Brand success is vital in today’s competitive market.
If you want to be the most successful brand in your niche, you need to cultivate a brand that resonates with your target audience.
But what is the secret to brand success? And how do you build a successful brand?
Discover the answer to those and many more as the Loomly Team answers all your questions in this brand success FAQ.
TABLE OF CONTENTS
Brand success is the comprehensive set of processes, workflows, and tools that marketing teams use to manage, nurture, and amplify their communication.
The approach includes, but is not limited to, the following aspects of brand management:
The 4 types of brand strategies are line extension, brand extension, new brand strategy, and flanker/fight brand strategy.
Line Extension Brand Strategy involves creating additional products in response to consumer needs. For example, Apple introduced the iPhone 6 Plus to satisfy consumers who wanted a larger screen.
Brand Extension Brand Strategy involves introducing a new brand, in a new market, after consolidating your brand’s name in a related field. For example, Starbucks introduced its K-Cups for coffee drinkers who wish to enjoy the benefits of Starbucks gourmet coffee at home or in the office.
New Brand, Brand Strategy is used when a firm creates a new brand to go alongside a new product. For example, Frito Lay has created many different salty snacks under various brand names, including Doritos and Cheetos.
Flanker Brand Strategy is the placement of a new brand or sub-brand at the higher or lower ends of the spectrum to capture new market segments. For example, Fitbit offers an array of different step trackers at different prices. The Fitbit Flex is at the lower end of the spectrum with the lowest cost and, as expected, the least features.
Fighter Brand Strategy occurs when a firm creates a new brand to wrest market share from another. Usually, fighter brands are created to target competitors rather than consumers. For example, Coca-Cola created Citra to compete with Squirt, the grapefruit soft drink owned by Dr. Pepper.
A brand is the world’s perception of who a company is and what it does. (It’s not the name, logo, or mission statement.)
Everything that your organization says or does contributes towards this perception, whether you intend it to or not.
If you know what you want to be known for, you can build a successful brand by shaping your actions and communications to point towards a desired interpretation.
For example, the Apple brand didn’t become successful by chance. It has been carefully considered and executed, so that every aspect of the company is unified in leading the customer towards a designated conclusion.
If your brand is successful, it will:
The five elements of a successful brand are:
As of 2021, Apple was the most valuable brand in the world, with an estimated brand value of about USD 263.4 billion. The second leading brand was Amazon (most valuable last year), which had a brand value of around USD 254.2 billion.
The five tangible outcomes of brand success are:
The five secrets to brand success are:
You can build a successful brand by following these five steps:
Your brand is built on three pillars:
Each of these pillars is constructed, over time, through consistency. And we mean consistency in every sense of the word:
For example, Shopify has cultivated a strong brand for creative entrepreneurs.
Customers buy expensive cars, drink artisanal coffee, queue for the latest iPhone, run in $200 shoes and write with Mont Blanc pens.
Why?
Because they rely on their emotions to make decisions.
They want to be inspired, confirm their status, join a tribe, pick a side, and show the world who they think they are.
It’s easy to think the word “inspire” means the motivational rush you get by reading Instagram quotes. But inspiration really means evoking a strong feeling or emotion in a person.
For example, a brand that “inspires” in this way is Chubbies.
The next piece of the puzzle is ensuring the correct people see your brand.
There are:
So, it’s safe to say that the competition for attention is fierce.
Thankfully, having a strong brand means it’s not a case of who shouts the loudest, but who is the most deliberate in what they say (and who they say it to).
To be effective in this, you need to grow and nurture an engaged audience who has permitted you to send them a brand message. For example, it could be via:
Whichever is most relevant to your business.
The key to gaining this permission – and growing your audience – is to be specific in who you want to target.
For example, we could guess that:
Once you have connected with the right people, it’s time to monitor what they say about your brand.
Nowadays, everyone’s an influencer.
But this influence applies to both positive and negative interactions.
Reputation management comes down to being aware of the current conversation around your brand and intervening where necessary.
If you address negative interactions effectively, you can improve your reputation more than the negative comment could ever damage it.
Your brand success will ultimately be decided by how you respond to data.
Being able to track performance, measure ROI, and use the data to make consistent data-driven adjustments is paramount to your strategy.
You need to be continually testing and tracking the impact of the previous four steps on your audience using analytics data. And then adjusting and improving accordingly to ensure your brand’s longevity.
Follow these eleven steps for a successful brand building process:
Loomly is the Brand Success Platform that helps marketing teams streamline collaboration and build successful brands online.
Brand success is vital in today’s competitive market.
If you want to stand out and become the go-to brand in your industry, you need to cultivate a brand that resonates with your target audience.
Follow the tips in this FAQ guide, and you will be well on your way to achieving brand success.
Better still: