Glasses and Notebook
Glasses and Notebook
BLOG

BUSINESS vs BRAND vs MARKETING STRATEGY

What is the difference and why are they all important for your business?

Put simply, Strategy is planning in advance to achieve a specific goal.  

  

To reach your business goals, you will have multiple strategies, for example new product strategies and new business development strategies. To ensure effective integration, all strategies should be shaped both by business strategy and brand strategy.  Development of business strategy should come first, then brand strategy then other strategies such as marketing strategy.  

  

Your Business Strategy details your companies' vision, mission and long-term objectives that will guide the direction of the company. Business Strategy considers many things which could include: market structure and competitors, market segmentation, market trends, organisational structure and culture, product/service portfolio, branding and differentiation, distribution channels and sources of revenue. Your Business Strategy will usually take the form of a Business Plan which will describe specifically how your company plans to achieve its objectives.  

 

Your Business Strategy and Brand Strategy should be closely linked. Your Brand Strategy and brand exist to enable, express and bring to life the business strategy and should define ‘who’ you are as a business/brand.  A powerful brand strategy creates a roadmap to a strong, impactful brand that reflects both the short-term and long-term goals of the business and allows you, your employees, and your partners to build brand equity in the way you want it to be built.  

  

Branding is the expression of the essence of an organisation, product, or service - its reason for being. Brand Strategy should clearly outline your brand's unique characteristics, values and attributes, including: brand positioning - the unique, relevant, credible and sustainable position in the market that it owns - along with the brand story, values, personality and brand tone of voice. It would ideally also include your employee value proposition (EVP) that is closely linked to your brand. If you operate multiple sub-brands, your Brand Strategy may include a brand architecture framework and brand portfolio strategy.   

  

Investing in your company’s Brand Strategy will present a cohesive brand, help the brand to stand out in crowded markets, and recruit the right employees who are aligned to your brand and business aspirations. It will also allow your internal and external teams to better connect with your product and/or services.   

  

Brand is not marketing. Your brand is the holistic reputation of your company, product, or service. It consists of many parts – one of which is marketing. Other equally important parts of your brand are product, sales, and customer service.  

  

Whereas branding is strategic, marketing is more tactical. Marketing is actively promoting and selling a product or service. It's about putting the right product/service in the right place, at the right price, at the right time. All marketing initiatives and campaigns should reinforce and support the brand essence.  

 

The purpose of a Marketing Strategy is to align your marketing goals with the organization's overarching goals. It outlines the tactics you will use to communicate your key messages to your ideal customers. This can include your content strategy, digital marketing, campaign development, social strategy, advertising, PR, retail marketing, etc. Your marketing plan will then outline the specific steps you will take to realize your marketing goals.  

  

Intrinsic Brand Consulting are experienced in building Business, Brand and Marketing Plans and would love to support your company planning.