unique needs.
So as you buzz around in the world, remember that your brand is like the sweet, golden honey that attracts customers, drawing them in with its irresistible appeal.Your business strategy is the hive that provides the structure and nourishment, ensuring that the honey can be produced, stored, and delivered efficiently.Just as a well-maintained hive supports the production of high-quality honey, a well-crafted business strategy supports and sustains a strong, attractive brand.
